Global Miami_JAN-FEB_2025

GLOBAL MIAMI

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JAN/FEB 2025

DEPARTMENTS

Miami

Between

The

Premium

The

Attend

Innovation

Success is Knowing the Local Market

33 TRADE TIES I

New Office: Government of Quebec

34 TRADE TIES II

A Visit by Taiwan's Business Leaders

36 COMMUNICATIONS

Germany's Everphone expands to U.S.

40 FINANCE

A Miami Stock Exchange Rises

41 TRANSPORT

Miami High-Tech Limo Service

42 BANKING

Banking the Brazilian Way

44 FINTECH

A New Digital Bank in Miami

46 VENTURE CAPITAL

Funding New Business in Miami

90 ARTS & CULTURE

Art Miami's Economic Impact

92 FINE DINING

Top Italian Dining at Felice

94 AFTER HOURS

Moroccan Cuisine on the River

95 DINING OUTLIER

A Culinary Evening at Bouchon

96 TALK

The Last Word by Marek Kong

VOL 3. ISSUE 1 FEATURES

BEYOND BORDERS

How Miami’s traditional banks cultivate their global platform. Their mission: to cultivate and expand their international reach – and protect and grow wealth for their varied clientele.

MIA'S $9 BILLION TRANSFORMATION

Preparing for explosive growth, Miami International Airport (MIA) is undergoing a remarkable metamorphosis. The airport has been growing in leaps and bounds for the last decade, resulting in last year’s record 57 million passengers and 2.9 million tons of cargo, making it the busiest international airport in the U.S. for cargo, and second only to New York’s JFK for international passengers.

From trade expansion to direct investment in both directions, the Miami-Mexico link gains strength. The economic ties between Florida and Mexico have solidified in recent years, as Mexican investment continues to play an important role in the state’s growth.

High Flying

This month’s Global Miami celebrates the transformation underway at Miami International Airport (MIA). While it is, at $9 billion, a remarkable upgrade, it is a makeover that’s been coming for the past 40 plus years. MIA has morphed into one of the most significant airports in the world, opening the door for commerce worldwide, an amazing work in progress since the early 1980s that has transfigured the entire local economy.

The Back Story

Those who have traversed the concourses of MIA since the time of Mayor Maurice Ferre have witnessed a remarkable changeover. Once a small airport fenced in by two roadways (the Shula Expressway and 36 th street) MIA has become a powerhouse of economic development, now generating over $118 billion in business revenue statewide while creating 700,000 direct, indirect and related jobs across Florida.

We’re all touched by the effects of this economic generator, which has continued to evolve for decades. We have changed, moved, built up, added, and enhanced the concourses, with more gates, restaurants, rest rooms, walkways, and elevators. We’ve added cargo areas for product shipments, increased taxiways, added state of the art security (post-911), and developed incredible technology for customs and security. We’ve created refrigerated units for the storage of flowers (we’re the number one airport for floral imports), added chillers for food products, became certified for transferring pharmaceuticals from all over the world (for a while one of only 3 airports globally to achieve that distinction), and at the same time increased our runway capacity to four active runways.

Over the years we’ve also amassed over 80 airlines serving more than 150 destinations. The success of MIA paved the way for major investments from all over the world. The airport’s geo-political position encouraged airline giant American Airlines to move in, heavily invest and ultimately make MIA it’s second most important hub. That encouraged other major airlines and corporations to move to Miami. What was once unattainable became a daily occurrence, moving pan-hemispherical cargo and passengers at ever increasing rates.

The stats are amazing. MIA is now: No. 1 for international freight in the U.S.; No. 2 for international passengers in the U.S.; No. 3 for total cargo in the U.S.; No. 9 for for total aircraft operations in the U.S.; and No. 10 for total passengers in the U.S.

Now we’re about to see further major improvements that, when completed, will ensure Miami (and South Florida’s) roll in the global economy: More cargo and passenger capability, concourse enhancements (more moving walkways, Skytrain improvements, new elevators, new rest rooms), increased security, a massive new hotel, vertical cargo towers and new cargo loading areas. These upgrades, driven by the leadership of a strong Miami-Dade mayor, will carry MIA well into the 21 st century. In the immortal words of Al Jolson, you ain’t seen nothing yet.

RICHARD ROFFMAN PUBLISHER GLOBAL MIAMI MAGAZINE

GLOBAL MIAMI

PUBLISHER

Richard Roffman

EDITOR-IN-CHIEF J.P. Faber

ASSOCIATE PUBLISHER Gail Feldman

SENIOR VICE PRESIDENT INTERNATIONAL

Manny Mencia

VICE PRESIDENT OF OPERATIONS

Monica Del Carpio-Raucci

SALES AND PARTNERSHIPS

Sherry Adams

Amy Donner

Andrew Kardonski

Gail Scott

SENIOR EDITOR

Yousra Benkirane

WRITERS

Riley Kaminer

Doreen Hemlock

Joe Mann

Katelin Stecz

Drew Limsky

Oscar Musibay

Amy Poliakoff

ART DIRECTOR Jon Braeley

PHOTOGRAPHERS

Rodolfo Benitez

PRODUCTION DIRECTOR

Jorge G. Gavilondo

CIRCULATION & DISTRIBUTION CircIntel

BOARD OF ADVISORS

Ivan Barrios, World Trade Center Miami

Ralph Cutié, Miami International Airport

Gary Goldfarb, Interport

Bill Johnson, Strategic Economic Forum

Roberto Munoz, The Global Financial Group

Stacy Ritter, Visit Lauderdale David Schwartz, FIBA

EDITORIAL BOARD

Alice Ancona, World Trade Center Miami

Greg Chin, Miami International Airport

Tiffany Comprés, Pierson Ferdinand Paul Griebel, Venture for America

James Kohnstamm, Miami-Dade County

John Price, Americas Market Intelligence TJ Villamil, eMerge Americas

Global Miami Magazine is published bi-monthly by Global Cities Media, LLC. 1200 Anastasia Ave., Suite 217, Coral Gables, FL 33134. Telephone: (305) 452-0501. Copyright 2025 by Global Cities Media. All rights reserved. Reproduction in whole or part of any text, photograph, or illustration without o\prior written permission from the publisher is strictly prohibited. Send address changes to subscriptions@ globalmiamimagazine.com. General mailbox email and letters to editor@globalmiamimagazine.com

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Recent Transactions Affecting Global Trade and Investment

NEW COWORKING OFFICES

Swiss-based International Workplace Group (IWG) will open 33 new coworking spaces across Florida, including five in the tri-county area (Miami-Dade, Broward, and Palm Beach counties). These offices, ranging from 6,000 to 155,000 square feet, will open between now and the first quarter of 2027. IWG will also open a Spaces coworking location in South Beach, taking over the space vacated by WeWork six months ago. IWG operates over 3,000 locations worldwide.

FORWARD EXPANDS

Forward Global, a leading international risk management firm, has opened an office in Miami. This marks its second U.S. location after Washington, D.C. Forward Global generates $100 million in revenue and has over 350 professionals across six cities worldwide.

AIR CORRIDOR ESTABLISHED

Pharma.Aero, along with Hong Kong and Miami International airports and Cathay Cargo, has successfully validated the Hong Kong-Miami pharmaceutical air corridor. This project builds on the previous Corridor 2.0 work, ensuring a dedicated, secure, and efficient transport route for shipping time and temperature-sensitive pharmaceutical products, such as vaccines and other medicines.

NEW FBO TERMINAL

International Flight Center (IFC) will open its new 10,500-squarefoot FBO terminal at Miami Executive Airport this month. The facility includes lounges, snooze rooms, a conference room, and a café. This follows the completion of IFC’s 84,000-square-foot hangar complex.

CYBERSECURITY DEAL

Telefónica Tech, a division of the Spanish telecom giant, now manages cybersecurity for the Greater Miami Chamber of Commerce, providing services like threat detection, incident response, and digital risk protection to safeguard data and ensure operational continuity.

NEW MIAMI DUBAI CHAMBER

The Miami-Dubai Chamber of Commerce has officially launched, co-founded by Yolanda Perez and Nick Naamou to promote trade, investment, and collaboration between the two global business hubs. The launch event took place on December 10, 2024, at the Capital Club in Dubai.

E1 MIAMI GP ANNOUNCED

The world’s first all-electric global powerboat series has announced that it will host its 2025 season finale in Miami. The E1 Miami GP, the series’ first North American race, is set for November 2025 at Virginia Key near Miami Marine Stadium. Previous races were held in Monaco, Hong Kong, and Venice.

CLIMATECH UPDATES

The National Oceanic Atmospheric Administration has awarded $1 million to address coastal flooding, including in South Florida. The funding, part of the Biden Administration’s 2021 Infrastructure Investment and Jobs Act, will be shared by five universities: the University of Miami, Florida International University, Drexel, CUNY, and Columbia. Also, Miami Climate 365 (MC365), a new year-round initiative addressing Miami-Dade’s environmental challenges, debuts with Miami Climate Week, March 23–29, 2025. Backed by $250,000 from the Knight Foundation, MC365 builds on South Florida’s designation as a U.S. Department of Commerce ClimateReady Tech Hub. And finally, the Continuum, including Miami-based Seaworthy Collective, received $13.9 million from NOAA’s Ocean Enterprise Accelerators program to support eco-friendly solutions for ocean and coastal challenges. The funding will create a network of blue economy accelerators to help startups develop resilience-focused technologies.

FLIGHT UPDATES

Following its November bankruptcy, Spirit Airlines has cut 84 flights across South Florida airports, including routes to Haiti, which remain suspended. Flights from Fort Lauderdale-Hollywood International Airport to destinations such as El Salvador, Nicaragua, the Dominican Republic, Aruba, Colombia, Costa Rica, Honduras, Peru, and Jamaica will also be reduced or eliminated. Similarly, American Airlines is scaling back its Miami-Buenos Aires service from three to two daily flights and temporarily suspending its Miami-Paris route in May due to Boeing delays. Additionally, American Airlines has postponed resuming its Miami-Haiti flights in February, citing escalating violence, while Spirit and JetBlue have suspended operations after their planes were hit by gunfire. Despite these reductions, new

opportunities are emerging in South Florida’s aviation landscape. Avianca Airlines has announced new flights from Miami to San José, Costa Rica. Icelandair will expand its North American presence with a new Miami service starting January 6, 2026, operating three times weekly with Airbus A321LR jets. Low-cost airline Arajet, following U.S. Department of Transportation approval in December, plans to launch daily flights between Miami International Airport and Santo Domingo or Punta Cana by next summer. Furthermore, American Airlines is strengthening its network in the Caribbean and Latin America with its inaugural flight from Miami to La Romana, Dominican Republic, launched on December 5.

SWISS CARGO PARTNERSHIP

Aviation company Swissport has launched a new air cargo handling partnership with Dominican Republic-based SKYhigh Airlines at Miami International Airport. SKYhigh Airlines now operates 20 freighters a week, though Swissport has not yet clarified how many of these flights will be serviced in Miami.

MIAMI PORTS BREAK RECORDS

Miami International Airport (MIA) set a new passenger record on December 21, surpassing 200,000 travelers in a single day for the first time in its history. The milestone, driven by a bustling holiday season, reflects a surge in domestic travel, growth in international flights, and new airline partnerships. Latin American and Caribbean destinations played a key role in fueling this passenger boom. Meanwhile, PortMiami celebrated a significant milestone with the arrival of the CMA CGM Argentina, the largest container ship ever to dock at a Florida port. The 15,000-TEU vessel, built in 2019 and flying the Maltese flag, arrived from Savannah, Georgia. Following its stop in Miami, the ship will continue its journey through the Suez Canal en route to Shanghai, China. l

Miami Customs District Q3 Trade

AVIATION, PHARMACEUTICALS, AND PRECIOUS METALS PROPEL GROWTH

BY YOUSRA BENKIRANE

The hum of jet engines, the gleam of gold, and the promise of cutting-edge medicine defined the Miami Customs District’s trade in Q3 2024, as the region posted a total volume of $35.6 billion. With exports surging to $19.4 billion (a 7.67% increase year-over-year) and imports reaching $16.2 billion (up 1.8%), the district (comprising Miami-Dade, Broward and Palm Beach counties) continued to flex its muscle as a trade hub for the Americas. While aviation parts and pharmaceuticals soared to new heights, telecommunications and computers faced headwinds, painting a picture of a trade ecosystem in flux-but growing.

