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Market Analysis: State of Georgia

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Market Analysis: State of Georgia Market Analysis: State of Georgia Within the Southeastern United States, which is the fastest growing region to date in the nation, there lies the centrally located state of Georgia, frequently referred to as the Empire state of the South. Georgia has its nickname due to its size and economic reputation and is currently on its way to become the global business center of the region. Georgia is a state with rich history and since its founding in 1732 it has developed to become a vital member of the United States. With almost 9.1 million inhabitants, Georgia is the 9th most populous state in the U.S. Atlanta is both the capital and its largest city ranking as one of the largest urban areas in the nation. The state also has one hundred miles of coastal beaches, three-thousand square miles of mountain forests with deep lakes, and forty-five state parks making a very suitable environment for every traveler. Atlanta or “Hotlanta” as the locals call it, has seen recent development and has become a booming economic center with seventeen fortune five hundred companies including the well- known Coca-Cola and CNN/Turner Broadcasting corporations. In addition, the city is currently attracting both a pool of well-educated young people and profitable international businesses to continue its economic growth. Developing global business relationships is a top priority for the Economic Development of Georgia. Georgia was the first of the Southeastern states to have an official trade representative in Chile in 2005. According to the Georgia Ports Authority (GPA), “This market offers enormous untapped potential because the Chilean economy is very similar to Georgia in the agriculture and manufacturing industries.” Through the US-Chile FTA the Southern United States Trade Association (SUSTA) works with the Chilean Agricultural Trade Office to promote the trade of the agricultural products. Georgia hopes to expand its relationship with the region, specifically in Chile. Georgia, also known as the “gate-way to the U.S.”, is also actively bidding to be the home for the FTAA (Free Trade Area of the Americas). With its world-class ports and transportation infrastructure, including Savannah the fifth largest container port in the country, the opportunities this state has are endless. To date international companies account for nearly 24% of Georgia’s new investment. The current governor of Georgia, elected in 2002, is Sonny Perdue, a Republican. Georgia is represented by Senator Saxby Chambliss, a Republican and former governor of Georgia, and Senator Johnny Isakson, a Republican. In the House of Representatives, Georgia has 13 seats held by seven Republicans and six Democrats. Overall Economic Profile Georgia rose from twelfth in 2003, to seventh in 2004, to third best state in the nation in 2005 to do business, according to Site Selection magazine, an influential national economic development trade publication. Georgia reached its highest Growth State Product (GSP) in 2005, 364 billion dollars which ranks 13th highest in the United States. The state also ranked 13th in the nation in 2005 for the total compensation of employees. Georgia: Basic Statistics, 2006 % of U.S. total Population 9.1 million (2005) 2.9 Area 57,906 sq. miles 1.6 GSP US$364 billion (2005) 2.7 The “Gate-Way to the U.S.” Georgia has an excellent logistical infrastructure to successfully integrate any business, especially with its advantageous location. The state has two deep water ports and a surface transportation network that provides easy access to 80% of the U.S. industrial market within a two-day truck haul. The port of Savannah is the fifth largest container port in the U.S. and one of the fasting growing water ports in the U.S. as well. It has a very pertinent roll as such on the East and Gulf coasts. There is a project in the works now to deepen the Savannah river so that the port can continue its profitable growth and quicken the already rapid transit times. On June 29, 2005 Georgia Ports Authority enacted a new South American service with the signed agreement with CSAV via Savannah broadening the Latin American and East Coast options in the U.S. while creating additional opportunities. CSAV is globally recognized as one of the best ocean carrier transport services world wide. Atlanta’s Hartsfield-Jackson International Airport is the busiest airport in the country with more than 2,000 flights a day to various worldwide destinations. The airport is the hub for Delta Air Lines and mostly handles traffic to other parts of the United States and Canada, as well as international services to Latin America, Europe, Asia, and Africa. Delta Air Lines has two non-stop flights from Santiago to Atlanta per day