Business Facilities - September 2008 - (Page 20)

BUSINESS REPORT South Carolina By Bill Trüb South Carolina Extends Its Global Reach The Palmetto State’s Department of Commerce is casting lines into international waters in an attempt to reel in foreign traders. T he domestic trading of goods is an important segment of every state’s economy, but shipping homegrown and homemade products to international markets can tap into a larger revenue source. In 2007, South Carolina exported more than $16.5 billion worth of goods to more than 150 countries, according to the state’s commerce department. This 21.6% increase over 2006 totals ranks it ninth among all U.S. states and territories, and solidifies its number one foreign trade status in the Southeast. To build on this internationally successful economic development effort, the South Carolina Department of Commerce has embarked on a series of foreign trade and investment missions throughout 2008. SOUTH CAROLINA FAST FACTS Population (2006): 4,321,249 Largest Cities (2006): Columbia, 119,961; Charleston, 107,845; North Charleston, 87,482; Rock Hill, 61,620; Mount Pleasant, 59,113 Targeted Industries: Automotive, aerospace, plastics, chemicals, biotechnology, high technology, research and development, distribution, financial services Key Incentives: Credit for Infrastructure Construction, Commercial Production Credit, Brownfields Voluntary Cleanup Credit, Corporate Headquarters Credit, Palmetto Seed Capital Credit Companies located in South Carolina that are looking for export sales opportunities have taken advantage of these pre-arranged ventures. During the first two weeks of September, shortly after the conclusion of the Beijing Olympic Games, a delegation of South Carolina businesses will tour China, one of the world’s most robust economies. This mission will assist South Carolina businesses looking to expand their market reach by selling products to Chinese importers. Companies will be given the resources and guidance to pursue export opportunities in China by receiving one-on-one matchmaking appointments, arranged by the U.S. Foreign Commercial Service, with potential buyers, distributors, repre- sentatives and/or business partners in the mainland Chinese cities of Shenzhen and Xiamen. Numerous South Carolina companies, from large corporations to smaller specialty businesses, already take advantage of export opportunities to China. In 2007, the People’s Republic purchased more than $700 million worth of goods from South Carolina. Inversely, South Carolina’s exports to mainland China soared 28% in the first quarter of 2008. EBTRON, Inc., based in Loris, SC, has supplied numerous contracts in China as a result of the company’s participation in 2007’s China trade and investment mission. Since then, EBTRON’s airflow measurement products have been sold for use in multiple process control systems for SOUTH CAROLINA EXPORT STATISTICS • South Carolina’s exports grew 147% from 1996 to 2007. • South Carolina ranks first among U.S. states and territories in the export of tires and synthetic staple fiber. • The state’s leading product sector export is transportation equipment, with more than $5.3 billion in exports in 2007. • South Carolina ranks 14th in the number of total jobs linked to manufactured exports. • South Carolina is the second largest exporting state or U.S. territory to Germany. 20 SEPTEMBER 2008

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Business Facilities- September 2008 Contents First Word Snapshots Corporate Moves:�Mississippi Editor's Location Picks 2008 The Palmetto State Reaches Across the Sea Corporate Moves:�Tennessee Metro Spotlight:�Spokane, WA Biotech: Building Block for Development Wind Power Lifts Iowa Germany:�Europe's Economic Juggernaut California Here We Come Up, Up and Away in North Carolina Corporate Moves:�West Virginia Metro Spotlight:�Decatur/Greensburg, IN Advertiser Index Ask the Expert

Business Facilities - September 2008

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