S.C. looks to build on foreign investment leadership

South Carolina is doubling down on its strength in attracting foreign investment.

The S.C. Department of Commerce recently announced a new program designed to help foreign companies looking to establish a presence in South Carolina. Called the Landing Pad, the program will work with regional economic development alliances.

Landing Pad will assist companies in dealing with some of the hurdles to entering the U.S. market, such as translation, site selection, and regulatory and tax issues. It is geared toward firms that are interested in “testing the waters” before making a full-scale investment, according to S.C. Commerce Secretary Bobby Hitt.

South Carolina is currently the champion among U.S. states when it comes to per capita foreign direct investment. It also recently received mention in the 2016 Global Location Trends report from the IBM Institute for Business Value.

“Many U.S. southern states, such as Tennessee, Texas, South Carolina, Georgia and Alabama, experienced growth in FDI, dominated by manufacturing activities,” reads the report. “These southern states offer competitive operating costs and good logistics infrastructure, and they have benefited substantially from companies seeking operations closer to the North American market.”

The report goes on to mention that the transportation equipment sector – a top industry in South Carolina – is the worldwide leader when it comes to foreign direct investment. Next comes tourism, another Palmetto State strong suit.

Looking ahead, the IBM report is like many studies in that it points to global economic and political uncertainty as a factor in future investment decisions. It also mentions that technologies such as the Internet of Things, automation and 3D printing could move production closer to end users and diminish the need for large-scale facilities.