The Gold Coast is a region of the state of Connecticut roughly corresponding to the southern half of Fairfield County. It derives its regional nickname from Fairfield County being ranked as one of the wealthiest counties in the United States and from being the headquarters to most of the hedge funds in the country. It has the highest per capita income in the country, and ranks 1st in median household income.
Today, Connecticut’s manufacturing industry continues to be highly diversified. Jet aircraft engines, helicopters, and nuclear submarines have given the state pre-eminence in the production of transportation equipment. Connecticut also is a leader in such highly skilled and technical fields as metalworking, electronics, and plastics. This sort of creativity has made a significant contribution to Connecticut’s standard of life - its living qualities. For more than 50 years these qualities have been judged to be among the nation’s finest. In turn, they are responsible, in large part, for the influx of major corporate offices. Connecticut is now the home of such world-wide organizations as Xerox, G.E., Uniroyal, G.T.E., Olin, Champion International, United Technologies including Sikorsky, Philips, Union Carbide. Among its better-known corporate industries, however are its insurance companies.
Connecticut began to earn its reputation as the Insurance State more than 180 years ago. Marine insurance, the great-grandfather of all modern forms of insurance, had its start in Connecticut with coverage for ships and cargoes which sailed from the state’s ocean and river ports to the Caribbean. Fire insurance got its formal start in 1794; other types - life, accident, casualty, health - followed over the next century. There are currently 106 insurance companies based in Connecticut.
While agriculture no longer holds its once-prominent position in Connecticut’s economy, farming is still important to the state. The most important agricultural areas are dairy, poultry, forest and nursery, tobacco, vegetables and fruit.
Costas Lake, State of Connecticut Economy and Business Development President, talked to TURKOFAMERICA about the business opportunities and the advantages they provide. Mr. Costas stated that in the past the state had provided assistance for some Turkish companies and that they are always ready to give further support.
The state of Connecticut is known as the golden coast of the US and being geographically close to New York and Boston it has an important advantage for investment, he added. Mr. Costas stated that they are technically equipped for all kinds of transportation needs and said, “Turkish companies may find it easier to enter the market from northeast. We have departments to help the investors with technical and financial issues.” Also, within the state of Connecticut there are both expensive and cheaper investment areas.
The northern region is cheaper for investment purposes while the Fairfield region in the south is more expensive, he added. Pointing out that they helped the Philips Company by providing $1 million to move to their new headquarters, Mr. Costas said that they help companies with other financial issues as well.
The General Administration buildings or headquarters of many world famous companies, such as Pitney Bowes, XEROX, Diago, Unilever, Bayer, GE Capital, GE World General Administration, UBS, Boehgrier, Nestle, Citibank, and Sikorsky are located in Connecticut. The state of Connecticut is the heart of the insurance business in the USA, and generates a great employment potential with companies like AETNA, Oxford, CIGNA. You may get more information about importing and exporting in Connecticut State from: http://www.ct.gov .
GOVERNOR JODI RELL: A FRIEND TO TURKS
It is essential to have good relations with the officials when making investments in a state. In this respect the state of Connecticut is more advantageous when compared to the others, because Governor Jodi Rell has a great sympathy for Turks and gives special importance to Turkish-American relations. Governor Rell also has good relations with the Turkish Association in the state; every year she broadcasts the Turkish independency declaration and the Governor’s mansion runs up the Turkish flag throughout Turkish Independence week (Oct. 29). In the state of Connecticut there are approximately 15 minor or major Turkish companies. The most well-known of them are Telenity and BICOM in telecommunications, CN Wire, the branch of Erbakir in Denizli, one of the most important copper wire producers in Turkey, Overseas Development in defense industry, QEN-CT in the computer industry, and Zeytuna in the food industry. There are also many successful high-ranking Turkish administrators working in Fortune 500 companies.
QUALITY OF LIFE
Connecticut boasts over 45 colleges and universities, ranging from community colleges offering two-year degrees and job training programs to world-class research institutions turning out highly educated workers and entrepreneurs. In fact, 31% of Connecticut’s population aged 25 and older has a college degree. Superior education and training will guarantee that you will get work done here and get it done right.
• Connecticut has reduced its corporate income tax rate to 7.5%.
• Connecticut has instituted a tax credit exchange program – an innovative approach to encouraging investment through R&D.
