Location, location, location! The Luxembourg American Chamber of Commerce is pleased to offer a series of articles highlighting opportunities, options, and useful information when bringing your Luxembourg-based business to the U.S. Learn from the network of Luxembourg Honorary Consuls throughout North America, and from the Embassy in Washington, D.C., the Consul Generals and the Luxembourg Trade and Investment Offices (LTIOs) in New York and San Francisco about the nuances of different parts of North America and what regions will best meet the needs of your industry or niche. Liaise directly with the Honorary Consuls, LTIOs, and other regional experts in each area to learn why their territory can offer just what you need to successfully launch your business here. Find out more and make connections!
September 2022
Spotlight on….Texas
This region of the U.S. is supported by the Luxembourg Trade and Investment Office in San Francisco, CA, led by Mr. Daniel Da Cruz, Consul General and Executive Director of the LTIO.
TEXAS
Known as the Lone Star State, Texas is the second largest U.S. state by both size and population. Found in the southern region of the country, Texas has a rich history and plays host to broad array of businesses and cultural offerings.
Austin attorney Peter J. “Pete” Slover was appointed as Honorary Consul in Texas in 2015. He brings to his post diverse and extensive experience in international business and law, and serves alongside Luxembourg's new Foreign Trade Advisor in Houston, Adrian Trömel.
“For all the cultural differences between Texas and the European Union, our state and Luxembourg enjoy substantial business connections, and share a similar pro-commerce, pro-innovation approach,” Slover said.
Texas, home to 107 full or honorary consulates, offers a low tax burden and comprehensive incentive and financing options for companies locating and expanding in the state. Without corporate or personal income taxes, companies in Texas are able to invest in growing their workforce, improving facilities and boosting their bottom line.
Seven key business sectors have emerged in Texas as public, private and academic leaders have strategically funneled resources to develop the state’s competitiveness in these industries:
- Energy
- Defense
- Corporate Services
- Information Technology
- Biotechnology & Life Sciences
- Advanced Manufacturing
- Aerospace and Aviation.
From discovering the next biotech breakthrough to building rockets for orbit to engineering a more secure cloud, Texas-based companies are designing, creating and operationalizing innovations and services that improve lives across the world. And they’re able to do it all with a highly motivated and skilled workforce, competitive tax climate and cost of doing business, and quick access to market.
Luxembourg Trade & Investment Office San Francisco, Executive Director,
Mr. Daniel Da Cruz, has this to say about doing business in Texas..."The thriving business environments of both Texas and Luxembourg offer many choices for partnerships. During my recent visits to Texas, I had the opportunity to discuss innovation on topics such as aerospace, mobility, health and clean technologies. I am looking forward to mapping out new ways to further strengthening the business ties between our two economies"
Texas has created programs and processes to go beyond the standard state-level offering. From the nation’s largest “deal-closing” fund to a financial assistance program to help public colleges and universities in Texas recruit the best researchers in the world, the State of Texas is also committed to ensuring companies move smoothly through the incentives process so they can focus on locating and expanding their facility. Information about these programs can be found at Texas Economic Development Corporation https://businessintexas.com/
For assistance or more information, contact Honorary Consul Slover at austin@consul-hon.lu
Texas Business Facts
- The economy of the State of Texas is the second largest by GDP in the United States, after that of California. As a sovereign country (2016), Texas would be the 10th largest economy in the world by GDP, ahead of South Korea and Canada and behind Brazil. Texas has the second largest population in the country after California It has a gross state product of $1.887 trillion as of 2019. Texas has led the nation in exports for 17 consecutive years and 2021 the state exported products worth $376.9 billion, according to the International Trade Administration (ITA).
- Texas also is a major importing state, relying on foreign makers for products, parts and commodities to feed its manufacturing and trade sectors. In calendar 2021, Texas was the nation’s second-largest importing state behind California, bringing in $312,452 billion in goods.
- Texas recently passed New York and California as the state with the most Fortune 500 companies, according to the 68th Fortune 500 annual list of the largest U.S. corporations.
Peter Slover (right), seated with His Royal Highness, Prince Guillaume, at the 2019 Luxembourg American Chamber of Commerce Business Awards and Gala Dinner.
See the full list of Luxembourg Honorary Consuls HERE