News Summary
South Carolina officials, led by Governor Henry McMaster, recently completed a four-day tour in Germany to bolster international business relations and attract foreign investments. Celebrating 50 years of economic development in Europe, the delegation engaged with local industry leaders and visited established companies like Siemens and Bosch. With significant investment from Europe since the opening of its first international office in Belgium, the state aims to foster economic growth through international partnerships, showcasing its business-friendly environment and strategic advantages.
South Carolina officials recently concluded a four-day tour of Germany aimed at promoting the state’s business-friendly climate. This tour celebrated the 50th anniversary of South Carolina’s economic development operations in Europe, highlighting the state’s longstanding efforts to attract foreign investment.
Governor Henry McMaster led the delegation, which included heads of various state agencies focused on economic development, taxation, employment, and technical education. The team met with local industry leaders and also visited several foreign companies that have established operations in South Carolina, such as Siemens, Schaeffler, Bosch, Arthrex, and Daimler. These visits underscored South Carolina’s commitment to fostering strong international business relationships.
During the trip, the delegation held confidential meetings with prospective companies indicating interest in relocating to South Carolina. These discussions further illustrate the state’s strategy to attract and retain foreign investments, which play a crucial role in the local economy.
The cost of Governor McMaster’s recent trip was about $155,000, a significant increase compared to a previous trip in June 2024, which totaled around $22,000. The expenses for the tour included necessary accommodations, flights, and a banquet for attendees, showcasing the importance placed on this high-stakes initiative.
The final day of the tour featured a speech delivered by McMaster to around 300 industry and government leaders at a luncheon hosted by the German Chamber of Commerce. In his address, he spoke about the enduring relationship between South Carolina and Europe, likening it to a “marriage.” He also discussed the uncertainties surrounding tariffs but expressed optimism for continued economic progress and collaboration.
South Carolina’s venture into European economic development began in 1975 with the establishment of its first international office in Belgium. This office was later moved to Frankfurt in the 1980s and then to Munich in 1999 to better serve the state’s interests in attracting foreign businesses. The push for investment from European companies traces back to the textile industry’s dependence on machinery from Europe, laying the groundwork for strong economic ties.
Historical figures such as Roger Milliken and Richard Tukey have played pivotal roles in nurturing these relationships, facilitating the arrival of European firms in South Carolina. By 1973, Spartanburg County had already attracted 24 foreign corporations, resulting in approximately 4,000 jobs. The state’s appeal includes low unionization rates, affordable land, and favorable tax breaks, all of which have been instrumental in luring initial investments from abroad.
Substantial investments from European firms have poured into South Carolina since the inception of its European office. Since 2011, investments have totaled an impressive $16.3 billion, creating more than 35,400 jobs in the state, showcasing the significant impact of European companies on local employment and economic stability.
At present, South Carolina maintains five international offices in strategic locations, including Munich, London, Tokyo, Seoul, and Taipei. Recent adjustments have seen the closure of offices located in China and India as part of a strategic re-evaluation of the state’s international presence. The state’s focus remains on enhancing international partnerships to stimulate economic growth and development.
Deeper Dive: News & Info About This Topic
- South Carolina Daily Gazette
- Wikipedia: Economy of South Carolina
- Columbia Business Report
- Google Search: South Carolina economic development
- WLTX
- Google Scholar: South Carolina foreign investment
- HBS Dealer
- Encyclopedia Britannica: South Carolina
- The State
- Google News: South Carolina business investment
Author: STAFF HERE FLORENCE WRITER
FLORENCE STAFF WRITER The FLORENCE STAFF WRITER represents the experienced team at HEREFlorence.com, your go-to source for actionable local news and information in Florence, Florence County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Florence Festival of Lights, Pee Dee Pride, and agricultural expos at the Florence Center. Our coverage extends to key organizations like the Florence Regional Chamber of Commerce and the Pee Dee Area Council of Governments, plus leading businesses in healthcare and retail that power the local economy such as McLeod Health and Pee Dee Electric Cooperative. As part of the broader HERE network, including HERECharleston.com, HEREColumbia.com, HEREGreenville.com, and HEREHiltonHead.com, we provide comprehensive, credible insights into South Carolina's dynamic landscape.
