As the son of a row-crop farmer in Middle Georgia, I could have never dreamed of all the opportunities possible in today’s Georgia. Our hardworking citizens are making cars, farm equipment, fishing lures and, yes, even chopsticks. These products are sent around the world to growing consumer markets.
After traveling to more than 25 countries selling this state as a leading location for international companies, I can say without a doubt that the new frontier for trade and commerce for Georgia manufacturers lies beyond our nation’s borders.
The recent recession only exacerbated a problem that has been looming for years — U.S. consumers are over-leveraged in spending and debt which, for the past half-century, have driven our nation’s economy.
I am confident our economy will recover, but a full recovery will not be driven solely by domestic consumer spending. So where do we find a new demand to fill the gap?
Look abroad.
Consumer spending in emerging market economies is anticipated to grow by an annual average rate of 10.4 percent between 2010 and 2020. China, India, Brazil and Russia are to lead the way. The purchasing power of these emerging economies is expected to outpace developed countries within the next three years.
Today, there is a rail container of pecans being loaded in Middle Georgia, destined for a ship docked at a Georgia port, and eventually headed to India. The consumer market there is estimated to quadruple during the next two decades. That kind of growth offers incredible opportunities, not only for Georgia pecan farmers, but industries up and down our supply chain.
International manufacturers such as Kia Motors are thriving, using our state’s work force.
And home-grown companies, such as PARTS Inc. of Stockbridge, provide an incredible example of the opportunities that abound here.
Exporting demands a new mindset for most small-cap companies. It requires additional capital, currency hedging, asset management, a higher level of risk tolerance from company leadership and much more.
With the world’s busiest passenger airport, the fastest-growing port in the nation, and more than 70 international consulates and bi-national chambers, we have a strong foundation to help our companies reach a world hungry to consume. With vision from public-sector leaders and commitment from private-sector innovators, we can go global and lay the foundation for Georgia’s economic growth for the next half-century.
Sonny Perdue is the former governor of Georgia and a founding partner of Perdue Partners, a trading company with an emphasis on the export of U.S. goods and services.
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