EXPORTS: MIAMI’S SKYWARD MOMENTUM

Exports in Q3 2024 were anchored by growth in high-value goods, particularly aircraft parts and packaged medications. Aircraft parts, the district’s top export, rose 35.7% to $2.99 billion, driven by strong demand from Latin America, particularly Brazil, which accounted for an impressive 59.4% of the total. The surge reflects Brazil’s aggressive efforts to modernize its aircraft fleet and aviation infrastructure, reinforcing Miami’s role in the global aviation supply chain.

Pharmaceutical exports told a similar story. Packaged medications soared 42.9% to $576 million, benefiting from Miami’s strength in healthcare logistics and manufacturing. Costa Rica emerged as a key partner, with exports growing 18.3% to $820 million, driven by the region’s increasing focus on public health and access to madein-the-U.S. medicines.

Despite these gains, some sectors declined. Telecom equipment, including telephones, fell 2.94% to $1.15 billion, while computers declined 7.28% to $899 million, reflecting market saturation and shifting demand patterns.

IMPORTS: PRECIOUS METALS AND APPAREL

Imports to the Miami Customs District reached $16.2 billion in Q3, with notable growth in precious metals and apparel. Gold imports rose 36.8% to $991 million, solidifying Miami’s role as a key hub for refining and redistributing gold across the Americas. Colombia remained a significant source, reflecting the country’s prominence in the region’s gold trade.

Knit T-shirts saw modest growth, climbing 6.71% to $382 million, reflecting steady demand in the U.S. for apparel sourced from nearshoring factories in Latin

America. Yet not all commodities shared this momentum. Fish fillets, a staple import for Miami, dropped 4.53% to $581 million. Telephones, another key import, fell 3.44% to $1.03 billion, reflecting a cooling in demand for consumer electronics amid global economic uncertainties. China’s 13.5% drop in import, meanwhile, suggests a recalibration of supply chains, with Miami leaning into stronger trade ties with Colombia, Brazil, and the Dominican Republic. l

Q3 MIAMI CUSTOMS DISTRICT:

EXPORTS Q3

July 2024

August 2024

September 2024

TOP EXPORT PRODUCTS:

Aircraft Parts ......................

Telephones .........................

Computers ..........................

$19.4B (+7.67%)

$6.19B

$6.84B

$6.31B

$2.99B (+35.7%)

$1.15B (-2.94%)

$899M (-7.28%)

Packaged Medications .... $576M (+42.9%)

Integrated Circuits ........... $472M (-5.83%)

IMPORTS Q3

July 2024

August 2024

September 2024

TOP IMPORT PRODUCTS:

$16.2B (+1.8%)

$5.56B (+5.68%)

$5.18B (-3.48%)

$5.45B (+3.32%)

Unspecified commodities ............ $1.59B

Telephones ......................... $1.03B (-3.44%)

Gold ..................................... $991M (+36.8%)

Fish Fillets ......................... $581M (-4.53%)

Knit T-shirts ....................... $382M (+6.71%)

Source: United States Census Bureau USA Trade Online

Swedish Trade with South Florida

TRADE WITH SWEDEN HAS SOARED SINCE 2020, LED BY AIRCRAFT PARTS, ENGINES, AND VODKA

BY YOUSRA BENKIRANE

The trade relationship between the Miami Customs District and Sweden has experienced significant growth over recent years, with fluctuations reflecting the dynamic nature of both economies. As both regions seek to enhance their economic connections, Miami has emerged as an important entry point for Swedish goods into the United States, while also serving as a platform for Florida’s exports to Sweden.

In 2023, total trade between the Miami Customs District and Sweden reached approximately $279 million. This figure illustrates a robust economic relationship that has evolved considerably over the past few years. The growth trajectory of exports from Miami to Sweden has been particularly notable. In 2020, Miami’s exports to Sweden were valued at $34.9 million. This figure surged to $75 million in 2021 – a remarkable increase of 115 percent. Despite a slight decline in 2022 to $72.7 million, exports rebounded dramatically in 2023, skyrocketing to $174 million, a staggering 139 percent increase. However, preliminary figures for 2024 (from January to July) indicate a drop to $57.9 million, a decline of 42.8 percent compared to the same period in 2023.

The composition of exports has also seen significant changes, with specific categories reflecting the growing industrial and tech-

nological capabilities of both regions. In 2023, the leading export categories to Sweden included aircraft parts, valued at $86.2 million (up 102 percent from the previous year), gas turbines at $33.8 million (which saw an impressive increase of 234 percent), and integrated circuits at $27.2 million (exhibiting a remarkable growth of 4,790 percent). This shift towards high-tech goods underscores Sweden’s demand for advanced manufacturing components, aligned with its position as a leader in technology and innovation.

EXPORTS: AIRCRAFT PARTS

“However, Swedish companies are not necessarily looking for specific products from Miami,” says Sweden’s Ambassador to the U.S., Excellency Urban Ahlin. “They source high-tech products from all over, as it’s about getting the best technology for the best price.”

On the import side, Miami’s imports from Sweden also show interesting trends, albeit with a different trajectory. In 2020, imports were valued at $85.5 million. This number climbed to $111 million in 2021 (reflecting a growth of 29.7 percent). The upward trend

Trade Between Miami and Sweden

continued into 2022, with imports reaching $123 million (a 10.5 percent increase). However, in 2023, imports dropped to $105 million (a decline of 14.5 percent). The first half of 2024 showed a slight recovery, with imports valued at $73.9 million (a 20.6 percent increase compared to the same timeframe in 2023.)

The leading import categories from Sweden in 2023 included hard liquor at $14.3 million (which grew by 11 percent), refined petroleum at $11.5 million (a slight decrease of 3.84 percent), and chemical analysis instruments at $6.13 million (down by 10 percent). The increase in hard liquor imports is reflective of a broader consumer trend toward premium and imported spirits (Absolut Vodka!), while the decrease in refined petroleum may indicate shifts in sourcing strategies or the shrinking demand in the U.S. market.

Looking ahead, the trade relationship between Miami and Sweden is likely to evolve further, driven by technological advancements, shifts in consumer preferences, and economic priorities from both regions. Miami’s strategic location and robust infrastructure position it as a gateway not just for Swedish goods but for Scandinavian products more broadly. As the U.S. market continues to seek hightech solutions and sustainable products, Swedish companies may find increasing opportunities to expand their presence in South Florida.

“AI is a booming field, and we see a lot of interest in it from both sides,” says His Excellency Ahlin. “We have a strong focus on sustainable, fossil-free energy, which attracts companies that need substantial computing power for AI. As for the future, “We’re eager to connect with Miami-based tech firms to explore opportunities… Aerospace is another field with promising prospects.”

IMPORTS: HARD LIQUOR

STOCKHOLM, SWEDEN

Sweden’s Relationship with Miami and Florida

His Excellency Urban Ahlin has been the Ambassador of Sweden to the United States since September 2023, following his previous role as Ambassador to Canada. With extensive experience in foreign policy, he served as Speaker of the Swedish Parliament from 2014 to 2018 and has held various key positions within the Swedish

Can you tell us about your connection to Florida?

I’ve always loved Florida. Since I was young, I traveled here often. My wife is a journalist, and we’d stay in St. Pete Beach because her newspaper had an apartment there. I even bought a small house in Port Charlotte later on. I enjoy the attitude in Florida – it’s so different. The West Coast is slower [while Central and South] Florida is more hectic, with amusement parks, luxury spots, and beaches.

What do you see as the hallmarks of South Florida and Miami?

Miami is a melting pot. People from all over the world come together here. This diversity creates a bustling, energetic city. Miami has a pulse that quickens when you arrive, though the traffic can be intense. It’s a port for the world, drawing people and creating a lively atmosphere.

Could you describe the current state of economic relations between Sweden and Florida?

On an American scale, Sweden is the 10th largest foreign investor in the U.S., which is impressive for a country of just over 10 million people. In manufacturing, we’re the third-largest investor, after Canada and Japan. Swedish companies provide about 375,000 direct jobs in the U.S., with 23,000 of those in Florida. The thing here is that most of these Swedish companies are very global and big companies. So, they are more or less all over the world.

What

attracts

Swedish companies to South Florida?

Many Swedish companies are global, and they go where the customers are. Miami’s large population and favorable climate make it attractive. The lifestyle here, with its beaches and relaxed atmo-

government. During his recent visit to South Florida, Ambassador Ahlin stopped by Global Miami’s offices before participating as a distinguished speaker at Miami Dade College. This event, organized by the World Affairs Council Miami, focused on “Sweden’s Role in the World: 200 Years of Neutrality to NATO’s Newest Member.”

sphere, appeals to Swedes. In addition, Sweden has ties to Miami’s shipping industry, as we have strong connections with cruise lines and other Nordic countries in shipping.

Are there any opportunities for expanding Sweden’s exports to Florida?

Absolutely. Sweden recently joined NATO, which opens up new possibilities in defense and aerospace cooperation with the U.S. We’re eager to strengthen our ties, particularly in high-tech and security sectors, and foster more collaboration with Miami.

How can Miami and Sweden further collaborate?

AI is a booming field, and we see a lot of interest in it from both sides. Sweden’s northern climate is ideal for data centers, as the cold reduces cooling costs. We have a strong focus on sustainable, fossil-free energy, which attracts companies that need substantial computing power for AI. We’re eager to connect with Miami-based tech firms to explore opportunities. Beyond tech, the shipping and cruise industries are strong areas of synergy. Miami’s position as a cruise capital aligns well with Nordic expertise in shipping. Aerospace is another field with promising prospects, especially with Sweden’s advanced capabilities in areas like satellite communication and military technology.

Do you have any final thoughts?

We’re here to support both American and Swedish businesses. If any companies in Miami want to explore opportunities in Sweden, we’re part of “Team Sweden” – a network that includes our embassies, Business Sweden, and local Chambers of Commerce. We’re all dedicated to fostering business growth and collaboration. l

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A Premium Solution

HOW TWO CUBAN IMMIGRANTS CRAFTED WINE-BASED LIQUORS WITH IMPORTS FROM MEXICO, SPAIN, AND ITALY

BY KATELIN STECZ

In 1989, brothers Gino and Henry Santos set out to solve a challenge facing many small restaurants: the high cost and complexity of obtaining a liquor license. Drawing inspiration from their father, Cuban musician and Miami club owner Orestes Santos (who faced similar struggles after immigrating to the U.S. with his family in 1965) they created Premium Blend. Their mission: to craft winebased spirits that would allow restaurants to serve cocktails without navigating the hurdles of traditional liquor licensing.

Miami-based Premium Blend operates in the niche of winebased liquors, a category they have helped popularize. Unlike distilled spirits, their products are fermented and maintain an alcohol content of 24 percent or less, classifying them legally as wine rather than liquor. This distinction offers restaurants a cost-effective way to expand their cocktail menus.

“The reality is that our product presents an opportunity for a small business to be able to make cocktails. Before we came along, people would try to use some Chablis, Mad Dog 20/20, or some high-alcohol wine, and they would blend it with juices and mixes to be able to try to duplicate, let’s say, a margarita,” says Gino. “But it still had the funk of the wine.”

The Santos brothers began by using filtered, clarified orange wine as a base, flavoring it with liquor extracts to create a product that closely mimicked the taste of spirits rather than fortified wine. When developing a tequila substitute, they improved the formula by fermenting agave and blending it with distilled agave spirits, resulting in an agave-based wine with the characteristic bite of tequila. Today, Premium Blend’s agave collection is its best-seller.

The company produces around a quarter of a million cases annually and has seen significant growth in recent years; Gino says its first 35 years were focused on education, as consumers and businesses were largely unfamiliar with the wine-based category. “Our best partner is the law,” Gino remarks, “The stronger the liquor laws, the

Our best partner is the law. The stronger the liquor laws, the better we do...

better we do.” Premium Blend thrives in nearly 30 states, particularly in areas with stricter liquor regulations.

Offering alternatives across nearly every major liquor category, Premium Blend’s portfolio includes wine-based options such as limoncello-style aperitifs and specialty spirits like a Fireball Whiskey-inspired cinnamon spirit. The company has also expanded into the ready-to-drink (RTD) market with Aperol Spritz and margarita options, providing convenient solutions for both consumers and restaurants. Its ingredients reflect global sourcing: agave from Mexico, sangria from Spain, and its Aperol Spritz RTD from Italy.

