Texas partnering with China for $3B investment summit

File image of a drilling rig near Kennedy, Texas. (AP Photo/Eric Gay)
Image of a oil drilling rig in Texas. (AP Photo/Eric Gay)

AUSTIN (KXAN) — The first Texas-China investment summit will take place this week here in Austin.

Angelos Angelou is the co-chair of Angelou Economics, which will be one of the groups putting on the summit. Angelou joins us in the KXAN studio to preview the event and its impact on the state.

As one of the fastest growing states in the country in population growth as well as employment, Angelou explains why Texas was chosen for the international investment.

“The aim is to bring many Chinese investors and introduce them to opportunities in investing in Texas,” said Angelou. “So we have over 75 projects that have been selected worth over $3 billion worth of investments that will be exposed to Chinese investors and hopefully we will see some transactions happen.”

The summit is offering opportunities to invest in businesses, technology, real estate, oil and gas. Texas is the premier business investment destination, according to Angelou.

The lone star state is enticing for investors as the number one exporting state in the country, says Angelou. As the leader in global energy, technology and telecommunications, Texas is the only state with its own power grid. There is also no personal income tax.

“The Chinese investors are already some of the most significant investors in our state for years they have been investing in the oil and gas sector as well as real estate projects,” said Angelou. “This time we want to institutionalize this effort so that we can be doing it annually and be bringing not just one or two or three investors randomly but maybe a group of investors more than 40 or 50 at a time.”

Texas-sized numbers:

  • 54 Fortune 500 Companies
  • $64,000,000,000 spent on travel
  • 13,000,000 plus labor force
  • 2nd most populous state
  • 457,000 new jobs created in 2015

The international summit could help put money into local start-ups or small technology companies that seek that have Chinese investments as well as Chinese partners.

“In a world that is becoming so economically interdependent we need them as much as they need us,” said Angelou.

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