GA Trade Mar-Apr interactive - page 28

T
he depth of South Carolina’s
narrative is shaped by the history
and heritage that characterize the
state. While many may associate the
southern state with colonial historic
sites, quaint plantation homes, sandy
beaches and cobblestone streets, the
quality of life is only surpassed by the
amiable economic climate. A pro-
business stance, foreign investment
and effortless growth initiatives have
helped the state evolve into a new
frontier of globalization in the U.S.
In fact, South Carolina is consistently
ranked in the top ten in the nation
for doing business. Foreign-owned
firms employ over seven percent of
all workers and German-owned
companies have the largest share of
affiliate employment in the state.
More than 19,200 people are
currently employed in German-
owned businesses and in 2012, total
trade volume with Germany exceed-
ed $10.2 billion. It is a presence that
has been growing continuously and
progressively.
Competitive Environment
Recent figures by the South Carolina
Department of Commerce (2013)
show that the potential for economic
growth remains strong. These
numbers indicate that foreign capital
accounts for almost half of all
industrial capital since 2008.
Accordingly, South Carolina Gover-
nor Nikki R. Haley has repeatedly
advocated for foreign companies and
investors to do
business in the
Palmetto State.
Globalization is
more than an
abstraction in South
Carolina – it is a call
to action. More than
124 German companies
operate in South Carolina,
from entrepreneurs to small
and medium-sized businesses
to global corporations, such as
Adidas America Inc.; BMW
Manufacturing Co., LLC; Bosch;
Siemens Energy; and Continental
Tire – ranking the state third in the
nation for globalization (2010 State
New Economy Index).
“In South Carolina, we know that
both quality and quantity of jobs and
growth across major industries
matter. Future German investment is
triggered by economic opportunity
and the high diversity of key
sectors,” says Vincenc Pearson, Esq.
of DAA Draexlmaier Automotive of
America, LLC and South Carolina
Chapter Director of GACC South.
Business Incentives
Mapping the economic landscape
from Charleston to Greenville to
Spartanburg, South Carolina offers a
variety of competitive and custom-
ized incentive programs like corpo-
rate income tax credits, discretionary
income, license or withholding tax
incentives, and international trade
incentive programs. This profitable
business environment has grown
organically over the last few decades.
In addition, when it comes to
providing reliable, affordable energy
for industries, South Carolina has
some of the lowest industrial power
rates in the nation, about 15 percent
less than the national average.
Infrastructure
and Market Access:
South Carolina is a hub for aerospace
and aircraft manufacturing, automo-
bile production, advanced materials
manufacturing, life sciences and
distribution operations, among a
range of other industry sectors.
Strategically located between Miami,
FL, and New York City, NY, South
Carolina is nestled right in the center
of the U.S. East Coast.
The state’s excellent transportation
network includes five commercial
airports, a dense railroad web, six
major interstates and the deep-water
Port of Charleston, one of the
South Carolina:
S T A T E S P E C I A L
By Elisabeth Doehne, GACC
Frontier of Globalization
SOUTH CAROLINA
Population:
4.7 million people
State Capital:
Columbia
German companies:
124
Total Trade (2012)
with Germany:
10.2 billion
Major industries:
Manufacturing, Automotive,
Tourism, Health Services, Trans-
portation, Distribution operations
German American Trade Mar/Apr 2014
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