While the company’s sales are heavily concentrated in the U.S., Gino says international interest in low-alcohol-by-volume (low-ABV) beverages is beginning to grow, “There are very smart businessmen around the world who see the interest in low-alcohol options in [the United States]. And they’ll bring some of our products into their markets and try to get it going because we’re basically a low-alcohol version of liquor. But, you know, things tend to happen here in the U.S. first and then spread to the rest of the world. The rest of the world hasn’t caught on to this craze yet, but as soon as they do, we’ll be ready to supply them.” l

PREMIUM BLEND OWNERS GINO SANTOS, WITH BROTHER HENRY, IN THEIR MIAMI WAREHOUSE

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Showcasing the Experience Economy

SOUTH FLORIDA’S TOURISM AS AN ECONOMIC ENGINE

Each year, the World Strategic Forum – organized by the International Economic Forum of the Americas and FIU’s Adam Smith Center for Economic Freedom -- explores global corporate and governance challenges, with a focus on opportunities in the Americas. At the 2024 conference in December, the panel on tourism was moderated by Global Miami publisher Richard Roffman.

Roffman: What role did Latin American visitors play in South Florida’s growth?

David Whitaker, President and CEO, Greater Miami Convention and Visitors Bureau: None of this would have happened if we hadn’t become the gateway of Latin America. That was the number one stimulus that drove everything else for the last 30 to 40 years. Every time there was an economic or political cycle in Latin America – whether it was money coming here during a boom or people fleeing during a downturn – that investment came to Miami. Over time, this created anchor communities of Venezuelans, Colombians, Brazilians, and others, cementing Miami’s reputation as the capital of the Americas.

Roffman: How did American Airlines contribute to South Florida’s transformation?

Juan Carlos Liscano, Vice President, Miami Hub, American Airlines: Back in 1989, a group of local business leaders flew to Dallas Fort Worth to convince American Airlines to buy Eastern Airlines’ routes. It was a $471 million deal back then – about $1.2 billion in today’s dollars. Those leaders believed in the potential of this region, and American Airlines made Miami the hub it is today. We’ve grown from 19 flights a day and 200 employees back then to 415 daily flights and 14,500 team members now…. Our salaries in Miami alone total $1.8 billion annually. The overall economic impact we bring to the region, from travel, tourism, trade, commerce, and cargo, is $28 billion.

Roffman: What makes Fort Lauderdale unique, and how has it changed?

Anthony Cordo, Executive Vice President, Visit Lauderdale: Development in Broward County has exploded in the last few years… Our geography and climate have always been advantageous, but investments in infrastructure, schools, transportation, and ports have played a critical role. Fort Lauderdale, like Miami, has become a destination that caters to both residents and visitors. People here want quality experiences, and that reflects in everything from restaurants to cultural offerings.

Roffman: What role does NASCAR play in South Florida’s identity?

Guillermo Santa Cruz, President, Homestead-Miami Speedway: The Homestead-Miami Speedway is an iconic location in South Florida, born out of Hurricane Andrew’s aftermath in 1992. [It] has since become a key part of NASCAR’s playoff season. NASCAR is not only the most popular motorsport in the U.S., it’s also very Florida – it began in Daytona, after all… The Speedway hosts over 300 events a year, including one weekend of NASCAR racing and, starting next year, Formula E with electric cars. It’s loud, fast, exciting, and a whole sensory experience – you can hear the engines roar, smell the tires, and taste the food.

Roffman: How has South Florida evolved as a luxury destination?

David Whitaker: Miami and Fort Lauderdale are not inexpensive destinations anymore. We have some of the finest hotels, restaurants, and cultural events in the world. Whether it’s high-end sports events, Michelin-starred restaurants, or Art Basel, everything has to be elevated to meet the expectations of a sophisticated consumer… [For example] Art Basel brought its show here 21 years ago, and now there are 20 different art fairs during Art Week. The town sells out, and room rates skyrocket to $2,000 a night… It’s about more than just tourism. It’s about creating an ecosystem that supports luxury, culture, and business. The ripple effects extend to every part of South Florida’s economy…. Visitors [now] generate $21 billion annually from 21 million tourists. Their spending funds local services, like police and schools, through taxes. l

RICHARD ROFFMAN WITH JUAN CARLOS LISCANO, GUILLERMO SANTA CRUZ, ANTHONY CORDO, AND DAVID WHITAKER.

Everything Falls Into Place When you Give Back.

At PNB, we envision a community where every individual, regardless of their circumstances, has both hope and opportunities. We are committed to being part of the nurturing ground where compassion meets action, fostering a Miami where everyone has the chance to thrive.

That dedication stems from a core belief that we are more than just an institution serving our community; we are a team that believes in building a brighter, more inclusive future. We proudly support charities dedicated to touching lives profoundly - be it providing a haven for the unhoused, offering a guiding hand to individuals with autism, or bringing a ray of light into the lives of Alzheimer’s patients and their families.

Together with organizations that share our vision, we strive to give back to the place that has given us so much, to be one link in a network of love that resonates with the vibrant spirit of Miami.

Think Outside the Blocks

A Bite of Diversity

ONE FIRM’S MISSION TO EXPAND THE TECHNOLOGY-LITERATE TALENT POOL

BY KATELIN STECZ

According to the McKinsey Institute for Black Economic Mobility, black individuals only hold 8 percent of jobs in the technology sphere in the United States. One Miami-based nonprofit is hoping to change that by growing a pipeline of 1 million BIPOC (Black, Indigenous, and People of Color) and women technologists.

Founded in January 2023 by Microsoft developer Temante Leary and entrepreneur Kwamara Thompson, BITE-CON’s mission is to engage, educate, and expose the black and brown community to emerging technologies. “I work at Microsoft, and I noticed that the BIPOC community was lacking education and access around these emerging technologies like web3, AI, AR, and VR. I thought that if BITE-CON isn’t created, our community is going to get completely left behind,” says Leary.

BITE-CON first launched as a standalone event in 2022 at Florida Memorial University, South Florida’s only historically black college/university. However, after seeing the impact it had on FMU students, Leary went on to form the organization with Thompson. Since its first conference, BITE-CON has expanded, putting on multiple events and offering resources to the BIPOC community. It has also partnered with teaching organizations like Karat’s Brilliant Black Minds and 4Geeks Academy.

One of BITE-CON’s events in April, BITE-CON Week, attracted over 300 attendees and featured more than 60 speakers and founders discussing topics ranging from generational wealth to cutting-edge AI advancements. Aside from networking opportunities, fireside chats, and discussions about emerging tech, the event also included an eSports gaming lounge, where attendees could explore opportunities in that rapidly growing industry. According to the Global ESports Federation, the eSports industry was valued at $1.1B in 2020 and expected to reach $1.6B by year-end 2024. Leary notes that opportunities like these in the emerging tech scene are not as readily available to black and brown communities.

BITE-CON’s partnership with 4Geeks helps provide equitable access to the company’s tech boot camps, which cover skills from coding to deep learning in AI. Scholarships are provided for those who are underemployed and want to pursue a higher-paying career

in technology. In addition to 4Geeks, BITE-CON’s Memorandum of Understanding with Karat’s Brilliant Black Minds provides students with free access to interview practice and unlimited feedback from expert interviewers. “We found that there’s a void between students completing their boot camp certifications and being prepared for job interviews. These interviews for tech companies are so technical; this partnership bridges the gap between boot camp graduates and getting a job,” says Leary.

BITE-CON is also impacting Miami’s tech ecosystem by consulting with tech corporations on how to attract BIPOC talent. “Technology companies that have big budgets realize the importance of having diverse talent. And they understand that because they themselves are not diverse organizations, they need to partner with other folks on the ground who can bring in high-quality diverse talent,” says Thompson, BITE-CON’s chief strategic officer.

Greater diversity in Miami’s burgeoning tech scene not only mitigates underemployment in black and brown communities; it also expands the city’s skill-intensive talent pool. This enriched talent base helps retain existing tech companies and attract new ones. Moreover, embracing diversity enhances Miami’s reputation as a global city, attracting international talent and investment.

“When we’re thinking about Miami as an emerging tech city, oftentimes the people who have been here and feel left out are [members of the] black and brown communities…A lot of folks are coming to us to think about how we can create a larger global ecosystem within Miami,” says Thompson. l

TOP: STUDENTS ATTEND A BITE-CON BOOT CAMP EVENT. ABOVE: CO-FOUNDER OF BITE-CON TEMANTE LEARY, FAR LEFT

BITE-CON CO-FOUNDER KWAMARA THOMPSON

On a Mission

MIAMI-DADE’S INTERNATIONAL TRADE CONSORTIUM IS ALL ABOUT CREATING GLOBAL LINKS

BY YOUSRA BENKIRANE

Earlier this year, a delegation of 50 embarked on a 10-day mission to Tokyo, Yokohama, and Kyoto, featuring a distinguished group of local leaders. Among them were Miami-Dade Mayor Daniella Levine Cava, Miami International Airport Director Ralph Cutie, Beacon Council CEO Rod Miller, and County Commissioners Juan Carlos Bermudez, Marliene Bastien, and Kevin Cabrera. The private sector was also well-represented by key players such as Teco Energy, law firm Becker & Poliakoff, American Airlines, and PMI Global Services. All told, 30 private sector representatives joined 20 government officials on the trip. And the organizer behind the trade mission? The International Trade Consortium (ITC) of Miami-Dade County.

“We need folks in other places... We want those markets open to us, and we want to be open to those markets,” explains ITC Chairman and County Commissioner Oliver Gilbert. Led by Gilbert, the ITC is one of the driving forces behind the county’s efforts to grow its global footprint, tasked with fostering international economic ties and promoting local businesses abroad. In addition to Japan, in recent years the ITC has organized trade missions to South Africa, Colombia, the UK, Ireland and France, among others.

In Johannesburg, ITC introduced South Africa’s Graduate Institute of Financial Sciences (GIFS) to the Florida-based Financial International Business Association (FIBA) and the Beacon Council, the county’s economic development agency. The goal was to explore a potential public-private partnership for opening a GIFS office in Miami, enhancing South Florida’s financial sector. In Colombia, the ITC played a pivotal role in the ratification of a Sister Port Agreement between PortMiami and the Port of Barranquilla while teaming up with the Greater Miami Chamber of Commerce in convincing AmCham Barranquilla to open a trade office in Miami.

Gilbert stepped into the ITC role as part of his broader duties as a county commissioner. “When I became the County Commission chair, I assumed the role of chairperson for the ITC,” he said, part of a larger Miami-Dade effort to align local businesses with global markets. Gilbert says the trade missions which the consortium organizes are crucial for attracting foreign investment. “It’s creating jobs here, and it’s creating the economic movement we need to actually grow our economy.”

For example, after the Japan mission, Noven Pharmaceuticals opened an office in Miami, creating high-paying jobs in the healthcare sector. After the mission to Paris, PortMiami began collaborating with French shipping company CMA CGM on their expansion plans for ZeBox, an incubator fostering innovation in supply chain management and logistics.

The ITC’s activities often overlap with other local organizations like the Beacon Council and the Greater Miami Chamber of Commerce, but the goal remains the same: promoting Miami-Dade as an international business hub. “We’re all going with the same core mission,” says Gilbert.

One of the biggest hurdles for Miami, and for the ITC, is nav-

Tariffs are very dangerous. You don’t think about that tariff as that longshoreman not having a job...but that’s exactly what happens.

AND COUNTY COMMISSIONER

igating the unpredictable nature of international politics and trade policies. “Tariffs are very dangerous,” says Gilbert, noting that Miami’s position as a major trade gateway means it’s especially vulnerable to retaliatory measures. “You don’t think about that tariff as that longshoreman not having a job...but that’s exactly what happens.”

For now, the ITC continues to push ahead with its trade missions, working in tandem with local businesses and international partners. But the task of cementing Miami-Dade’s place on the world stage is far from complete. “Miami is still young,” says Gilbert. “But it’s hungry.” l

OLIVER GILBERT, INTERNATIONAL TRADE CONSORTIUM (ITC) CHAIRMAN

Miami, with Influence

MIAMI-BASED INFLUUR IS BUILDING A GLOBAL PLATFORM TO STREAMLINE INFLUENCER MARKETING, USING AI AND FINTECH INNOVATIONS

BY RILEY KAMINER

On a recent sunny Miami morning, Alessandra Angelini was buzzing with excitement. The co-founder and CEO of Influur has just closed a $10 million Series A funding round, marking another milestone in her journey to reshape how influencers and brands collaborate. From its origins as a pandemic-born idea to its position as a rising player in Miami’s tech ecosystem, Influur is a unique reflection of the city’s dynamic blend of creativity, technology, and entrepreneurial spirit.

