The Japan Bank for International Cooperation and Texas have agreed to promote Japanese investment in the southern U.S. state in new business areas such as renewable energy, mobility services and disaster risk reduction.
JBIC Gov. Tadashi Maeda and Texas Gov. Greg Abbott signed a memorandum of understanding on the matter during a Sept. 27 meeting in Tokyo.
The agreement came about a year after the Japanese government-backed lender said it will extend $300 million in loans to Texas Central Rail Holdings LLC for the development of a high-speed railway project linking Dallas and Houston.
The agreement allows JBIC to further facilitate Japanese companies’ activities in Texas, ranging from existing areas such as auto manufacturing and infrastructure construction to new fields including digital connectivity and water.
“We will foster greater investment in both Texas and Japan, while strengthening the economic and cultural bond between our two regions,” Abbott said in a statement.
Texas is the second-largest U.S. state in terms of population and gross domestic product.