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[Sponsored Report] State offers unmatched benefits to businesses looking to expand

June 24,2019
SK Innovation starts the construction of its $1.67 billion battery plant in the U.S. state of Georgia. [SK INNOVATION]
SK Innovation’s great deal for the construction of a U.S. production facility for electric vehicle batteries in Georgia sparked huge interest in Georgia, a mecca for manufacturing in the southeastern United States.

Georgia’s No. 1 ranking in the nation to do business demonstrates the enormous strength of its pro-business environment and the value of the strategic investments it has created across the state.

Georgia provides Quick Start, the No.1 workforce development program designed to help companies efficiently recruit and train workers. Quick Start induces global companies to relocate and expand their bases in Georgia to meet their workforce training needs.

The services of Quick Start are offered at no cost to companies creating and retaining jobs in Georgia, helping them to cut down on execution costs. In recent years, service has run for more than 6,500 projects and one million employees. Quick Start has grown to be a major economic development incentive for attracting new jobs to Georgia.

Beyond the best workforce development program in the country, Georgia has a labor force of 5.2 million, ranking eighth in the United States in population. More than 90,000 people graduate each year from the 85 colleges, technical colleges and universities across the state and serve as a strong talent pool. Skilled professionals in transportation, material moving, production, computers and mathematics in Georgia also enhance the competitiveness of its market.

The location itself is attractive, as global automakers are located around this area, known as the eastern Sun Belt.

Global automakers such as Volkswagen, Daimler, Hyundai, BMW, Kia Motors are located in Tennessee, Alabama, South Carolina and Georgia, making it easy to deliver products to many of the other automotive manufacturers.

The ports of Savannah and Brunswick in Georgia also serve as efficient gateways that boost exports and imports for target markets.

The state offers corporate tax credit incentives for new and established businesses and attracts foreign companies to select Georgia as the location of their investment.

Georgia’s corporate income tax rate is a low 5.75 percent based on single factor apportionment, eventually cutting down the state corporate income taxes for companies with substantial sales to customers outside Georgia.

Various business incentives, such as a job tax credit that rewards job creation and port tax credit that offers a bonus tax credit to companies for increasing the number of imports and exports through Georgia ports, also contribute to the business-friendly environment in Georgia.

For the sixth consecutive year, Georgia has been ranked No. 1 for business by Site Selection, one of the most prestigious economic development trade publications. A six-year winning streak is exceptional, and there is no doubt that Georgia is the most attractive place for businesses to expand their capabilities.

By Shim Ji-yong [shim.jiyong@joongang.co.kr]


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