Founded in 2021, Influur was born from a simple yet glaring problem. One of Angelini’s co-founders, a growing influencer, struggled to secure brand deals despite gaining millions of TikTok followers monthly. “We saw this gap in the market and wanted to close it,” Angelini explains. That gap was the lack of a professional platform to efficiently connect influencers with brands.

Influur has since grown into a global marketplace, boasting a vibrant community of influencers and a robust client roster that includes Fortune 1000 brands. Its core value proposition lies in its speed and performance: two critical pain points in traditional influencer marketing.

The company’s marketplace model generates revenue by charging brands a service fee for transactions. A recently launched subscription offering, Influur Premium, provides influencers with advanced analytics, growth tools, and access to exclusive brand opportunities. For $30 a month, subscribers can land coveted gigs like partnerships with global brands at events such as Formula One and music concerts.

Angelini attributes much of Influur’s success to its Miami roots. “Miami is a perfect hub for connecting the U.S. and Latin America,” she says, highlighting how brands on both sides of the border use Influur to expand their reach. With the city ranking as the third-largest influencer market in the U.S., Influur is positioned to leverage Miami’s tech momentum and cultural vibrancy.

AI is another cornerstone of Influur’s growth strategy. By analyzing thousands of past transactions, the platform uses proprietary algorithms to predict campaign performance and pricing, ensuring brands get maximum value from influencer partnerships. This technology, combined with Influur’s human touch, allows the platform to deliver results faster than traditional agencies.

The company is also exploring fintech capabilities. “Creators trust us more than local banks,” Angelini shares, referencing Influur’s in-app wallets where influencers store their earnings. The vision? To transform Influur into a financial hub for creators, offering timely payments and potential banking services tailored to their unique needs.

Looking ahead, Influur is focused on scaling its operations. With a team of nearly 100 employees, 20 based in Miami, the company plans to expand its workforce by 30 percent by year’s end. (Influur’s other employees are based in Brazil, Mexico, Colombia,

ABOVE - REAR LEFT TO RIGHT: PAULA COLEMAN (CSO) ALESSANDRA ANGELINI (CEO)

FRONT LEFT TO RIGHT: VALERIA ANGELINI (CPO) FEFI OLIVEIRA (CHIEF INFLUENCER OFFICER)

RIGHT: THE INFLUUR MOBILE APP CONNECTS CREATORS AND BRANDS SEAMLESSLY

Venezuela, New York, and Silicon Valley). Angelini is also excited about launching a desktop version of the platform to further streamline the user experience for brands.

As Influur continues to grow, Angelini remains driven by the vision that first inspired the company: empowering creators to thrive in a rapidly evolving digital landscape. “When I see the demos of what we’re building, it’s clear that we’re solving real problems for both influencers and brands,” she says. l

A New Twist

HOW CARLOS YANES IS DETERMINED TO CHANGE HOW SPIRITS ARE AGED

BY J.P. FABER

Any connoisseur of spirits or wine understands the importance of aging. Not just for the length of time, but how the aging takes place. In the case of the finer brands of alcohol and vino, the gold standard is aging in an oak barrel. The problem with that, says Carlos Yanes, is that oak barrels are becoming prohibitively expensive as demand increases and forests dwindle.

“The interaction of certain species of wood contribute to three very relevant aspects of any alcoholic beverage – color, aroma and taste,” says Yanes, CEO of Miami-based OIS & Associates. “The interaction of these three elements is definitely the main reason why, at the end of the day, we love or hate any alcoholic beverage.”

The problem is that only certain subspecies of wood provide the best interaction with fermenting alcohol – among them oak coming from a specific forest in France. Other oak comes from Missouri and Minnesota in the U.S. – but like the French oak, the supplies are limited.

“The simple equation in Mother Nature is that one oak tree, produced at the end of probably 80 or100 years, can produce just two or three barrels of 60 gallons,” says Yanes, “and they use those three just for one or two times, that’s it. With our technology, the same tree can produce the equivalent of one thousand 60-gallon barrels.”

The technology that OIS uses, for which it enjoys the exclusive global license, is something that Yanes calls an “infusion spiral.”

Simply put, it is a corkscrew like spiral of wood derived from oak – or from Spanish Cedar, Sugar Maple, or Amburana from the Amazon – which is suspended in a barrel of wine, spirits or beer. After about six weeks, the flavor of the wood is fully imparted.

“Our technology is another way to transport all these properties [of taste, smell, and color], says Yanes. And there is a concomitant increase in efficiency, because of the increased surface contact between the spiraled wood and the alcoholic beverage. “The surface of a barrel is boring, because it’s flat,” he says. “If you have the spiral right, there is a maximum exposure. And there is no necessity to do this for 12 or 24 months.” With the spiral, the same aging effect takes just three months.

As with any revolutionary change to a tried-and-true process, the alcoholic beverage industry has resisted the spiral assault on its traditional practices. “The big issue here is the haters of change. There are those who hate change in this industry, and they don’t like to change,” says Yanes. “It’s like a religion.”

In order to advance what Yanes calls the inevitable evolution of the beverage industry, he has sponsored several taste tests, in particular for beer brands distributed by ABInBev, the U.S.-Belgian-Brazilian multinational that is the largest brewer in the world. He has had less success with the makers of scotch whiskey and bourbon, who would rather turn to barrels of wood made from the Amburana tree of northern Bolivia.

Undeterred, Yanes – who has been pushing the spiral infusion technology for more than two decades – has cut distribution deals

The interaction of certain species of wood contribute to three very relevant aspects of any alcoholic beverage – color, aroma and taste...

CARLOS YANES, CEO OF MIAMI-BASED OIS & ASSOCIATES, ON HIS INNOVATIVE “INFUSION SPIRAL", FOR THE INTERACTION OF WOOD WITH FERMENTING ALCOHOL

in Mexico, Europe, Africa, India, and Australia. Among his clients are Quilmes in Argentina (run by ABinBev), CCU in Chile, and breweries in Spain, Portugal, and Germany. “Lemke in Germany in particular, they love this technology right now…. They are the new generation.” l

A Lesson for Chileans

HOW TO SUCCEED IN THE U.S.: “MAKE YOURSELF LOCAL”

BY DOREEN HEMLOCK

When Chilean entrepreneur Adolfo Heller Cohen set up his gelato business in Miami, he planned to make it selling from kiosks at shopping malls. But a couple years in, he realized he’d be better off retailing at supermarkets where volumes were greater. He reached out to the head of Whole Foods in Florida, a fellow Chilean, and emailed him 20 times – to no avail. Finally, Heller showed up at an event where the Whole Foods chief was speaking and asked him for an appointment. Soon, Heller was selling in some Whole Foods stores. Today, his Gelaties business is thriving at numerous supermarket chains in many states, prompting an expansion of his Miami factory.

Heller told that story to a recent business mission from Chile to make two points about how to succeed in the U.S. First, be persistent to reach the person you want. And second, be present in the U.S. to adapt as needed in a market you’re just getting to know.

“The key to success is to be with someone local who understands the market,” someone with strong local experience and local contacts, says Heller. That might mean hiring that local person as an advisor or on staff or simply asking that person for assistance: “People are willing to help here,” he says. Indeed, that now-retired Whole Foods executive, Juan Nuñez, serves on a retail advisory board that Heller has created at the Miami-based ChileU.S. Chamber of Commerce.

“Make Yourself Local” was the slogan for the delegation Heller addressed, a group of some dozen small-and mid-sized companies visiting Miami in November, organized by the American Chamber of Commerce in Chile (AmChamChile.) Other speakers shared with visitors how U.S. business differs from elsewhere, with more litigation, for example, requiring legal assistance on issues from how to incorporate to ways to protect intellectual property.

to the differences. A medical doctor from Nicaragua, he moved to business-friendly Chile, partly because of incentives for entrepreneurs going global. His company MedETechni makes a device to treat skin ulcers, using a certain spectrum of ultra-violet radiation. He says the radiation – just five minutes, twice a week – can treat ulcers in one month, compared to six months for conventional methods. His devices now are used in a few Latin American nations.

To sell in the U.S., Morales Chamorro says he needed to register his device with the U.S. Food and Drug Administration. In Miami, he was curious to learn, among other things, how U.S. health insurance might handle payments and how best to engage with U.S. clinics and hospitals. “We’re interested in Miami, because Miami is an early adopter,” says the 28-year-old entrepreneur on the business mission.

Chile, a slender nation of 20 million people that has long boasted South America’s most developed economy, is known for its traditional exports, especially farmed salmon, grapes, wine, and copper. But the Pacific Coast nation is becoming an innovation hub, sparking more Chil-

The key to success is to be with someone local who understands the market...

ADOLFO

HELLER COHEN , ABOVE, CHILEAN ENTREPRENEUR WITH A GELATO STARTUP IN MIAMI

ean agribusiness and tech companies to expand overseas, with Miami their top U.S. destination.

The companies are lured partly by the trend toward “nearshoring,” the U.S. push to buy more from neighbors in the Americas rather than China, says Liane Ventura, senior vice president of the Greater Miami Chamber of Commerce. That trend began with supply-chain disruptions during the Covid pandemic and has deepened with U.S.-China tensions likely to rise under the Trump administration.

Entrepreneur Heller of Gelatys says that in seven years in Miami he’s found it vital to be hands-on in the U.S. market. “Because something worked in Chile doesn’t mean it will work here,” Heller says. “In the U.S., test small and quick, and if needed, pivot fast.” l

Kevin Morales Chamorro can attest

Planting the Flag in Miami

THE GOVERNMENT OF QUÉBEC OPENS A NEW OFFICE TO IMPROVE ITS SOUTH FLORIDA CONNECTION

BY J.P. FABER

Canada is one of Florida’s leading trade partners – its second largest export market and its third largest source of imports with a combined annual trade volume exceeding $11 billion. In South Florida, that connection is even more poignant, with some 150,000 Canadians living in the area year-round, and many more thousands making an annual pilgrimage during the winter months.

These visitors are not generic Canadians, however, but mostly French speakers from the province of Québec, which has long enjoyed a special relationship with South Florida’s Broward County. Any visitor to the “Broadwalk” along Broward’s Hollywood beach cannot avoid the omnipresence of the French language or the outlets selling poutines in what has become known as Little Québec.

Now, Québec has officially expanded its presence in South Florida with the opening of a new office in Miami last year, marking a significant step in its six-decade-long relationship with the area. With eight staff members, this is Québec’s ninth U.S. location and part of a global network of 36 offices in 20 countries.

Unlike other international offices in Miami that see the city as a bridge to Latin America, Québec’s mission here is sharply focused on Florida and the United States. “We do business with the United States and Québec. There’s no link with Latin America through this office,” explained Martine Biron, Québec’s minister of international relations. This deliberate separation emphasizes Québec’s intent to forge direct partnerships with Florida industries and policymakers.

Martine came to Miami in December to attend the World Strategic Forum and officially inaugurate the new office, and to emphasize the importance of the Québec-Florida relationship. Québec alone has an annual trade volume of $3 billion with Florida, driven by industries like aerospace, aluminum, and tourism. Aerospace remains a cornerstone, with Québec being the third-largest aerospace hub in the world and contributing nearly 30% of the global supply of air and space navigation products. “Whatever plane you see flying here, there’s a piece of Québec in it,” said Biron. Bombardier and CAE, two Québec giants, collectively employ 1,000 Floridians. Bombardier alone has invested $100 million in Miami, creating an aviation repair and maintenance facility at Opa-locka airport.

Aluminum is another vital trade product, with more than 90% of Québec’s aluminum exports bound for the United States. Florida ranks fourth and fifth in steel and aluminum imports from Québec, respectively.

Tourism and real estate play significant roles in this economic relationship, with approximately 250,000 Québec “snowbirds” escaping the harsh Canadian winters to visit Florida each year. The flow goes both ways, with Floridians seeking Québec’s cooler summers and vibrant winter carnivals. “Florida is the state that’s closest to Québec,” Martine observed, highlighting the unique synergy between the two.

All told, between 1.2 and 1.5 million Québec tourists visit Florida each year, contributing over $2.5 billion to the economy—a

We do business with the United States and Québec. There’s no link with Latin America through this office.

MARTINE BIRON, QUÉBEC’S MINISTER OF INTERNATIONAL RELATIONS, ON THE FOCUS OF THEIR MIAMI OFFICE: BEING FLORIDA AND THE UNITED STATES

figure expected to rise to $3 billion by 2025. Meanwhile, Québecers have invested over $9 billion in Florida real estate since 2000, predominantly in the south of the state.

