Weekly Briefing: Belgium Means Billions for Georgia

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This issue of the Global Atlanta Weekly Briefing is sponsored by Atlanta Ballet:

Belgium’s Billions

A Belgian boom could be heard across Georgia this week, as biopharmaceutical giant UCB plunked down a $2 billion bet on the state’s life sciences ecosystem. The impact — calculated by the company at $5 billion, 1,000 construction roles and 330 permanent jobs — is still years off. In such a fluid global economy, I’m inclined to be even more skeptical than usual.

But it’s Belgium, y’all.

The nation of 10 million has been a steadfast partner for Georgia for more than 50 years, and UCB itself has proven its affinity with the state through a 30-year headquarters in Smyrna. The company will keep its 400-worker complex there even as it seizes what execs see as a unique chance to be the “anchor tenant” for Rowen, a planned “knowledge community” between Atlanta and Athens.

In a state that has become accustomed to Korean mega-projects, other top investment partners have made their mark through slow but substantive accumulation of investment.

Belgium is perhaps the poster-country for that approach. As its diplomats like to stress, Georgia is home to more than 60 Belgian firms, a larger stock than any other state, an achievement founded on both friendship and fate.

A History of Engagement

Georgia opened its first European office in Brussels under then-Gov. Jimmy Carter more than 50 years ago. When he became president, he appointed newspaper heiress Anne Cox Chambers as his ambassador to the country. A steady parade of Belgian investors followed, many flocking to northwest Georgia’s carpet capital in Dalton (looking at you, Beauflor and Balta).

Others exemplified areas where Belgium had quiet strengths, like plastics (see Syensqo, the former Solvay), steel wiring (Bekaert) or scaffolding (beMatrix). (Belgian firms, like their Atlanta partners, often innovate around areas of industrial necessity.)

In investment recruitment, the rich often get richer. Successive wins created a snowball effect that perhaps reached its greatest momentum in 2023, when Belgian Princess Astrid led a delegation of 300-plus companies to Atlanta, signaling a new era in cooperation: Atlanta was not only on Belgium’s map, but it was increasingly aligned with the industries driving Belgium’s future: logistics, creative industries, AI and more.

Less than a year later, a delegation from the tech association Agoria proved the thesis again, bringing 60 companies here to explore setting up U.S. footholds in the city. Earlier this year, Gov. Brian Kemp headed to Belgium to meet with a variety of companies, including UCB.

Stars Aligned Around Soccer

UCB’s blockbuster investment this week came amid a unique constellation of developments. In March, Delta Air Lines restarted a reinvigorated flight from Atlanta to Brussels, upgrading it to year-round after winding down its long-time service to JFK.

But perhaps more importantly, Belgium’s national soccer team was in town for a friendly match against the U.S., a contest widely seen as a dry run for Atlanta’s eight World Cup matches this summer, both in terms of working out operational kinks and attracting offline trade and investment activities.

On the latter front, Belgium delivered. The Atlanta consulate organized a reception for visiting sports tech companies to meet with potential partners. Dignitaries included Belgian Ambassador Frederic Bernard, recently confirmed U.S. ambassador to Belgium Bill White, and Pascale Van Damme, president of the Royal Belgian Football Association. Belgian Consul General Katherine Raeymaekers joined her diplomatic counterparts in showing off a new national team jersey.

Can the Party Continue?

Despite the bonhomie, a shadow has been cast over transatlantic relations that may make it hard to keep the party going. From tariffs to threats to the NATO alliance (headquartered in Brussels) some European firms are second-guessing their U.S. investments, or a least requiring “a little more convincing,” as Ms. Raeymaekers said during a recent Global Atlanta event.

The consul general suggested that communities wanting to see more projects, even smaller ones like Preciball in Sylvania, stow Group in Gordon County, or Repanels in Cartersville, should adopt an even more intentional approach to Belgian recruitment, playing up advantages like Georgia’s inland ports — and a half-century of warm welcome.

At least in the short-term, the snowball continues, as metro Atlanta gets another chance to welcome Belgian prospects as 10 companies from the Flanders region soon descend on the city to seek partners in engineering, construction, machinery, IT and other sectors.

Can’t make it? On April 18, the Belgian-American Chamber of the South, sponsor of our Belgian news coverage, will host the Taste of Belgium fundraising gala, giving Atlantans a glimpse of what really fuels the bilateral relationship: beer, fries, waffles and chocolate.

Pro tip: Can’t get a ticket for today? Watch the U.S. and Belgium square off at Halfway Crooks Beer, another place to imbibe Belgian excellence in the city.