Governor Abbott signs mutual co-operation with the United Kingdom
AUSTIN (KXAN) -- Texas Governor Greg Abbott was in London on an economic development trip to build on the partnership between Texas and the United Kingdom.
On Wednesday, Abbott signed a Statement of Mutual Cooperation (SMC) with Kemi Badenoch, the UK Secretary of State for Business and Trade, according to a statement from the governor's office.
Abbott said he was working to deepen the partnership with the UK by building efforts to encourage expanded trade in critical industries and attract new job-creating business investments to Texas.
According to the release, the UK leads all nations for the number of foreign direct investment projects in Texas, and Texas was No.1 among the states for exports to the UK.
The governor's office said in 2023, Texas trade with the UK totaled $18.2 billion, making them the state’s ninth-largest total trade partner.
“Strengthening the bond between Texas and the United Kingdom is crucial for our shared economies to prosper. By signing this Statement of Mutual Cooperation [Wednesday,] we will further promote economic growth on both sides of the Atlantic," Abbott said.
According to the statement, the SMC would further promote economic growth, support innovation, and encourage job creation in Texas and the UK.
Abbott said the agreement would prioritize collaboration with new and emerging innovative energy solutions, including hydrogen, carbon capture, and energy storage; chemicals production; health and life sciences; supply chains and critical minerals; advanced technologies; aerospace; and more.
"This MoU is designed to make it cheaper and easier for the United Kingdom and Texan businesses to thrive in each other's markets. It will strengthen trade ties and help us work together on shared expertise like life sciences and professional business services," Badenoch said.
A release said in the last decade, companies from the UK have invested $8.6 billion in capital investment through 326 projects in Texas, creating more than 18,200 Texas jobs.
After the signing, Abbott met with United Kingdom Prime Minister Rishi Sunak and thanked him for the warm welcome. They talked about their commitment to deepening the already-strong cultural and economic relationship between the people of Texas and the United Kingdom, said the release.