The state of Texas is intensifying its outreach to businesses in the United Kingdom by inaugurating a new office in London this month, aimed at attracting jobs and investment to its low-tax environment.
Recently, Texas received authorization to establish this new office, which adds to its expanding network of international locations designed to entice major corporations from abroad.
This initiative reflects the growing ambitions of Texas lobbyists, particularly those associated with Republican Governor Greg Abbott, who are looking to expand their economic influence beyond the United States. Previously, they have successfully drawn businesses and investments away from competing states such as California, Delaware, and New York.
The lobbyists at the London office are expected to engage with UK business leaders, offering incentives like expedited business court processes and substantial financial subsidies. Notably, Texas does not impose corporate or income taxes.
The primary targets for these efforts will likely be financial institutions and investment firms in London, as Texas seeks to capitalize on the financial growth in Dallas and promote its emerging financial district, colloquially referred to as Y’all Street.
This initiative has garnered interest from the City of London Corporation. Mayor Susan Langley visited Dallas in February to explore potential collaborations, particularly in light of the upcoming launch of the Texas Stock Exchange (TXSE). She mentioned in a post on X following her trip that “the launch of the Texas Stock Exchange could create new dual-listing opportunities that link British and Texan businesses to additional capital sources.”
This development comes as London faces challenges with companies increasingly opting to leave the UK stock market, choosing to go private or relocate their listings to international markets, including New York.
The new London office will complement Texas’s existing offices in Mexico and Taiwan and will be headed by James Taylor, a co-founder of the Austin-based lobbying and public relations firm Vianovo.
Linda McMahon, the head of the Dallas Economic Development Corporation, will be part of a delegation visiting London this month to celebrate the office’s launch in mid-April. She shared with the Guardian that Texas has a strong track record of attracting international businesses.
“I’m currently working with a company looking to relocate its manufacturing from the Netherlands,” she stated. “I’ve also met with firms interested in moving operations from Ukraine, and we are seeing significant interest from both Chinese and Korean companies.”
Robust lobbying efforts have already propelled Texas past California in terms of the number of Fortune 500 company headquarters within the state. This includes Oracle, which relocated from Silicon Valley to Austin in 2020, and three of Elon Musk’s companies—Tesla, X Corp, and SpaceX—all of which have moved from California in recent years. Most recently, ExxonMobil announced its decision to shift its headquarters from New Jersey to Texas.
Mike Rosa, a senior vice president of the Dallas Regional Chamber, expressed optimism about the state’s potential for international growth, stating, “We possess the necessary attributes to expand our global presence. However, I believe Dallas is not fully recognized for its level of international engagement.”
A representative from Governor Abbott’s office commented, “Texas has always maintained a global presence, with offices in Mexico and, most recently, Taiwan, aimed at attracting foreign direct investment and job creation while also assisting Texas companies in global exports. These offices operate under the Texas Economic Development and Tourism Office, within Governor Abbott’s office. We anticipate sharing more information about future expansions shortly.”
