“Even the future is bigger for Japan and Texas,” said Mr. Nozomu Takaoka, the consul general of Japan in Houston.
With Japan accounting for six percent of current foreign direct investment (FDI) projects in Texas and being the fourth largest source for FDI projects, Japanese capital in the state continues on an upward trend. The world's third-largest economy has raised its profile in the state's economic life.
With the increase of joint ventures between Japanese and Texan companies, the partnership between the two sides has grown stronger, particularly in shale oil and gas, liquified natural gas (LNG), and a proposed high-speed rail network.
While several Japanese companies have recognized opportunities in Texas for such projects, the others have identified the state as a strategic location for their operations. In fact, foreign mulitinationals have already moved their regional headquarters to the state from the East and West coasts. Examples of Japanese companies that have followed this trend are Toyota and most recently, Kubota.
These developments took place under former governor Rick Perry, who held office for 14 years. During his first visit to Japan in September 2014, Perry highlighted the importance of Texas's ties with Japan and called for closer collaboration between Japanese and American companies.
With Governor Greg Abbott now in office, will this partnership be maintained? Consul General Takaoka believes so. As the two have yet to formally meet, a Japanese-Texan event will be taking place within the next months. The consul general foresees the relationship between Texas and Japan to be significantly strengthened in the coming years. - EA