• Connecticut has increased financing for businesses with critical technologies and provided additional R&D and property tax exemptions to 6% for high technology companies.
• Connecticut has raised the Net Operating Loss carry-forward period from five to 20 years.
BUSINESS AND TECHINAL TOOLS
• Connecticut built business assistance programs designed to help everyone from the new business owner to the CEO of a global enterprise—and they’ve made this help quickly accessible through their Web site, help lines and statewide neighborhood of agencies.
• Connecticut has provided licensing assistance, counseling, training programs and technical information to help start-up and growing companies prosper.
• Connecticut has developed creative incentives for Connecticut businesses, including financial assistance, tax abatements and credits, labor training, and flexible utility rates.
CONNECTICUT IS A BUSINESS-FRIENDLY STATE
• Connecticut has developed effective Industry Clusters, an economic development concept that utilizes the power of industry concentrations to boost economies through companies interconnecting to serve their markets and produce their products.
• Connecticut has built dynamic partnerships with over 135 agencies, municipalities, schools and business experts to build a network of resources for companies at every level—start-up through growth to global competition.
• Also, Connecticut has one of the best-educated, most productive workforce in the nation. The state’s employee productivity is at an all-time high, with output per worker more than 33% above the national average.
• Don’t forget Connecticut’s strategic location, a proven competitive advantage. Here in the heart of New England’s business corridor, you will have ready access to major markets, financial centers and universities, as well as to hundreds of prospective suppliers and business partners.
* Strategic geographic location
* Highly educated labor pool
* Productive workforce
* Outstanding educational system
* Excellent quality of life
* Roots in traditional industries like insurance and defense
* Proactive business attitude
WORLD RENOWNED INTERNATIONAL COMPANIES IN CT
• Abbey National Treasury Services
• UBS AG
• Boehringer Ingelheim Pharmaceuticals
PER CAPITA PERSONEL INCOME LEVELS AND RANKS (2005)
State Level / $ Rank
Connecticut 47,519 1
New Jersey 43,822 2
Massachusetts 43,702 3
Maryland 41,996 4
New York 40,072 5
New Hampshire 37,835 6
Virginia 37,552 7
Colorado 37,459 8
Minnesota 37,322 9
Wyoming 37,270 10
Delaware 37,084 11
California 36,890 12
Illinois 36,264 13
Nevada 35,780 14
Alaska 35,433 15
Washington 35,234 16
Rhode Island 35,219 17
Pennsylvania 34,848 18
Hawaii 34,468 19
Florida 34,099 20
Wisconsin 33,251 21
Nebraska 32,988 22
Kansas 32,948 23
Michigan 32,735 24
Vermont 32,731 25
South Dakota 32,642 26
Texas 32,604 27
Oregon 32,174 28
Ohio 31,867 29
Iowa 31,795 30
Missouri 31,299 31
North Dakota 31,230 32
Georgia 31,191 33
Indiana 31,150 34
North Carolina 31,029 35
Tennessee 30,952 36
Maine 30,808 37
Arizona 30,157 38
Oklahoma 29,908 39
Alabama 29,623 40
Montana 28,906 41
Idaho 28,398 42
Kentucky 28,317 43
South Carolina 28,212 44
New Mexico 27,912 45
Utah 27,497 46
Arkansas 26,641 47
West Virginia 26,029 48
Mississippi 24,925 49
Louisiana 24,582 50
D.C. 56,329 --
Bureau of Economic Analysis, U.S. Department of Commerce
Connecticut Department of Economic and Community Development
Hartford, Connecticut USA
Phone: 1-860-270-8067 or 1-800-392-2122
2005 Exports from Connecticut to World
Product Value ($) Percent
Transportation Equipment 3,936,716,835 40.6 %
Machinery Manufacturing 1,129,158,212 11.7 %
Computers & Electronic Prod. 885,393,225 9.1 %
Chemical Manufacturing 590,389,432 6.1 %
All Others 3,145,634,121 32.5 %
Grand Total 9,687,291,825 100 %
Exports of TOTAL from Connecticut : ($1000)
Partner 2000 2001 2002 2003 2004 2005
World Total 8,046,838 8,610,434 8,313,390 8,136,443 8,559,237 9,687,292
Turkey 292,748 75,183 229,776 67,847 51,001 89,190
Provided by the U.S. Department of Commerce.
(January 2007, 23rd Issue)