When SK Signet announced last November that it would turn a Plano building into a new EV charger manufacturing facility, South Korea’s second-largest conglomerate became one of at least 64 Asian subsidiaries that have chosen to call Plano home.
Including SK Signet, Japan’s Toyota and South Korea’s Samsung, at least 119 Plano businesses, of the city’s more than 13,000, are foreign-owned subsidiaries, according to the Plano Economic Development department’s 2023 Quarter Three roster.
“Plano really does compete on the global stage,” said Jenny Zeilfelder, the city’s Economic Development Manager. “We’ve had a lot of international companies in our community for a couple of decades, and I think that really speaks in general to the business climate of Plano in that it doesn’t just focus on a national perspective.”
These companies choose Plano for a variety of reasons, including the city’s quality of life, business-friendly atmosphere and diverse demographics, Zeilfelder said. Their presence introduces thousands of jobs to Plano.
Toyota Motor North America, Inc. and Samsung Electronics America, Inc., among Asia’s top companies, boast 4,573 and 1,989 employees, respectively, according to Plano Economic Development. SK Signet says it will introduce 183 jobs by 2026.
“SK Signet is thrilled to be opening this facility in Texas,” SK Signet CEO Jung Ho Shin said in June when the company had its grand opening of its EV charger manufacturing facility. “The opening of the SK Signet factory means new jobs for Texas and more chargers for American EV owners. We couldn’t have accomplished this without the close partnership of the State of Texas and the City of Plano.”
Japanese and Korean-based companies consider the safety and education system of the community, Zeilfelder said. Plano has consistently ranked as the fifth safest city in the U.S., according to SmartAsset, a financial technology company. Plano ISD is a strong school district, Zeilfelder said.
And in addition to jobs generated from these companies, Plano’s commercial businesses, as of July 19, generated $112.5 million in property tax revenue for the last fiscal year, said Karen Rhodes-Whitley, Plano’s Budget Director.
About 22% of Plano’s population is Asian, according to the city’s demographic data. As of 2022, Plano’s collective minority population makes up 53% of people in the city.
“We’re a very, very diverse community, which means that we have a lot of amenities that we can offer these diverse groups of people,” Zeilfelder said. " … Even a Korean or Japanese grocery store is going to make a difference.”
Those are just soft reasons, Zeilfelder said, but another draw is Plano’s credibility as a global business center. Once Toyota announced it would land its North American headquarters in Plano, it started a ripple effect.
“That’s going to garner a lot of interest from other Japanese companies or even vendors or companies that work alongside Toyota,” Zeilfelder said.
The same thing happened with Samsung and its role in strengthening Plano’s relationship with South Korea. Once Samsung arrived, another South Korean company, Doosan Robotics, moved its North American headquarters to Plano, too. " It’s a lot of word of mouth, but it’s a lot of , ‘Well if Samsung’s there, we should really look at Plano,’” Zeilfelder said.
Plano city officials have also taken trips to Japan and South Korea to build and sustain relationships with companies already in Plano.
“We want them to be aware of who we are and what we can provide,” Zeilfelder said. “That kind of lays the groundwork for the future of potential companies looking at Plano.”
Plano Mayor John Muns has also taken trips to Asia. He said Plano is proud to have some of the world’s most recognizable brands in the community.
“With our recent successes attracting the largest conglomerates from Korea and having an impressive roster of Japanese companies, we are thrilled that these companies recognized Plano as being an ideal location for their business,” Muns said.
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July 21, 2023 at 06:31PM
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