AUSTIN, Texas, May 26, 2017 /PRNewswire/ -- Texas executives, economic developers and government officials visited Shanghai this week on a business development mission to promote strengthened economic ties between China and the Lone Star State.
Led by Texas Secretary of State Rolando B. Pablos and organized by Texas Economic Development Corporation, in partnership with the Office of Governor Greg Abbott, the trip included a series of meetings, seminars and tours with top companies and government bodies in Shanghai. The delegation also attended the World Forum for Foreign Direct Investment to meet with the 300 global investment decision makers in attendance.
"China is a leading market for Texas, and I am honored to have had the opportunity to lead our state's delegation to explore opportunities for future collaboration," said Secretary Pablos. "As our second largest import source country and with more than 150 Chinese companies operating in Texas, China is a growing partner in elevating the Lone Star State's continued economic prosperity."
Texas exported $10.8 billion in goods to China in 2016, making the country Texas' third largest export destination. Texas' top export to China is oil and gas, valued at $1.7 billion last year. Over the past 10 years, Texas has established three memorandums of understanding (MOU) with Chinese provinces to further strengthen economic and cultural ties.
"Texas is an ideal location for Chinese investment," said Robert Allen, President and CEO of Texas Economic Development Corporation. "Texas is home to the second largest civilian workforce in the United States and offers a central North American location and world-class infrastructure, which are critical for the 1,400 foreign-owned businesses already operating in the state."
At least 27 Chinese projects have translated into $1.6 billion in direct investments in Texas since 2003. Hisun Motors Corporation, a leading all-terrain vehicle manufacturer, established North American headquarters in McKinney in 2014, creating 80 jobs. Other major Chinese investors include telecommunications giant Huawei, which established its North American headquarters in Plano in 2001, and Tianjin Pipe Corporation (TPCO), which plans to open a state-of-the-art pipe manufacturing facility in Gregory in late 2017.
"Beyond our shared strength in oil and gas, there are vast opportunities in our other growing industries, such as technology and aerospace," said Allen. "We expect our meetings this week to reinforce the value and attractiveness of investing in Texas."
The delegation included representatives from Texas Economic Development Corporation, the Office of Secretary of State Rolando B. Pablos and the Office of Governor Greg Abbott and Abby Liu, Executive Vice President of McKinney Economic Development Corporation. WorldVentures Holdings, based in Plano, and McKinney Economic Development Corporation served as sponsors of the mission.
About Texas Economic Development Corporation
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. The public-private partnership 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, visit www.texaswideopenforbusiness.com.
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SOURCE Texas Economic Development Corporation