The global economy supports South Carolina; here’s how we can support it

The importance of the global economy to South Carolina’s future has been on repeated display lately. In June, the Midlands saw a major economic investment from South Korea’s Samsung as well as a new technology partnership between the University of South Carolina and German-based Siemens. Three Chinese companies are expected to head to our region, and BMW in the Upstate made a major expansion announcement.

The New York Times reported recently that “South Carolina has been a major beneficiary of foreign investment” as home to such overseas manufacturers as Rolls-Royce and BMW. More than 1,200 international companies are located in our state, and foreign-affiliated companies employ more than 130,000 South Carolinians. In the Columbia area, more than 80 foreign companies, from 20 countries, employ thousands of people.

In addition to trade and investment, two of our city’s most important institutions, Fort Jackson and the University of South Carolina, are major international players. Fort Jackson of course plays a central role in our national security, with the training of more than half of our nation’s soldiers. The post also is an important economic engine, with a total impact of $2.8 billion each year, supporting 55,500 jobs.

USC’s International MBA program has been ranked in the top three for 25 consecutive years, according to The Financial Times, and Gov. Henry McMaster hailed the Siemens investment with USC as a key step in building a workforce that will enable South Carolina to claim the title of “Brain Power USA.”

Being engaged in the global economy is also very important at the federal level. The U.S. International Affairs budget funds programs such as the Export-Import Bank that create markets for South Carolina goods and services around the world. The bank has financed more than $500 million in exports from 41 companies in every part of our state. Boeing’s 787 Dreamliner aircraft that are built in Charleston are sold to the world with Export-Import financing. We must oppose the deep and disproportionate cuts to development and diplomacy programs now being discussed in Washington.

Our community must continue to support international efforts and programs because the global economy means jobs right here at home.