Québec’s decision to expand in Miami comes at a pivotal moment, with Florida’s rising influence in U.S. politics. “There’s something important going on in Florida at this moment,” Biron said with a nod to President Trump’s Florida Whitehouse in nearby Palm Beach County. The state’s growing clout presents an opportunity for Québec to strengthen ties and explore new collaborations.

The move also reflects Québec’s approach to diplomacy, which is built on two pillars: economic opportunity and cultural identity. By choosing Miami, Québec is doubling down on a relationship rooted in decades of trust. “There’s no better way to do business than to be there on location,” said Martine. l

Trade Links

TAIWAN’S BUSINESS LEADERS CONVENE IN SOUTH FLORIDA

BY YOUSRA BENKIRANE

With a picture-perfect view of the Atlantic Ocean, blue skies, and a gentle breeze swaying the palm trees, Florida rolled out its best for visitors attending the recent annual meeting of the North American Taiwanese Chambers of Commerce Association (NATCCA). For the first time, the gathering was held in South Florida, a testament to the region’s growing importance in global trade and diplomacy. With bilateral business activities on the rise, business leaders from Taiwan, the United States, and Canada gathered at the Marriott Harbor Beach Resort & Spa in Fort Lauderdale to strengthen ties and explore opportunities.

The NATCCA, founded in 1988, serves as a platform for connecting Taiwanese business leaders across North America. With 35 chapters spanning the U.S. and Canada and over 500 active members, its mission goes beyond networking. “Our goal is to create opportunities for businesses to grow and connect, not only in North America but also with Taiwan and beyond,” says Arthur Chen, President of the NATCCA. “We act as a bridge to facilitate trade, investment, and connections across industries.”

The event attracted leaders from industries that align with South Florida’s strengths in biotechnology, aerospace, and green energy; Taiwan’s dominant role in the global production of semi-conductors was not far from any discussion. The gathering of 500 Taiwanese business leaders also reflected broader shifts in the island nation’s trade strategy. “This year, the U.S. has reclaimed its position as Taiwan’s number one export market, overtaking Mainland China,” noted the Vice President of the Legislative Yuan of the Republic of China (Taiwan), Johnny Chiang. “The geopolitical landscape, including trade tensions between the U.S. and China, has significantly shaped this shift, and Taiwan is taking advantage.”

Taiwan’s expertise in high-tech industries has made it a critical partner for the U.S. as both nations aim to diversify supply chains and reduce reliance on Mainland China. Discussions at the meeting also emphasized emerging opportunities in artificial intelligence, green energy, and medical innovation, and explored the possibility of direct flights between Miami and Taiwan.

Trade between Taiwan and the Miami Customs District (which includes Broward County and Fort Lauderdale) reached $899 million in 2023. Exports from Miami to Taiwan accounted for $186 million, with key categories including vaccines, blood, antisera, and toxins valued at $84.1 million, followed by $29.2 million in scrap iron and $9.02 million in aircraft parts. Imports from Taiwan were significantly higher at $713 million, led by $154 million in recreational boats, $78.5 million in blank audio media, and $45.6 million in motor vehicle parts.

Fort Lauderdale’s mayor Dean Trantalis welcomed attendees, highlighting the city’s emergence as a hub for global commerce. “It’s been an amazing transformation for a city that was once focused on retirement in Florida and is now a center for national and international commerce, tourism, and cultural exchange,” he said. “As the leader of this city, it’s vital to me that we continue to elevate Fort Lauderdale on the global stage – and Taiwan is a key part of that vision.”

The Miami Taiwanese Chamber of Commerce played a critical role in organizing the event, showcasing South Florida to its colleagues. Like other North American chambers, the local chapter (with 50-60 active members) works to link Taiwanese businesses

with local opportunities and counterparts. “We need to promote Taiwan as a business partner, expand partnerships, and drive future growth,” said Chen.

Some Taiwanese companies already have a presence in South Florida, including BioTissue (stem cells), King of Fans (fan manufacturing and distribution), ADATA (cell phone power packs), and several yacht manufacturers with offices and warehouses here. Taiwanese electronics firms like ACER, BENQ, and WPG Holdings also maintain their Latin American HQs here. “This region has much potential for Taiwanese businesses,” said Chen. “By hosting this meeting here, we’re laying the groundwork for deeper collaboration and mutual growth.” l

TOP: THE NATCCA EVENT HELD IN FORT LAUDERDALE. MIDDLE: ARTHUR CHEN, PRESIDENT OF THE NATCCA. BOTTOM: JOHNNY CHIANG, VP LEGISLATIVE YUAN OF THE REPUBLIC OF CHINA (TAIWAN).

From Berlin to Miami, With Nuance

EVERPHONE IS EXPANDING TO THE U.S. BY RENTING OUT CELLPHONES, TABLETS TO CORPORATE CLIENTS

BY DOREEN HEMLOCK

BERLIN, Germany – Looking out from the rooftop of his office building, Everphone executive Falk Sonnenschmidt can see where the Berlin Wall used to stand. To his east, he sees Soviet-style apartment blocks, and to his west, centuries-old buildings with richly decorated facades. He’s glad to play a role in meshing the two sides since the wall came down in 1989 to help create a tech hub here. Everphone shines as one of Germany’s most successful tech startups. Founded in 2016, it had sales topping $80 million last year, mostly in Europe. Two years ago, it opened its U.S. headquarters in Miami. In January 2024, it raised another 270 million euros (roughly $290 million) to expand worldwide, mostly providing cellphones and related services to large companies. It supplies, supports, manages and recycles phones, tablets and other mobile devices for a monthly per-user fee.

The venture grew out of an accident. In 2015, serial entrepreneur Jan Dzulko dropped his cellphone, and even with insurance, it took him two months to get back on track with a new device with all his data reloaded properly. Dzulko realized his insurance covered financial risks but not operational ones. He wanted something like a car rental, where he could hand in the damaged device and drive off easily.

BUILDING A BUSINESS-TO-BUSINESS VENTURE

Dzulko started Everphone renting phones to consumers, but soon saw opportunity in supplying companies, which want to make sure their employees’ phones work effectively. In Germany, companies typically provide phones to staff.

Today, most of Everphone’s customers are large enterprises that each rent at least 250 devices, from phones to tablets and laptops. Clients see Everphone as a convenience to manage the devices, freeing up time for their own IT personnel to perform other tasks. Companies often save 20 percent by outsourcing their device management to Everphone, says Sonnenschmidt, chief revenue officer.

Growth has been spectacular. Starting with roughly 900 phones under management in 2018, business soared 10-fold by 2020, thanks in part to a pilot project at an Ernst & Young office. That project let employees upgrade from company-designated phones by making a small monthly co-pay. Later, Everphone partnered with Germany’s largest phone carrier Deutsche Telekom –the majority owner of T-Mobile U.S. – leveraging its sales network to offer the carrier’s business customers the option of Everphone’s service. Many signed up, including large automakers. They are billed for Everphone services on their Deutsche Telekom bill.

“Deutsche Telekom really improved our professionalism. For example, they demanded more forecasting and more reporting,” says Sonnenschmidt. “It’s been a great learning journey for us… We try to bridge that gap between large corporates [such as] Deutsche Telekom and their major corporate clients, to be a speedboat in between, making things work.”

NAVIGATING A DIFFERENT MARKET IN THE U.S.

From Germany, Everphone expanded in Europe, and then crossed over the Atlantic to the U.S. Today, it handles more than 400,000 devices in Europe and North America, with plans to triple that volume soon. Still, business in America has proven quite different than Europe. For starters, U.S. companies don’t typically provide phones to employees, often providing stipends for payment instead. To adapt, Everphone has hired tech and telecom executives experienced in the U.S. market and leveraged its network of clients in Europe to open doors at the U.S. offices of those companies.

Americans often respond differently to sales pitches too, says Sonnenschmidt. “My perception is the U.S. is more opportunity driven. So, when people hear about something new, they reflect on: How can I benefit from that? How does this help me achieve my goals?” he says. “And I perceive in Germany and Europe that people don’t want to make mistakes, so they’re more focused on: How is this risky? How can this be a problem in the long run? So, if we speak to German companies, we have prepared a lot of arguments and solutions to problems they bring up, such as integration or endto-end processes.”

Initially, Sonnenschmidt says he was surprised by Americans’ welcoming reaction. “In the U.S., people tend to say: This sounds great, and as a German, I feel: Wow, I never got such positive feedback from a first meeting,” he says. “But we’ve found that doesn’t mean that they’re your potential customer.”

Today, Everphone employs about 300 people worldwide, including some 20 in its Miami offices in the Blue Lagoon area.

I am so confident in our team, service and especially future growth that I have personally invested in this round of financing as a founder.

JAN DZULKO, ABOVE, FOUNDER & CEO OF EVERPHONE

It expects hefty international growth this year, thanks to its latest fundraising led by U.S. financial giant Citigroup. Executives hope the financing can help bring another 1 million phones into Everphone’s system. It’s also adding more business-friendly features, from market intelligence to ESG (Environmental, Social and Governance) reporting increasingly sought by shareholders.

CEO Dzulko expects 100 million euros ($108 million) in annual revenue for 2024, up one-third from 2023 results. “I am so confident in our team, service and especially future growth that I have personally invested in this round of financing as a founder,” Dzulko announced. He’s counting on growth partly from partnerships with device makers including Samsung, Google and Microsoft.

WHY EVERPHONE SET UP IN MIAMI

Everphone chose Miami as its U.S. headquarters partly because of the presence of other German businesses in South Florida, including airline Lufthansa, appliance maker Miele, tech equipment maker Siemens and logistics leader Hellmann. “We’re in good company in Miami,” says Sonnenschmidt.

Miami also offers excellent air links, with ample options for flights from Germany and other European countries. It’s closer and has a smaller time zone change to Germany than Chicago, San Fran-

cisco or other sites further west in the US. There’s ample financial and sales talent available, “especially in the last five years,” with the influx of tech and finance firms from New York, California and beyond. Plus, Miami opens doors to Latin American investors, including some with South Florida offices. “It’s a great place to access more than U.S.-focused capital and talent,” says Sonnenschmidt. Since arriving, executives also have been pleased with the business-friendly attitude of local leaders, even meeting with Miami Mayor Francis Suarez.

BERLIN’S RECENT TECH TAKEOFF AND THE U.S. MARKET

When its wall came down after 28 years in 1989, Berlin lagged as a tech center. But things quickly changed, as the city was declared Germany’s capital in 1990. With government funds flowing for integration and rents cheap in the eastern half, young creatives and entrepreneurs flocked to Berlin, many starting tech companies. As momentum grew, venture capital funds followed, as did offices for top German companies, including electronics giant Siemens, carmaker Volkswagen, and software leader SAP.

Some tech startups, building on Germany’s eco-consciousness and the popularity of on-demand car rentals, opted to rent and recycle tech hardware, developing “the circular economy.” In addition to Everphone, those firms include Grover, which set up its U.S. headquarters in Miami in 2022. Grover lets consumers and businesses rent such items as Airpods, laptops and cellphones through monthly subscriptions. That Berlin-based venture has raised more than $1.7 billion since its founding in 2015.

Indeed, Berlin has grown into such an important tech hub that there’s now a push to link its fintech sector with Miami’s, with events recently held in each city. Alexander Daamen, head of

In the U.S., people tend to say: This sounds great, and as a German, I feel: Wow, I never got such positive feedback from a first meeting...

ALK SONNENSCHMIDT, ABOVE, EVERPHONE EXECUTIVE

the Berlin Finance Initiative USA, says the effort aims to prepare Berlin-based finance and tech startups for the U.S. market “by cultivating a strong network of like-minded entrepreneurs and leaders. By facilitating knowledge and partnerships, we can help overcome barriers to enable growth for participants in our network.”

When expanding to the U.S., Sonnenschmidt cautions German and other international companies not to underestimate the size of the market and the costs involved. “You’re really entering a continent, not just a country, and you need to budget accordingly,” he says, recognizing differences even among U.S. states.

He also suggests companies find “nuance” both to adapt to the U.S. business culture and preserve their corporate culture developed at home. He’s seen some new entrants to the U.S. try to do things just like home and fail. Others instead hire all U.S. executives and succeed, but create a culture unlike their home base, making for problems in managing the U.S. unit and integrating it into their business worldwide.

“The idea is glocal-ization – to build a global culture with local tastes,” says Sonnenschmidt. “What we learned at Everphone is to find people who match culturally with our home culture. We are humble, not loud about our achievements. We value and seek out humility.” l

LEFT: EVERPHONE HEADQUARTERS IN MIAMI (BEHIND THE HILTON)

A Miami Stock Exchange?

