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Governor, Secretary of Commerce to Lead Trade and Investment Mission to Asia

Contact: Clare Morris, S.C. Department of Commerce, 803.737.0402

Governor, Secretary of Commerce to Lead Trade and Investment Mission to Asia
State steps up its pursuit of Japanese and Chinese investment and jobs.

As part of the state's continued pursuit of investment and jobs, a delegation from South Carolina will begin a week-long trip to Asia starting October 15.

The group, led by Governor Mark Sanford and Commerce Secretary Bob Faith, will spend time in Japan and China meeting with corporate executives and economic prospects from those companies to promote South Carolina as a prime U.S. location. The delegation will include a broad-based bipartisan group of 40+ state and local economic developers, politicians and business leaders from around the state.

The Asian mission has become a biannual event for the South Carolina Department of Commerce, with the last such trip in 2003. The mission is centered around the annual Southeast U.S./Japan conference, which will be held October 16-18 this year in Tokyo. SEUS/Japan is comprised of business leaders from South Carolina, Alabama, Florida, Georgia, North Carolina, Tennessee and Virginia along with Japanese business leaders and government officials. Since the SEUS/Japan association was created in 1976, more than 1,000 Japanese firms have expanded into the Southeast.

Also during the trip, Governor Sanford and Secretary Faith will preside over the grand opening of the S.C. Department of Commerce’s China office in Shanghai on October 18. South Carolina’s new China office will actively sell the benefits of a Palmetto State location to Chinese companies, while also helping South Carolina businesses take advantage of the tremendous exporting opportunities to China. So far, Chinese investment totals $126 million and has created 1,250 jobs in South Carolina, and state officials see the potential for much more.

During the Japan leg of the last Asia investment mission, Gov. Sanford and Sec. Faith successfully closed a deal with Suminoe (a Japanese automotive textile company that chose Gaffney for its first US facility) which resulted in $30 million in capital investment and almost 150 jobs in the Upstate.

"In an increasingly global competition for jobs and investment, Japan and China are incredibly important emerging markets for South Carolina," said Gov. Mark Sanford. "Whether it's the quality of life we've got here in South Carolina, the quality of our workforce, or our continuing commitment to improving our business environment, our state is well positioned to attract further jobs and investment. This mission is an important part of showing Asian companies the benefits of doing business in South Carolina."

“Asian markets in particular are poised for major waves of investment in the U.S. and we have an all-out determination to be at the top of the location list for Asian companies. This mission puts our South Carolina team on the front lines in recruiting investment and fostering trade relationships—and that’s exactly where we want to be,” said Commerce Secretary Bob Faith.

Faith also pointed to South Carolina’s solid track record of international investment as reasons for pursuing Asian companies. South Carolina ranks #2 in the nation in the percentage of its private workforce employed by job-creating foreign investment, or jobs supported by U.S. subsidiaries of foreign companies, according to a recent study released by the Tuck School of Business at Dartmouth University. Of the state’s private sector workers, 8.1 percent are employed by international firms. Over the past five years, the number of jobs created by international firms in South Carolina grew by 12,000, an increase of about 11 percent. South Carolina is already home to some of Japan’s top companies such as Honda, Fuji, Bridgestone Firestone, Hitachi, Musashi, and Showa Denko. Chinese investment has also found its way to South Carolina with Haier selecting the state for the largest Chinese-owned manufacturing facility in the U.S., which landed in Kershaw County, as well as a second Haier facility, which was announced in Lee County in 2004.

”The state’s competitiveness on the international front is long-standing and solid. We have an ideal combination of superior infrastructure, skilled workers and unbeatable quality of life. Add to that our experience in providing specialty services - in banking and legal services, for example - specific to the intricacies of international business, and South Carolina has the knowledge base and ability to assist international firms with all their needs,” said Faith.

The Asian mission is a continuation of Commerce's ongoing efforts to make the state highly competitive in attracting jobs and capital investment. In 2004, the Department of Commerce recruited $2.75 billion in capital investment and 13,491 jobs. The agency is poised to meet its goals for 2005, continuing to recruit quality jobs for South Carolinians that on average pay 31% above the state's per capita income.