CHARLESTON METRO FDI PLANCharleston | SC | USA
WHY FDI IS IMPORTANT
1. DEEPEN AND DIVERSIFY THE REGION’S PORTFOLIO OF FOREIGN INVESTMENT, primarily focused on the metro’s high-impact clusters
2. EFFECTIVELY INTEGRATE NEW FOREIGN COMPANIES AND FOREIGN NATIONALS into the Charleston
metro community
3. Orient the region’s ENTIRE ECONOMIC ECOSYSTEM toward DYNAMIC ENGAGEMENT WITH AND RESPONSIVENESS TO global competitiveness and foreign investment
FIVE-YEAR OBJECTIVES
ACTION PLAN
GOAL
Outbound FDI Attraction Efforts
STRATEGY #1: ENGAGE OEMS AND TIER 1S TO DRIVE NEW OUTREACH EFFORTS» Example Tactic: Local OEM / Tier 1 coordination campaign for automotive and aerospace
STRATEGY #2: ACTIVATE INDUSTRY NETWORKS LOCALLY AND ABROAD» Example Tactic: Expand international outreach for high-tech clusters (IT and med tech)
Local Support & Integration
STRATEGY #3: EVOLVE LOCATION SUPPORT AND AFTERCARE » Example Tactics: Launch and expand Landing Pad program to support first-time market entry and small
FDI projects; create an M&A Council to support mergers and acquisitions
STRATEGY #4: CULTIVATE GLOBAL FLUENCY ACROSS ECONOMIC ECOSYSTEM» Example Tactic: Develop and launch international cultural sensitivity and awareness program for
hospitality, public sector, and business communities
STRATEGY #5: EXPAND THE COMMUNITY’S RESOURCES TO SUPPORT AND INTEGRATE FOREIGN NATIONALS» Example Tactic: Create a volunteer corps of ambassadors willing to connect with new foreign nationals
in the region
Global Ecosystem & Connectivity
STRATEGY #6: CONNECT HOSPITALITY AND FDI ATTRACTION COMMUNITIES» Example Tactic: Create a Coordinating Council on Hospitality and Investment to help connect
stakeholders and to establish methodologies for information sharing and joint programming
STRATEGY #7: COORDINATE LEADERSHIP FOR KEY INTERNATIONAL BUSINESS RESOURCES AND ACTIVITIES» Example Tactic: Establish a Charleston International Cultural Center to help engage and support
foreign nationals
Driven by a regional strategy and years of collaborative, consistent work by local leaders, the Charleston metro continues to gain economic momentum. Global trade and investment are driving the region’s continued success. From the Port of Charleston to the automotive industry to tourism, Charleston’s industries are global in nature — with international competitors, supply chains, R&D, and talent.
Our growing, evolving economy has created incredible opportunities across the metro, but it also brings new challenges. To remain globally competitive and sustain our momentum, our regional strategy must also evolve. This requires a more comprehensive approach to our international engagement. Attracting and supporting foreign direct investment (FDI) is a foundational element of our region’s global competitiveness.
For the economic health and well-being of our entire three-county region, we must ensure Charleston offers what multinational corporations need to succeed. As part of the One Region Global Competitiveness Strategy, the CHARLESTON METRO FDI PLAN will help our community better attract, support and integrate foreign-owned companies and foreign nationals.
TO ENHANCE THE CHARLESTON REGION’S ABILITY TO ATTRACT FDI AND TO MAXIMIZE THE OVERALL ECONOMIC AND COMMUNITY IMPACT OF FOREIGN COMPANIES AND FOREIGN NATIONALS IN THE METRO REGION.
By 2019, many of our region’s top employers will be foreign-owned enterprises (FOEs) in high-impact clusters, including:
SOUTH CAROLINA IS AN FDI “NATIONAL CHAMPION”(fDi Magazine 2016)
Multinational firms pay higher average
wages, invest more in R&D efforts*, and create
numerous spin-off jobs, from entry-level to the
C-suite. These companies and the jobs they
create strengthen our economy, our workforce,
and our community.
*U.S. Bureau of Economic Analysis
Flag size represents the total number of companies for each country of origin within a specific county and is not meant to show a specific location.
1-67-2829-53
CHARLESTON | SC | USA
5% 32%
PRIVATE SECTOR JOBS MANUFACTURING JOBS
IN REGION ARE FROM FOREIGN-OWNED FIRMS(CHARLESTON CENTER FOR BUSINESS RESEARCH 2016)
Charleston Metro FDI Plan Steering Committee
Pennie Bingham World Trade Center Charleston Barry Jurs Berkeley County Economic Development
Alan Bolduc Avison Young Andrea Kozloski BCD Council of Governments
Gary Breit City of Charleston Economic Development Amy Livingston Town of Mount Pleasant
Laura Bright Charleston Metro Chamber of Commerce Micah Mallace SC Ports Authority
Hal Burton Premier Logistics Solutions Jemie Meachum Bank of America Merrill Lynch
Mark Cowan Cowan Strategies Phil Minard US Department of Commerce
Steve Dykes Charleston County Economic Development Ron Mitchum BCD Council of Governments
Jenna Edwards Charleston Regional Development Alliance Fred Monk South Carolina Department of Commerce
Morris Ellison Womble Carlyle Sandridge & Rice George Morrison McNair Law Firm
Stani Fowler Dixon Hughes Goodman LLP Rene Mueller College of Charleston
Elizabeth Gibbes Parker Poe Adams & Bernstein LLP Devin Patro Wells Fargo
Claire Gibbons Charleston Regional Development Alliance Jacki Renegar Charleston Center for Business Research
Ford Graham South Carolina Department of Commerce Terrance Rivers readySC
Mary Graham Charleston Metro Chamber of Commerce Geoff Schuler The Boeing Company (retired)
Mike Graney Charleston Regional Development Alliance Angelyn Thomas Smith SC Power Team
Jeff Henry JP Morgan Chase Wendy Smith Dorchester County Economic Development
Sam Hines K&L Gates Clarke Thompson South Carolina Department of Commerce
Katie Holba Charleston Regional Development Alliance John Truluck Dorchester County Economic Development
Merle Johnson Charleston County Economic Development Steve Warner Charleston Regional Development Alliance
Brent Jonas Charleston Regional Development Alliance
JENNA EDWARDSCharleston Regional Development AllianceDirector, Global Business Development
[email protected] | 843.760.4525
PENNIE BINGHAMWorld Trade Center CharlestonExecutive Director
[email protected] | 843.805.3073
GET INVOLVED
9TH
9TH FOR FOREIGN DIRECT INVESTMENT INTENSITY
(Brookings 2015)
Based on FOE Employment
(fDi Magazine 2015)
Based on promoting FDIFOR FDI STRATEGY
CHARLESTON’S RANKING AMONG U.S. METROS