AUSTIN, Texas, Oct. 3, 2016 /PRNewswire/ -- A large delegation of Texas executives, economic developers and government officials is bound for Japan this week on a business development mission to promote the expansion of trade and investment.
Organized by the Texas Economic Development Corporation in partnership with the Office of Governor Greg Abbott, the trip includes a series of meetings, seminars and company visits in Tokyo and Nagoya in the Aichi Prefecture.
"Japan is an incredibly important global market for Texas," said Tracye McDaniel, President and CEO of Texas Economic Development Corporation. "With more than 400 Japanese companies currently operating in the state, the country offers a wealth of opportunity for corporate expansions and relocations. Japan's industries also align perfectly with our sectors and strengths," she added.
"Texas is an ideal location for Japanese economic expansion thanks to a number of unique advantages for businesses looking to establish operations or expand in the state," noted Bryan Daniel, Executive Director for the Governor's Office of Economic Development and Tourism. "Consistently ranked as one of the nation's top states for business, Texas has the whole package: excellent infrastructure, a skilled workforce, world-class educational institutions, a favorable regulatory environment, a diverse economy and high quality of life."
At least 175 Japanese projects have translated into $19 billion in direct investments in Texas since 2003. Toyota, for example, is relocating its U.S. headquarters from California to Plano, building a $300 million campus that will employ nearly 4,000 in 2017. Tractor maker Kubota Corp. is investing $51 million to move its headquarters and about 350 jobs from California to Grapevine.
Mitsubishi Heavy Industries plans to build a $100 million compressor manufacturing plant in Pearland that is expected to employ 100 people when it starts up. Celanese Corp. and Mitsui & Co. are planning an $800 million ethanol plant in Clear Lake in a joint venture, while Osaka Gas Co. Ltd. and Chubu Electric Power Co. recently invested $1.2 billion in a natural gas export project near Freeport.
In terms of trade, Japan was the third largest export destination for Texas in 2015 with $5.06 billion in exported goods to Japan, including organic chemicals; mineral fuel and oil; industrial machinery; electric machinery; aircraft, spacecraft and parts. Texas also imported $6.35 billion of Japanese goods in 2015, including industrial machinery; electric machinery; iron or steel products; vehicles; clocks and watches.
In addition to representatives from Texas Economic Development Corporation and the Office of the Governor, delegates include Representative Jason Villalba, Representative Geanie Morrison, executives from FosterGlobal, American Electric Power and Texas Central Partners; and economic development officials from Brownsville Economic Development Council, Plano Economic Development, Dallas Regional Chamber, Frisco Economic Development Corporation, Greater Conroe Economic Development Council, Greater Irving-Las Colinas Chamber of Commerce, Greater San Marcos Partnership, 10/35 Economic Development Alliance, Richardson Chamber of Commerce and Victoria Economic Development Corporation.
"Keeping strong ties to Japan and identifying new ways to promote the expansion of trade and investment with Japan and other nations around the world is critical to keeping the Texas economy thriving," McDaniel said.
About Texas Economic Development Corporation and TexasOne
Texas Economic Development Corporation is an independently funded and operated 501(c)(3) nonprofit organization, whose mission is dedicated to economic development, business recruitment and job creation in the State of Texas. TexasOne is a public-private partnership of the Texas Economic Development Corporation, which coordinates efforts with the Office of the Governor to market Texas globally as a premier business destination. For more information about Texas Economic Development Corporation and TexasOne, visit www.texaswideopenforbusiness.com.
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SOURCE Texas Economic Development Corporation