A guide to help you understand the ins and outs of business in South Carolina.
South Carolina is located in the Mid-Atlantic region, on the east coast of the US. The capital of South Carolina is Columbia, while its largest city is Charleston, which is also the sister city of Doha. The 40th largest state has 5.15 million residents, making it the 23rd most populous state in the nation. The GDP for South Carolina in 2019 was $247,544,000,000.
The state’s biggest industries are manufacturing, aerospace, agribusiness, automotive, distribution and logistics, and life sciences. The aerospace industry in South Carolina has an economic impact of $19 billion yearly, with over 400 companies and 19,000 employees. This industry alone saw $12.4 billion in exports of aircrafts and a 56% increase in exports from 2018 to 2019.
In 2019, South Carolina imported $991,071 from Qatar. Its top imports are:
In 2019, South Carolina exported $48,964,189 to Qatar with its top exports being:
Vehicles except railway and tramway, and parts Electric machinery, sound/tv equipment Nuclear reactors, boilers, machinery, etc.
Qatar has a few connections with the state of South Carolina. The former Minister of Economy and Commerce, Sheikh Ahmed al Thani visited Charleston. While there, a declaration of understanding was announced to promote economic and cultural relations. Also, the University of South Carolina and Qatar Investment Authority signed a MOU to explore joint venture opportunities. Furthermore, Boeing is building thirty (30) 787s and ten (10) 777s in its Charleston facility for $11 billion. And recently, Qatar donated $100,000 to Charleston for COVID-19 relief.
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South Carolina has a flat corporate income tax rate of 5%. There are also 66 incentive programs and free trade zones in Charleston, Greenville, and Columbia.