A MAJOR U.S. OPTIONS PLATFORM BETS ON MIAMI’S WYNWOOD NEIGHBORHOOD

BY DREW LIMSKY

In 2023, when Miami International Holdings (MIH) announced that it would debut a 38,400-square-foot facility that includes a trading floor in Miami’s edgy Wynwood neighborhood, investors and financiers took note, albeit with some skepticism. Now, that project is approaching completion.

Initially founded in 2007 (launching its first options exchange in 2012), MIH is currently the owner of Miami International Securities Exchange, MIAX Pearl, MIAX Emerald, MIAX Sapphire, MIAX Futures, MIAXdX, and Dorman Trading. MIH also enjoys an international footprint as the owner of the Bermuda Stock Exchange (BSX), which it acquired in 2020. “BSX is our international focus,” says Andy Nybo, senior vice president and chief communications officer at MIAX. “MIAX operates a number of exchanges in the U.S. and we currently account for about 14.2 percent of multi-listed options volume on our four options exchanges, just behind the New York Stock Exchange, Cboe, and NASDAQ.”

Headquartered in Princeton, N.J., MIH employs more than 350 people and has offices in Minneapolis, Chicago, and Hamilton, Bermuda. MIH also operates a small satellite office in Miami’s Brickell district. “MIAX is a technology-driven leader in operating financial markets across various segments,” Nybo explains. “We have assembled a portfolio of exchange licenses across options, equities, and futures, and we’re using that framework and our expertise and

technology to operate these financial markets.”

The new MIAX Sapphire trading floor will open in the 545Wyn building, which was developed by Chicago-based Sterling Bay. 545Wyn was designed by the famed San Francisco-based Gensler architectural firm, a decision that made a headline-grabbing statement of dominance. Gensler previously added The New York Times Building and the Shanghai Tower, along with many other global landmarks, to their respective cities’ skylines. Message received: MIAX would be playing in the big financial leagues. As Nybo says, “This will be the first national securities exchange to have operations in Miami.”

A trading floor has different requirements than other kinds of financial spaces, Nybo explains: “Trading floors are facilities requiring clear lines of sight that are conducive to voice trading and groups of people trading in a crowd. The challenge with many newer buildings is that they are center-core buildings with elevator shafts, utilities and structural supports in the middle of the building. If you’re trying to build a trading floor, it’s very hard to design it if you have a big part of the space dedicated to infrastructure in the center of the building.”

545Wyn may not have been conceived as a trading destination, but the neighborhood’s design-forward, human-sensitive sensibility proved fortuitous for MIAX. Nybo says the floor will boast “stellar views from all sides of the building” – a welcome change from the cavernous layouts of old-school trading floors.

The magic will happen on the ninth floor of 545Wyn. “We’re building a next-generation trading floor, as well as office facilities, conference facilities, a media booth for broadcast media, and a bell-ringing stage,” Nybo says. “This will be the newest trading floor in the U.S. multi-listed options market. About 8 percent of total volume in U.S. multi-listed options markets occur on trading floors, so the launch of our trading floor will allow us to compete for order flow in that 8 percent of the marketplace.”

The MIAX Sapphire trading floor is expected to open its doors in the second quarter of 2025. l

THE PROPOSED 545WYN BUILDING & ANDY NYBO , SENIOR VP AT MIAX

Your Ride is Waiting

THE FAST GROWTH OF A MIAMI HIGHTECH LIMO SERVICE THAT INCLUDES PERSONAL SECURITY

BY KATELIN STECZ

On November 14th, some of the biggest names in the Latin entertainment world gathered at Miami’s Kaseya Center for the 25th Latin Grammys by The Latin Recording Academy®. The star-studded event featured icons like Mr. 305 himself (Pitbull), Brazilian pop sensation Anitta, the legendary Marc Anthony, Spanish-Argentine singer Nathy Peluso, and Puerto Rican artist Myke Towers. With such an extraordinary concentration of star power in one room, a natural question arises: How did everyone get there safely and seamlessly? Uber is most likely not an option when you’re a renowned superstar. The answer lies in DRVN, a executive car service that played a critical role behind the scenes.

Founded in 2011 in Miami, DRVN has become a premier executive car service for corporations and individuals across the Western Hemisphere. Its involvement in the Latin Grammys showcased its ability to manage high-end transportation for high-profile artists, executives, and VIP attendees through its contract with TelevisaUnivision.

DRVN’s expertise extends well beyond prominent events in Miami. The company has provided transportation for global heavyweights that include pop icon Beyoncé, senior executives from Big Four accounting firms and major software companies, sports players and organizations, and government officials from Latin America.

Operating in over 200 markets in the U.S., Latin America, and Europe, drvn offers a range of services tailored to the needs of clients. The company can provide armored cars with security, accommodate large corporate groups with buses, organize transportation for cruise line passengers directly from the dock, or arrange two-to three-hour drives to neighboring cities if a short-haul flight gets canceled.

While not exactly an on-demand service like Uber, Joseph Keith, Director of Revenue at DRVN, says that with two-hours’ notice a ride can usually be arranged. The compa-

ny finds drivers through its local networks, chaffeurs who have previously been vetted with a series of specifications to drive for drvn. “Of course, we do background checks on the chauffeur. We also check the VIN number and license plate of the car. All of our vehicles must be three years or newer, and drivers must submit updated photos every six months. All drivers are also bilingual, speaking at least English and the local language,” says Keith.

DRVN prides itself on security and cutting-edge technology, leveraging AI to create the most efficient routes and dynamically adapt to traffic conditions. Their platform also offers real-time passenger tracking, enabling travel agents and managers to stay informed throughout the journey.

In terms of security, DRVN’s platform is ISO 27001 certified and has passed the NIST 800-171 assessment, ensuring that personal information is securely managed,

particularly for LATAM travel. Passenger data is encrypted within drvn’s system to prevent unauthorized disclosure. For added protection, DRVN integrates WhatsApp into its certified platform, allowing secure communication with international clients. The company uses a “One Number” system, masking both the passenger’s and driver’s phone numbers for calls, texts, and WhatsApp interactions. After the ride, the connection is severed, ensuring no ongoing communication between parties.

Currently, Keith says the company handles about 4,000 rides a month and has experienced steady growth, averaging a 45 to 60 percent increase each year for the past five years – a result, in part, of the COVID-19 pandemic. He also says that DRVN is in the process of forming partnerships with private yacht and jet charters, for seamless land, sea and air service. l

FOUNDED IN 2011 IN MIAMI, PREMIER CAR SERVICE DRVN, FERRIES HIGH VALUE CLIENTS IN CHAUFFEURED LIMOS WITH DIGITALLY MONITORED DRIVERS.

Banking the Brazilian Way

BRADESCO

BANK

AVOIDS

BRICKS

AND MORTAR IN FAVOR OF DIGITAL BANKING

BY DOREEN HEMLOCK

Banks with billions of dollars in assets typically operate lots of branches to cater to near by clients. Not Bradesco Bank, the Coral Gables-based outlier with only one office for all its customers worldwide. Instead, Bradesco Bank leverages technology to serve distant clients, mainly in Central America and Brazil, so those customers can make deposits in the United States, buy properties in the U.S., and through its investment arm, buy and sell U.S. stocks and bonds, among other activities.

Since 2023, the bank operates from two floors at the prestigious Plaza Coral Gables complex and today employs more than 260 people there. Business is growing, with assets reaching almost $5 billion. That includes more than $1.5 billion in new money brought in from Brazilian clients since 2020, when Brazil’s banking behemoth Bradesco purchased the Florida bank, says CEO Henrique Lima.

“We see the future of banking as having less transactions in branches [with] a physical presence more to foster business regionally,” says Lima. Bradesco may open another office to build relationships in a different U.S. region, he says.

Founded in 1973 as Popular Bank of Hialeah, Bradesco Bank passed through several hands before becoming what it is today. A Central American group developed it as BAC Florida, a tech-savvy, one-branch bank aiming to help clients in Latin America safeguard and invest their money in the U.S. Brazil’s Bradesco bought it in 2020 for roughly $500 million and renamed it, offering customers in Brazil an integrated channel for U.S. savings and investment. Longtime Brazilian banker Lima led the acquisition and moved to Florida four years ago to helm the U.S. operation.

Today, Lima says some 80 percent of Bradesco Bank’s clients are international.

Growth comes largely from Brazil, where owner Bradesco has more than $340 billion in assets, nearly 4,000 branches, and commonly ranks as the third-largest bank in South America. “The driving force that brought us here was Brazil,” says Lima. “But the addressable market is Latin America. And of course, we’ll continue domestic banking, given the large population of Latin Americans in the U.S., especially here in Florida.”

BANKING DIFFERENCES

Doing business in the U.S. is not the same as in Brazil, Lima has learned. While banking regulations are similar, the marketplaces differ. For one thing, the U.S. banking industry is highly fragmented. Brazil hosts fewer than 200 banks, while the U.S. has more than 4,000. That’s partly because Brazil uses a centralized, federal system while the U.S. relies heavily on states to approve banks. “That fragmentation means a lot of opportunity for

We see the future of banking as having less transactions in branches [with] a physical presence more to foster business regionally...

HENRIQUE LIMA, ABOVE, CEO OF BRADESCO BANK

U.S. banks like ours, because there’s so much room for consolidation,” Lima says.

Technology for payments also differs. Decades back, when Brazil suffered hyper-inflation, Brazilian banks adopted the latest digital technology to move money quickly to help retain its value. Banks in Brazil have continued to update payment systems, while the U.S. still relies on older technologies, which often mean three to five days for a U.S. bank to pay a credit-card bill for a client, says Lima. “In Brazil, you can’t pay with a check by mail,” he says. Instead, since 2020, there’s a single Brazilian online payment system available 24/7 for free. Created by Brazil’s Central Bank, the Pix system allows instant and secure payment

between bank accounts and e-wallet platforms. It’s everywhere in the nation of some 215 million people, unlike the private U.S. Zelle platform that connects only accounts in banks.

SOUTH FLORIDA AS A BANKING HUB

Bradesco is not alone among Latin American banks entering the U.S. market by purchasing a Florida bank. In 2011, Brazil’s Banco do Brasil bought Coral Gables-based Eurobank for $6 million, helping build what’s now BB Americas Bank. In 2015, Chile’s Banco de Credito e Inversiones (BCI), bought Miami-based City National Bank of Florida for nearly $1 billion in the biggest U.S. acquisition ever by a Chilean company. City National in turn bought Miami-based Totalbank for more than $500 million in 2018.

Those purchases bolster South Florida’s ranking as the second largest international banking hub in the U.S., trailing only New York in terms of the number of international banks, volume of financial activity, and number of foreign customers, says David Schwartz, president of the Financial and International Business Association (FIBA). “We are the gateway to Latin America, so this is

where they come,” says Schwartz.

Bradesco Bank in Florida is expanding in wealth management. The bank’s investment affiliate now has some $5 billion in assets under management, up more than four-fold since 2020. Initially focusing on clients with a minimum $1 million portfolio, it’s now accepting customers with smaller portfolios, “providing a more digital offering,” says Lima, and looking at their longer-term potential. Latin American investors, who used to invest conservatively in U.S. fixed-rate instruments such as bonds, are now diversifying into stocks, mutual funds, and alternative instruments, “reducing the gap from investor trends in more mature markets,” says Lima.

From Florida, Bradesco Bank also has overseas banks as clients. It regularly holds deposits for Central American banks that keep U.S. dollar accounts to make U.S. payments. All those activities require regularly updating technology, the feature that has helped distinguish and grow the one-branch bank so far. “You have to think long-term,” says Lima. “If your vision is to maximize returns very short-term, you’re not going to prepare the bank for where we need to be in five or 10 years.” l

The Digital Model

SAVVY DIGITAL BANKING CLIENTS FLOCK TO INTER&CO’S SUPER-APP

BY DREW LIMSKY

With well over a quarter of the nation’s Brazilian population clustered around Miami and Orlando, it was only a matter of time before Inter&Co would make its move, despite the fierce competition in the digital banking space.

“Brazilians are more comfortable with digital banking than Americans,” says João Vitor Menin, the founder and CEO of Inter&Co who relocated from Brazil to Miami in 2023 to oversee the financial super-app’s Florida launch. (The company chose Brickell Key for its headquarters; Menin opted for Coral Gables for his home.) The Inter&Co experience is wholly integrated, offering banking, investing, mortgages, credit, insurance, shopping, and remittances – and even a food delivery app. “And we just launched a social media platform called Forum, where you can exchange ideas about our products, about our services,” Menin says. “It’s very unique for a bank to have a social platform.”

