Hosting more than 1,745 foreign corporations, including global giants like Toyota, QatarEnergy, Mitsubishi, Samsung, and Schneider Electric, the state of Texas has asserted its status as a leading center of international business over the last several years.
GMI POST has found the answer to why are the world’s biggest companies investing in Texas even during periods of economic uncertainty.
Texas is a gateway to global trade
The state’s strategic location in the center of North America is further strengthened by its well-developed transportation and logistical infrastructure. Texas provides businesses with direct access to international trade.
Texas has 11 deep water ports, 24 commercial airports, 34 free trade zones, as well as an extensive network of public roads, highways, and freight railways.
On the state level, there is no personal or corporate income tax
Texas has created a very welcoming business climate, as evidences by a host of incentives, favorable tax and regulatory structures, and strong workforce, making it one of the most cost-effective states for businesses.
To increase its attractiveness, the state provides various tax exemptions for the manufacturing of machinery and equipment, as well as natural gas and electricity consumption for manufacturing, processing, and private building.
Texas invests continuously in growth and innovation
Apart from spending on new infrastructure projects, roadway projects, Texas continuously invests in technological innovation, making it one of the country’s leading centers for research and development. In 2021, it led the United States in high tech exports for the 9th straight year, selling a total of $50.5 billion to the rest of the world.
By providing accessible opportunities, support, and innovative solutions, Texas is thriving as a global business center and convincing companies around the world that the state is a smart investment.