Going Global: For Georgia Businesses, International Markets are the New Normal  

Georgia has long been a destination for global business, with multinationals like Hyundai, KIA, Porsche, Nestle and Adidas maintaining significant presence in the state. According to the Georgia Department of Economic Development (GDEcD), internationally owned companies invested more than $8 billion in the state in 2022, accounting for more than 14,000 jobs.

However, Georgia’s role as an international business hub is no longer limited to large multinationals. As the scope of international commerce has expanded in recent decades, small and midsized businesses across the state are increasingly likely to have some degree of exposure to international markets and/or foreign currencies, whether a small retailer with an overseas client base, a parts manufacturer shipping internationally, or a ports operator with exposure to the global supply chain.

A more international marketplace has permanently changed the world of business banking. Now more than ever, a commercial bank, no matter where it’s based, must have international knowledge and experience to adequately serve its business clients.

Given current market conditions, there are a few issues that business owners may need to consider when doing business in the current climate.

• Multicurrency and foreign exchange – Exchange rate volatility has been a reality for quite some time. Businesses that conduct transactions in foreign currencies need to consider some issues; the exchange rate is only the beginning. Accuracy, security, transparency and reliability are critical to navigating FX markets, and it’s important that a banking partner has the expertise and technology platforms to handle these complex transactions.
• Global interest rates – As the discussion around potential Fed rate cuts grows, the U.S. dollar is likely to fluctuate in the coming months. It’s important for business owners to take that volatility into account when planning future capital purchases or other major transactions.
• Supply chain volatility – Since the pandemic, there has been an increase in new supplier relationships established to navigate the changing supply chain landscape. When engaging with a new partner internationally, it’s important to use the right instrument to manage that risk. An experienced banking partner can help business owners manage this process.

With more multinational companies choosing Georgia as a place to conduct business activities, not to mention the growing number of Georgia-based companies that rely on foreign revenue streams to support day-to-day operations, it’s more important now than ever to find a banking partner that understands both the local and global elements of businesses.

Equipped with our award-winning international FX and payments portal, bank-held multicurrency accounts and international trade offerings, Synovus enables business owners with the tools needed to make informed decisions that best support individual business goals.

Jeffrey Beisler-Snell is senior director of International Banking at Synovus Bank.