If other South American nations aren’t as far along in their digital banking habits as Menin’s home country, he predicts that Argentina will be the next to embrace the ecosystem in a meaningful way. When they do, Inter&Co will be ready. Its app is available in Portuguese, English, and Spanish.

“Brazil was the creator of the digital banks,” Menin contends. “The digital bank environment started there – the Central Bank of Brazil really helped to promote innovation. And Miami is the right place, that’s where things are happening. Companies are coming to Miami. We can have a good network here, with cooperation with other big companies that help us in our day-to-day operations, from Mastercard to AWS.”

Brazil was the creator of the digital bank. The digital bank environment started there...

He expects the number of statewide employees to grow from 70 to 100 by year-end. (Inter&Co employs 3,800 globally.)

Inter&Co was founded in 1994, back when the entity was known as Banco Intermedium (the name change came in 2014), and it’s hard to argue with Inter&Co’s subsequent success. It’s one of Brazil’s largest banks, having offered the first 100 percent digital checking account in Latin America, and it counts 34 million clients across the Americas. Inter&Co was listed on the NASDAQ in June 2022, in what can be regarded as a groundbreaking debut. It became a singular sensation, the first Brazilian company to upgrade its primary listing from Brazil to the U.S. (Inter&Co had its Brazilian IPO in 2018.) “We were the first of the pioneers in that kind of transaction,” Menin says.

Inter&Co projects it will have four million users in the U.S., which will represent 10 percent of its projected end-of-year global client base. But Menin is just as focused on farming as hunting; with so many services available on the super-app, that means educating existing clients about everything Inter&Co has under one virtual roof.

Meanwhile, its branding footprint keeps growing. Building on the success of its Orlando City soccer club – and the soccer-specific Inter&Co Stadium in Downtown Orlando, which contains 49 rainbow-colored seats to honor the victims of the Pulse nightclub mass shooting in 2016 – the neobank will soon announce a naming-rights deal with a site in Miami. “We need to respect and connect with the community,” he says, “We’re not only putting our brand out there, but we’re working hard to support and connect to our neighbors.” l

FOUNDER AND CEO OF INTER&CO JOÃO VITOR MENIN, ABOVE, WHO MOVED FROM BRAZIL TO MIAMI IN 2023.

In 2017, things were a lot different. Miami wasn’t as developed as it is now, and I don’t think many people thought it would become the financial hub that it is...

JEFF

Firing Up the Future

FUEL VC IS HELPING CREATE A FABRIC OF FUNDING IN MIAMI

BY KATELIN STECZ

When Jeff Ransdell left his finance career of 20+ years to launch a venture capital firm in Miami, colleagues thought he had lost his mind. “In 2017, things were a lot different. Miami wasn’t as developed as it is now, and I don’t think many people thought it would become the financial hub that it is,” says Ransdell.

However, as the former Managing Director for the Southeast and Latin America for Global Wealth Management at Merrill Lynch, Ransdell says he saw the potential Miami held for expanding the venture capital market to more high-net-worth individuals. “In the past, venture capital was really only something for larger institutions, but I started the firm with the idea to give private clients, individuals, and families access to the creative economy in a way that they’re used

to dealing with their financial advisors.”

The timing for Fuel Venture Capital was synchronous; in 2017, when Ransdell founded Fuel VC, South Florida was ranked No. 1 in startup activity in the U.S. by the Kauffman Index. Since then, Miami has become a widely recognized startup ecosystem.

In 2023, South Florida startups attracted $2.41 billion in investment across 393 deals—a significant drop from the

$5.8 billion raised in 2022. According to eMerge’s 2023 Insights Report, this decline represents a “return to reality” after the region’s strong post-pandemic years in 2021 and 2022. Despite this recalibration, South Florida’s reputation as a thriving startup hub remains solid. From 2022 to 2024, Miami/ Greater South Florida advanced 17 spots in Startup Genome’s global ranking system, surpassing established tech cities like San

RANSDELL,RIGHT, FOUNDER OF FUEL VC, (FUEL VENTURE CAPITAL) IN 2017 IN MIAMI

Diego, Seattle, and Chicago. And in the first half of 2024, according to eMerge, the pace is rising, with $1.37 billion invested across 199 deals.

Fuel VC is taking advantage of this momentum, and since its inception, the company has deployed around $100M of capital in South Florida, investing $20M in 2023 alone. Globally the firm has deployed about $550M, and so far in 2024, Fuel VC has invested about $28M, with Betr, a Miami-based sports betting app receiving the majority of that capital. Out of its 34 portfolio companies, nine are based in South Florida including the female-founded, banking service platform Novopayment, and fintech company LeapFinancial, whose goal is to facilitate remittances sent from the United States to other countries.

When it comes to funding companies, Ransdell says Fuel VC is meticulous in its process. He estimates that in the seven years Fuel VC has been operating, he and Fuel VC’s chartered financial analyst, Maggie Vo, have looked at roughly 7,000 companies. Only 34 have made the cut. “We don’t just invest in anything…we’re very specific in

what we look for,” says Ransdell. According to Ransdell, Fuel VC only invests in companies that it has “domain expertise in.” Those domains are enterprise SaaS (Software as a Service), fintech, consumer tech, and sports entertainment tech.

Lionel Carrasco, Founder and CEO of LeapFinancial, highlighted Fuel VC’s expertise in fintech as a key factor in the decision to partner with them. “When you are seeking capital, you’re better off working with venture capitalists who understand the category where you operate, not only fintech in general, but payments in particular within the US and understanding the connection with Latin America in our case,” says Carrasco. “Of course we want funding, but we also want a partner who can help us to get to the next level, okay, who has the connections, the networking and also the critical eye to help the entrepreneur achieve their goals.”

Fuel VC also maintains offices in Guatemala City, Dubai, Madrid, Bogotá, and London, many of which are strategically located near its investors. Out of the more than 130 global family offices, ultra-high-

net-worth individuals, and institutions serving as limited partners, Ransdell says about half are based offshore, mostly in Latin America, with the remainder in Europe, the Middle East, and South East Asia. The other half is spread across the United States.

Surprisingly, Ransdell says that out of the $550M in capital which Fuel VC has deployed, only about $20M of that comes from Miami. Ransdell believes there is potential for more, especially from local community investors. “One of the things that’s missing in the Miami ecosystem is that we haven’t yet gotten the community behind what we’re doing, right? If you think about what made Silicon Valley so special, it’s that you had this tech ecosystem with community investors reaching out to funds like Fuel VC and investing in the creative economy,” says Ransdell. “We need that in order to reach our potential.” l

FROM THE LEFT: JEFF RANSDELL, OLIVIA GAUDREE, MAGGIE VO (FUEL VC’S CHARTERED FINANCIAL ANALYST), AND JUAN PABLO MIRO ATTEND THE 2021 RINGING OF THE BELL FOR A FUEL VC CLIENT ON THE NASDAQ

A. ALFONSO MACEDO, PRESIDENT AND CEO OF MIAMI-BASED OCEAN BANK, AGREES THAT MIAMI IS THE BANKING CAPITAL OF LATIN AMERICA. HE SAYS "WE UNDERSTAND THEIR CULTURE, HOW THEY THINK, THEIR CHALLENGES. I BELIEVE THEY FEEL MORE COMFORTABLE BANKING WITH US"

Banking Beyond Borders

HOW MIAMI’S TRADITIONAL BANKS CULTIVATE THEIR GLOBAL CLIENTELE

BY DREW LIMSKY

Is Miami the banking capital of Latin America? “I’ve been saying that for 20 years,” says A. Alfonso Macedo, president and CEO of Miami-based Ocean Bank. “New York attracts ultra-high-net-worth individuals,” he allows, “but we understand their culture, how they think, their challenges. I believe they feel more comfortable banking with us. I’ve heard that over and over from our clients.”

Pedro Parra, executive vice president and head of international business at Amerant, is more than bullish on Miami’s increasingly palmy relationship to Latin America, citing the growing number of nonstop flights into Fort Lauderdale-Hollywood International Airport (in addition to Miami’s thriving international airport) from LATAM. To his point, Amerant is opening new branches in downtown Miami and Key Biscayne, with another coming in Miami Beach. “The wealthiest Latin Americans used to have homes in New York, but that is shifting to Miami,” says Parra, who has been at Amerant for nearly a quarter century and has led its international banking section for the last two years.

I think we’ve done a really great job educating our members on the latest changes, particularly in terms of regulatory compliance and cyber security...

DAVID SCHWARTZ, RIGHT, PRESIDENT AND CEO OF THE FINANCIAL AND INTERNATIONAL BUSINESS ASSOCIATION (FIBA).

Other traditional Miami banks that service a global clientele wholeheartedly agree with their assessment. Their mission: to cultivate and expand their international reach – and protect and grow wealth for their varied global clientele. As David Schwartz, president and CEO of the Financial and International Business Association (FIBA), points out, servicing foreign clients requires a level of expertise beyond what a bank needs for successfully dealing with domestic clients.

“We have a twofold mission,” Schwartz says of FIBA, a Miami-based non-profit trade association and international center.

“And that’s education and advocacy. I think we’ve done a really great job educating our

members on the latest changes, particularly in terms of regulatory compliance and cyber security. These are issues that impact them the most. I’m very proud, not only of what we’ve done as an organization, but what

the members have done, the seriousness with which they’ve approached regulatory compliance.” Schwartz says the basics of compliance entail knowing your clients, their sources of wealth, and the source of the funds coming into an account. He says that banks must be vigilant to guard against any suspicious or illicit activity. Much is at stake: Failure to identify the source can lead to enforcement actions.

“There are a few banks in town that know how to [service foreign clients] fairly well,” says International Finance Bank’s President and CEO Abel Iglesias. “We’re one of them. We like to think that we’re the best, as it’s our day-to-day. It’s not all that we do – we have a domestic component that also does a very good job – but in the international realm, we’re known for understanding how to onboard international clients, which is not easy from a compliance standpoint, as well as adhering to a set of policies and regulations that we must follow.”

AVID ACCLIMATION

Servicing global clients is not a one-sizefits-all proposition. Different Miami banks take care of their foreign clients’ interests

There are a few banks in town that know how to [service foreign clients] fairly well. We’re one of them...

ABEL IGLESIAS, LEFT, PRESIDENT AND CEO OF INTERNATIONAL FINANCE BANK

in a diversity of ways, according to, among other variables, clients’ personal and business needs, their net worth, and their countries of origin. Pacific National Bank’s CEO and President Carlos Fernandez-Guzman explains that banking habits vary from country to country, noting that it is challenging, for example, to penetrate the Brazilian market.

“Brazilians try to bank only with Brazilian organizations,” he says. “They tend to gravitate toward institutions and entities that are of Brazilian origin and have Brazilian management.” So which nations are most commonly represented among Miami banks’ clientele?

“We’re seeing a lot of growth from Ar-

gentina in terms of international deposits,” Macedo says. “And the Dominican Republic is booming. The country is becoming quite prosperous. Mexico is also growing very fast, as well as Chile and Colombia.” He says that high-net-worth clients from the Dominican Republic, Mexico, and Argentina are especially visible. “I always say that when Latin America does well, Miami does well, and when Latin America does bad, Miami does better. I believe they have their challenges with their local banks – their servicing is not the most efficient in the world. American banks service them a lot better, and they’ve noticed that.”

One common client narrative is that

We’re seeing a lot of growth from Argentina in terms of international deposits. And the Dominican Republic is booming. The country is becoming quite prosperous. Mexico is also growing very fast, as well as Chile and Colombia...

CARLOS FERNANDEZ-GUZMAN, LEFT, CEO AND PRESIDENT OF PACIFIC NATIONAL BANK

international visitors begin as depositors, and once trust is developed, banking activity grows from there. Jose Cueto, president of Grove Bank & Trust (at nearly a century old with its origins in Coconut Grove, its the longest-running bank in Miami-Dade County), notes that the lifestyle appeal of South Florida is what turns foreign nationals into depositors in the first place.

“We have programs for nonresidents who are coming to live in the United States, both on the commercial and residential side, and this reflects the attractiveness of living in South Florida,” he says. Cueto sketches out a typical sequence of events: “For example, it starts with a prominent real estate family in Argentina, and slowly they start investing in real estate in the United States – they want to diversify, they don’t want all their capital subject to sovereign risk – so they start investing in real estate. We can certainly help them with that, and then eventually they buy an apartment here for themselves and they live in it for half the year, and then a couple of years later they’re living here full time.”

