South Carolina, United Kingdom announce intentions to bolster trade relations

COLUMBIA, S.C. (WCIV) — South Carolina Governor Henry McMaster met with United Kingdom officials on Wednesday to sign a memorandum of understanding (MoU) announcing the intent to increase future trade relations between the two entities.

South Carolina is the third state to sign an MoU with the U.K.

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According to the memorandum, the agreement prioritizes research and development opportunities within the automotive and life sciences sectors.

"With economic development records being broken seemingly every year, South Carolina is entering an era of economic prosperity never before seen in state history," said Governor Henry McMaster. "Through this partnership with the United Kingdom, we further our momentum and provide South Carolina and our businesses with a competitive advantage over other states when competing for economic development and trade with the United Kingdom."

According to the Department of Commerce, the U.K. is South Carolina’s sixth largest import partner and eighth largest export partner.

From the beginning of 2022 to September 2022, South Carolina imported goods worth almost $1.2 billion from the United Kingdom, according to the governor's office. During the same time frame, South Carolina exported goods worth almost $1 billion to the United Kingdom.

The others states who have signed an MoU with the U.K. include Indiana and North Carolina.

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