Written by 8:05 pm EU Investment

Texas delegation leads business mission to Europe | Texas

(The Center Square) – A delegation of state officials left for Europe on Monday as part of a business development initiative to advance foreign companies expanding their businesses in Texas.

The trip comes after Queen Maxima of the Netherlands visited Texas emphasizing the state’s critical trade role with the EU.

The delegation is being led by Texas First Lady Cecilia Abbott, Texas Secretary of State John Scott, Executive Director of the Governor’s Texas Economic Development & Tourism Office Adriana Cruz, and President & CEO of the Texas Economic Development Corporation Robert Allen.

TEDC sponsored and paid for the trip that also brought dozens of economic development leaders from Texas. They plan to meet with business leaders in London, Paris and in the Frankfurt region of Germany through the 29th.

“Texas truly is a magnet for innovative industry leaders,” Gov. Greg Abbott said. “As the top state for attracting job-creating global investments and home to more Fortune 500 headquarters than any other state, Texas offers unmatched operating advantages – a friendly business climate and a young, diverse, skilled, and growing workforce.

“Along with easy access to global markets, a robust infrastructure and transportation network, predictable regulations, and overall economic strength, Texas has created a framework where businesses can flourish and Texans can prosper.”

The United Kingdom, France, and Germany are key trade partners and among the top countries for foreign direct investment projects in Texas. Shared industry strengths include aerospace and aviation, manufacturing, pharmaceuticals, information technology, among others.

Over the past decade, global investments in Texas include British companies investing in 341 projects in Texas that reportedly created $5.5 billion in capital investment and more than 14,500 new jobs, TEDC says. These include French companies investing in 85 projects in Texas, creating $5.9 billion in capital investment and more than 7,000 new jobs and German companies investing in 154 projects in Texas creating $9.8 billion in capital investment and more than 12,600 new jobs.

Texas ranks first in many business categories, including being the top state for corporate expansions and locations, according to 2020 Site Selection Magazine. It’s also been the top state for business for many years, according to Chief Executive Magazine.

Texas was also the No. 1 state for exports, according to a 2021 U.S. Census Bureau report, and had the fastest growing economy, according to a 2020 Bureau of Economic Analysis report. In 2019, Texas was the top state for growth prospects, according to Forbes and was the best state to start a business, according to WalletHub.

Texas is home to 53 Fortune 500 headquarters, more than 90 Fortune 1000 headquarters, more than 1,745 foreign-owned companies and 3 million small businesses, TEDC notes.

Gov. Abbott has argued the “Made in Texas” brand is a powerful global brand because of Texas’ pro-growth economic policies.

“With no corporate income tax and no personal income tax – along with our young, growing, and diverse workforce, easy access to global markets, robust infrastructure, and predictable regulations,” he said, Texas’ welcoming business climate continues to attract new companies and workers.

Home to some of the most important ports in the U.S., the Port of Corpus Christi and Port of Houston have set new records in volume nearly every month this year.

The Port of Corpus Christi, known as The Energy Port of the Americas, is the top U.S. port in total revenue tonnage. It was the first U.S. port to export crude oil in 2015 and the first Texas port to export LNG in 2016.

In the second quarter of 2022, the Port of Corpus Christi achieved its best quarter and best half-year tonnage in its 100-year history, moving a record 46.4 million tons in the second quarter and 90.1 million tons in the first six months of 2022.

The Port of Houston set new records this year nearly every month, with total container volume in August seeing a 20% increase from last August also breaking last month’s record.

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