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Business Business Profile Baltimore is at the centre of the nation’s fourth largest, fastest growing consumer market, with its own World Trade Center on the harbour front. The enormous Washington-Baltimore Common Market includes over 6.8 million people. Excellent rail and highway systems put 32% of the country’s population and 34% of the country’s manufacturing base – as well as much of the vast, agricultural Mid-West – within overnight delivery access of Baltimore. Originally founded to handle the crops of local farmers, the Port of Baltimore has become one of the busiest international deep-water ports on the East Coast, with modern marine terminals that can accommodate all cargo – from automobiles and containers to rolling stock and zinc ore. A new International Pier is also being built. Both the Port of Baltimore and the nearby BWI airport offer foreign trade zones. The airport also operates a 24-hour US Customs clearance and has a US Fish and Wildlife port of entry designation. Baltimore’s economy was founded upon industrial and maritime commerce, however, its close proximity to Washington, DC, has enhanced its status as an international tourist destination, which is now a key industry in the city. A massive influx of investment money testifies to this and the general economic buoyancy of Baltimore. Developments include Harbor View, a US$650-million marina and residential development, the US$160-million Christopher Columbus marine research and biotechnology centre, Inner Harbor East, a US$350-million residential, hotel, office, retail and marina complex, the Henderson’s Wharf warehouse conversion at Fells Point, and the transformation of the old industrial site at Canton into a residential, business and entertainment area. BWI airport is also experiencing investment, with a quarter of a billion US Dollars earmarked for development and expansion. Tourism aside, 40% of the local workforce is employed in service industries, 19% in government bureaucracies, 11% in retail and 10% in the finance, insurance and real estate sectors. The headquarters of several major banks, insurance companies and other growth industries are based in Baltimore. These include USF&G Companies and Crown Central Petroleum. The city is also the metropolitan headquarters for IBM and the world headquarters for Alex Brown & Sons. General Motors is another large employer in the area. Baltimore has around 15,000 businesses, over 400 of which have more than 100 employees. The city itself is feeling the benefits, with low unemployment figures of 4.6% in comparison to the 5.4% national average. Business Etiquette Americans can be less formal than Europeans – both in dress and manners – but normal business courtesies should still be observed. The degree of formality often reflects the nature of the business – banking and legal professions will be more formal than computer, ‘silicon valley’ and media companies. Americans will quickly use first names, although both men and women may still be wearing suits. Short-sleeved shirts are acceptable in summer. Business cards are commonly exchanged at meetings. As a visitor, there is nothing wrong in being as formal as in Europe, then relaxing once the attitudes of the host have been established. Punctuality for business meetings is expected and time should always be allowed for traffic delays. Business hours are from 0800/0830 to 1700. Working late is, however, common. Nor is it unusual for people to be working well into the night or over the weekend. Working lunches are more common than working breakfasts and may be anything from a sandwich and coffee to a more serious, although not prolonged, restaurant meal. Socially, Americans are individualistic but meeting for drinks or dinner after work on a Friday is a popular end to the working week. As a guest, not over-indulging in alcohol is always a good idea. Evening dinner invitations might be to the home or to a restaurant. Visitors should bring a bottle of wine to the home or offer to share part of the bill in a restaurant. E-mail is the favourite means of communication. |
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