Williamson County was touted as the "top destination" for foreign investment from South Korea during a recent visit from the country's lead diplomat.
Hyundong Cho, South Korea's ambassador to the U.S. and Philip Goldberg, the U.S. ambassador to South Korea, stopped by Taylor High School on Wednesday to discuss the area's semiconductor industry and economic development.
"Texas has become the major trading partner [of] Korea, and also, Texas has become the top destination of Korea's investment in the United States," Cho told reporters during the visit.
Over the past 10 years, companies from South Korea have invested more than $48 billion in 47 projects throughout state, according to the Texas governor's office.
One of those projects is Samsung's new, $17-billion semiconductor manufacturing plant that is currently being constructed in Taylor.
Semiconductors — also known as microchips — are a key part of nearly all modern electronic devices. Samsung said its facility in Taylor will "boost the production of semiconductor solutions that will power next-generation technologies" including 5G, artificial intelligence and high-performance computing.
"The relationship between the Republic of Korea and the United States is something that we treasure. It was forged in blood during the Korean War, and now has expanded into whole new areas, and one of them, and one of the most important, is in the business relationships," said Goldberg. "And that's epitomized here in Williamson County and the City of Taylor, Texas."
Last year, Williamson County signed its first-ever international economic mutual cooperation agreement with South Korea's trade agency in an effort to bring more manufacturing suppliers to the area.
Local officials agreed to provide South Korean companies information to help them do business in the county. This includes details to help understand and navigate the business environment, policies, and legal and tax regulations.
"The cultural differences — it’s very difficult for them to understand the process of coming to the U.S. [and] coming to Texas," Dave Porter, director of Williamson County's Economic Development Partnership, said at the time of the agreement's signing. "So we made it a lot easier for them by introducing ourselves."
Since then, the county has become home to more than a dozen new South Korean companies, including several small and medium sized businesses needed to supply Samsung’s new plant in Taylor.
Golberg credited major federal policies such as the CHIPS and Science Act and the Inflation Reduction Act for much of this interest. The CHIPS Act, in particular, promotes the domestic production of semiconductors — like those that will be made at the factory in Taylor.
He also acknowledged the role the community plays in attracting foreign investment.
"What the companies are looking for is... what each locality has to offer and what the state government brings to the table. It's infrastructure, the ability to support these kinds of facilities, and it's the whole package," Goldberg said. "I think the salesmanship and the ability to attract these investments speaks very well of this community."
Copyright 2024 KUT 90.5