Austin News

Governor Greg Abbott and United Kingdom Secretary of State for Business and Trade Kemi Badenoch have signed a Statement of Mutual Cooperation (SMC) to strengthen the economic partnership between Texas and the United Kingdom. The signing ceremony took place at 10 Downing Street in London.

Governor Abbott expressed the importance of the partnership, stating, "Strengthening the bond between Texas and the United Kingdom is crucial for our shared economies to prosper. By signing this Statement of Mutual Cooperation today, we will further promote economic growth on both sides of the Atlantic." Secretary Badenoch also emphasized the significance of the agreement, saying, "This MoU is designed to make it cheaper and easier for the United Kingdom and Texan businesses to thrive in each other's markets."

The SMC aims to promote economic growth, support innovation, and encourage job creation in Texas and the United Kingdom, with a focus on sectors such as energy solutions, chemicals production, health and life sciences, and advanced technologies.

During his visit to London, Governor Abbott met with United Kingdom Prime Minister Rishi Sunak and former Prime Minister Lord David Cameron to discuss strengthening the cultural and economic relationship between Texas and the United Kingdom. He also attended an evening reception with business and government leaders to highlight UK companies that have invested significantly in Texas.

Texas has seen a substantial amount of trade with the United Kingdom, totaling $18.2 billion in 2023. The United Kingdom leads all nations in foreign direct investment projects in Texas, with companies from the UK investing $8.6 billion in capital through 326 projects in the state, creating over 18,200 jobs.

The trip to London was sponsored and paid for by the Texas Economic Development Corporation, in line with Governor Abbott's economic development agenda to enhance Texas's business environment.