and seven per week, while American Airlines operates flights from Santiago to Atlanta via Miami or Dallas, and LAN has code- sharing flights operated by American Airlines. International Trade for Georgia Georgia’s location makes it an important destination in the United States for international trade. In 2003, Georgia ranked 14th in exports from the U.S., with returns worth US$16.3 billion, up by 12.9% over the previous year. Georgia's top three export industries are transportation equipment, computer and electronic products, and chemicals. Its main markets are Canada, Japan, and Mexico. Georgia has three Foreign Trade Zones (FTZs) - Atlanta, Brunswick, and Savannah - that offer new overseas companies cost advantages. The FTZs provide a full spectrum of services designed to facilitate and expedite the movement of goods. 2005 TOTAL Source: U.S. Department of Commerce Foreign direct investment in Georgia reached US$17.9 billion in 2002, coming principally from Japan (US$4.3 billion), Canada (US$2.5 billion), the UK (US$2.2 billion), the Netherlands (US$1.6 billion), and Germany (US$1.2 billion). More than 1,500 foreign-owned facilities from almost 40 countries employ some 124,000 Georgians. In addition, more than 50 countries have general and honorary consulates, trade, tourist and cultural offices, and bi-national chambers of commerce in Georgia. The Georgia-Chile Trade Relationship Georgia continues to broaden its horizons in South America but growth especially continues to be noticed in the Georgia-Chile trade market. In 2005, Georgia exported US$120,776,929 to Chile, which put Chile in the 30th spot among the rest of Georgia’s global trade partners. Georgia is especially known for exporting textile mills products to Chile because it is ranked number one for this type of export out of all other U.S. states. 2005 Exports from Georgia to Chile Product Value Percent Machinery Manufacturers $ 30.363.182 25,1% Chemical Manufacturers $ 23.974.668 19,9% Computers & Electronic Products $ 16.976.423 14,1% Electric Eq, Appliances & Parts $ 7.214.285 6,0% All Others $ 42.248.371 35,0% Total $ 120.776.929 100,0% Source: U.S. Department of Commerce, 2006 After the signing of the FTA between the United States and Chile in June of 2003 more opportunities were available for both markets and the statistics show this development. In the first quarter of 2005, Georgia’s exports to Chile rose 35.9% year-on-year, while Chile’s exports to Georgia climbed by 107.3%. 2005 Exports from Georgia to Chile Machinery Manufacturers 25% 35% Chemical Manufacturers Computers & Electronic Products Electric Eq, Appliances & Parts 20% 6% All Others 14% Source: U.S. Department of Commerce, 2006 In 2005 as well the Savannah Port Authority imported $54.5 million worth of goods from Chile. Chile’s main exports to Georgia through October of 2006 were forestry products, wood furniture products, agriculture products, candies, cocoa products, teas, and wines. Talking Points AmCham Chile (From Georgia’s Chile Office) State of Georgia Representation Office activities: • Assist Georgia companies with Chile market segment insights by providing industry specific market surveys • Assist Georgia companies in finding potential Distributors, Agents or Representatives for their products/services in Chile • Assist Chilean companies in finding suppliers of specific products/services in Georgia • Promote Georgia as an entry point for Chilean companies that want to enter the U.S. market. Assist and support Chilean companies throughout this process. • Organize and prepare Business Missions both ways • Promote tourism both ways To date there are several Chilean companies that have operations in Georgia including: CMPC, Celulosa Arauco, Agrosuper, SQM, Masisa, and Química Harting. Now there is a development with more businesses from Chile opening in Atlanta with the help of Georgia representation here in Chile. Steps to Open an Office in Georgia: The following steps are provided to AmCham Chile by the Georgia Hispanic Chamber of Commerce on how to open an office in Georgia. Eight Simple Steps for Opening up Your Business 1. Make a complete business plan 2. Choose the name of your business 3. Decide what type of company your business should be registered as 4. Choose the location of the business 5. Obtain a business license 6. Apply for insurance for the business 7. Pay the taxes 8. Important telephone numbers that you need to know to open the company State of Georgia: Useful Websites Government of Georgia www.georgia.gov Governor’s Office www.gov.state.ga.us Starting a business in www.sos.state.ga.us/firststop Georgia Georgia Department of www.georgia.org/economic/index.asp Economic Development Tourist Information www.georgia.org/tourism/flash_index.html International Trade www.georgia.org/trade/index.asp Resources City of Atlanta
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