REAL ESTATE CLIENTS

Ocean Bank’s Macedo also describes the ways in which foreign clients begin as simple depositors, and then their needs – which typically focus on real estate – dictate ensuing stages: “The next step is to finance whatever they’re trying to do,” he explains. “Sometimes they come in and buy a small apartment building and we finance it straight-up. Sometimes they buy investment properties in shopping centers. We have a handful of clients who have done some international trading. But, in general, the normal typical Latin American client likes to come in and invest in commercial real estate.”

Macedo says that Ocean Bank excels

in construction loans. “We’re not seeing that much small business investment with the international clients,” he says. “Instead, usually they come in with their own capital and they initiate the business. After a couple of years, we finance the expansion of those businesses.” In terms of construction loans for international clients, “we force them to get a payment of performance bond from the contractors, to guarantee that the construction will be done correctly. We perform the inspection. So, we’re helping them through the construction process and have been very successful with international customers, especially when they come here to develop.” Ocean Bank, which was founded in 1982, is opening a new branch in Boca Raton, with another on deck in Doral.

Grove Bank & Trust’s program specifics are meant to ease the transition from visitors to banking clients. “We have residential lending products that are geared to second homes and investments for nonresidents,” Cueto says. “They have a particular set of structure pieces and conditions that are different from domestic client transactions. One of the characteristics is slightly lower leverage, plus reserves, which allows a foreigner to avoid coming into this country and buying a home with 100 percent cash, enabling them to be a participant in this real estate market.”

International Finance Bank’s Iglesias also emphasizes real estate activity. “We have clients that need to close on the acquisition of real estate. A lot of them bring capital into this country, particularly in South Florida, to invest in real estate either for themselves personally or for a commercial-type platform, and getting those funds to sellers, getting those funds to closing agents, moving that money to its rightful location – that is something we do every day.”

Miami encompasses a real estate landscape humming with activity, yet top bankers insist there’s a lot of money on the sidelines, with clients anticipating further interest rate cuts. The next few years are likely to experience more moving and shaking. “We’ve seen a little pickup in activity,” Cueto says. “I think there was around a 15 percent increase in applications nationwide and certainly we felt that here in South Florida [after the Fed started cutting rates]. I also think folks understand that this may be the first of many cuts. Many folks try to time this market, and there’s still a thesis that rates will go lower, and I think as they go lower, we expect activity to pick up with each subsequent cut.”

DIGITAL SAVVY

International clients and digital banking are inseparable topics. Several top banking executives note that some countries – and their clients – demonstrate a sophistication in online banking that equals, or exceeds, that in the U.S.

“I think that the mistake we make in this country, and in banking in general, is to think that we’re more sophisticated than other banks in other countries,” says Iglesias. “The truth of the matter is that we’re not. The error that we could potentially be making is to think that level of sophistication doesn’t exist in our clients. It doesn’t matter if you’re in Peru or Ecuador or Guatemala, the digitalization is happening. In Spain or in Europe in general, I think it’s a lot more common than perhaps we give it credit for. The market is going to force you to move in that direction.”

Iglesias says that there are clients who are uniquely suited to take advantage of International Finance Bank’s digital rails. However, “others that are still not quite there. It depends on who you’re dealing with, depending on the country, depending on the generation. There are generations that still like working the traditional way through wire transfers, and we do a phenomenal amount of that volume. It’s the younger generations that are more adept in digital

We have digital platforms and a lot of tools in place that will permit international clients to open accounts without ever having to physically come into a bank location...

JOSE CUETO, ABOVE, PRESIDENT OF GROVE BANK & TRUST

world. They love using Zelle, for example.” Wire transfers just might soon be a thing of the past. “Twenty years from now, I think the wire transfer will go the way of the check,” he says. “The technology is certainly moving in that direction. I don’t think it will disappear completely. Especially when we’re talking about large sums of money, I think the wire transfer still offers you safety and security, because they’re traceable and a lot easier to recall.” Digital platforms, he explains, don’t offer that level of safety.

Cueto also emphasizes increased digitalization. “We have digital platforms and a lot of tools in place that will permit international clients to open accounts without ever having to physically come into a bank location, though we certainly want to meet

with them. There are checks and balances and controls to enhance our need for due diligence and help us understand who these clients are. But, generally speaking, the days of international clients actually having to come into a bank to open an account – that’s not necessarily the way that banks operate anymore. Generally, most banks handling international clients are using digital platforms to enable the interaction with clients to be much more efficient and smooth – and less time-consuming.”

DIFFERENT STYLES

While global client comfort is near-universal as it regards digital banking, Pacific National Bank’s Fernandez-Guzman notes that international clients are discerning, with many enlisting different banks for different needs. “The international clients are very savvy for the most part, so they will tend to use the banks appropriately for liquidity that needs to be accessible and safe within the FDIC boundaries – and they can be protected beyond that with different programs that the banks have in hand. But clients also understand that they need to look at the brokers and other types of investment advisors to get a complete and total array of services; they’re not unidimensional at all.”

An à la carte mentality is typical. “Cli-

ents are discerning, based on best-in-class for each specific function,” Fernandez-Guzman says. “They will go to a trust entity for trust services, they’ll go to an investment house and brokerage operation for those services, they’ll use a bank for traditional banking services. They’re much more fragmented in that respect than an American consumer” who is more apt to use one bank’s disparate departments.

“There are levels of expertise that are specific to a function,” he adds. “Otherwise, it’s like saying, ‘I’m going to have my general doctor do heart surgery.’ We don’t have licensed personnel, so we don’t provide investment advice. We do not have a trust department, and that’s by design, because we don’t see our expertise as trust operations. We are true bankers that provide access to liquidity placement in the safest fashion possible with the highest possible return, but we don’t compete with the folks that are advising on stocks and bonds.” Fernandez-Guzman stresses Pacific National Bank’s liquid products: “Our money market high-interest checking accounts hover in the 4.75 percent to 5 percent range.”

Fernandez-Guzman says that in general, the most discerning clients are from Spain, and that Europeans tend to be more sophisticated than Latin American and Ca-

Having been in this business for quite some time, we have come to understand their needs, but not every Latin country is equal ...

PEDRO PARRA, ABOVE, EXECUTIVE VICE PRESIDENT AND HEAD OF INTERNATIONAL BUSINESS AT AMERANT BANK

ribbean clients. Still, he praises the savvy of Argentine (“among the very top”), Chilean, and Colombian clients, as well as clients from Costa Rica and Panama. “In the old days,” he says, “Venezuela was among the top in the hemisphere. Today, not so much because of the condition of the country and the situation with the regulatory environment and how these clients are treated from a risk perspective.”

As Amerant’s Parra – who was born in Caracas – says, “Having been in this business for quite some time, we have come to understand their needs, but not every Latin country is equal, and not every Latin American is the same. But they have a common goal, which is to preserve their wealth and secure it with someone who understands their culture. And Miami is that.” l

MIA’S $9 BILLION TRANSFORMATION

Preparing for explosive growth, Miami International Airport (MIA) is undergoing a remarkable metamorphosis

BY OSCAR MUSIBAY

Call it a classic case of growing pains.

Miami International Airport has been growing by leaps and bounds for the last decade, resulting in last year’s record 56 million passengers and 3 million tons of cargo, making it the busiest international airport in the U.S. for cargo, and second only to New York’s JFK for international passengers. Last year saw more than 4 million new passengers, and 250,000 more tons of cargo.

What hasn’t kept up is the physical infrastructure to accommodate that surge, in everything from aging escalators to shrinking parking capacity and limited cargo facilities. Even the bathrooms are becoming outdated, the quality of which is the top customer satisfaction metric among passengers. That is all about to change – and just in time, with passenger flow expected to reach a staggering 77 million by 2040. By then, however, MIA’s ambitious $9 billion plan to transform itself will be complete. In a construction boom that is already underway, the airport is rolling out an ambitious series of upgrades and innovations that promise to reshape the travel experience for visitors and

RENOVATION OF A PASSENGER MOVER BETWEEN TERMINALS

the flow of goods for shippers. From cutting-edge artificial intelligence solutions to more shopping options and expanded cargo facilities, MIA’s transformation reflects its growing status as a global aviation powerhouse and its critical role in the region’s economy, where it generates approximately $118 billion annually. The extensive changes represent a comprehensive effort to position MIA for continued growth in the decades ahead, with most projects due for completion over the next five years; the last of them – a new concourse that will alone cost nearly $1 billion – is set to finish by 2034.

Miami-Dade Mayor Daniella Levine Cava, a tireless advocate for airport upgrades, says MIA’s growth is directly related to Miami’s evolution as an international destination for visitors attracted by its culture, hotels, restaurants, and luxury lifestyle offerings, plus its recent growth as a financial and technology hub, along with international events like the World Baseball Classic, Miami International Book Fair, Latin Grammys, FIFA World Cup, Art Basel, F1 Miami Grand Prix and Inter Miami CF captained by soccer GOAT Lionel Messi.

“We are emerging as one of the top three metros in the world, along with Dubai and Singapore. I call us `Paradise Rediscovered,’” says Levine Cava. “With that, we have an airport that‘s not brand new. We have other places that we’re competing with in the world that have brand new airports, and none of them are growing at the pace we’re growing, at seven percent year-over-year.”

For both passengers and cargo, MIA enjoys an invaluable geographic location as the hub of the Americas. Over 60 airlines serve more than 180 destinations, and for many cities in Central and

We have an airport that‘s not brand new. We have other places that we’re competing with in the world that have brand new airports, and none of them are growing at the pace we’re growing, at seven percent year-over-year.

DANIELLA LEVINE CAVA, MIAMI-DADE MAYOR, SHOWN ABOVE WITH MIA DIRECTOR AND CEO RALPH CUTIÉ

South America, it is easier to travel via a Miami connection than with a direct flight. The result is a huge economic impact. According to MIA Director and CEO Ralph Cutié, the airport generates about $118 billion in business revenue statewide, and about 700,000 direct, indirect, and related jobs across Florida. “So, what does that make us? Between passengers and cargo, we are not only the county’s, but the state’s number one economic engine,” he says.

On the cargo side, Cutié points to Miami’s dominance in the perishables market as the secret sauce. “The perishables market is ours,” he says, “because, number one, we have unmatched cold storage facilities. We have about 466,000 square feet of cold storage facilities on property, and quite a few more off property, with dozens of freight forwarders and logistics operators nearby.”

To maintain its dominance, MIA has partnered with PortMiami to create a $79 million state-of-the-art phytosanitary treatment and cold chain processing facility at the airport to sanitize incoming

THE TERMINAL PROJECTS

perishables like flowers and fruit, and to provide cold storage for them. “Ninety-one percent of all the flowers that enter the United States come to this airport,” summarizes Cutié. “About 55 percent of all the fish, salmon from Chile and other places, comes through this airport. Sixty-five percent of all the fruit and vegetables that come into this country, come through this airport.”

To continue flying in this rarefied air, MIA has undertaken a 10year, $7.4 billion capital improvement program (CIP) to expand and modernize terminals and concourses, add gates, build new garages, and construct a vertical cargo facility. Add to that another $1.7 billion “Modernization in Action Plan” that will target deferred maintenance for infrastructure like roofing, elevators, escalators, moving walkways, and passenger bridges that connect the terminal to aircraft.

The airport’s latest infrastructure project, a $136 million parking garage expansion, broke ground in early 2024 and is set to augment parking capabilities when completed later this year. The ambitious seven-level structure will offer 2,240 parking spaces, including specialized accommodations for 34 oversized vehicles, 34 ADA-compliant spots and 50 electric vehicle charging stations. The new garage will seamlessly connect to the existing Flamingo Garage through dual vehicular and pedestrian access points on each level, and feature high-tech tracking systems to monitor traffic flow and elevator movement.

TECH INNOVATION TAKES FLIGHT

The garage extension is just the tip of the iceberg for tech enhancements at the airport. To accommodate growth, MIA is betting in part on technology sourced through the Miami-Dade Innovation Authority (MDIA), a program inspired by similar initiatives that Mayor Levine Cava discovered during a 2022 trade mission to Israel. MDIA will invest $100,000 in funding into each company to support testing their technology at MIA with the aim to scale these solutions to airports globally afterwards. Maurice

THE BIG PROJECTS

THE BIG IMPROVEMENTS

THE NEW PASSENGER EXPERIENCE

The top priority of any airport is passenger safety. The next priority is the passenger experience – which includes things like basic comforts and ease of transit.

That experience is a top priority as Miami International Airport re-invents itself. Plans include wider terminal concourses for less congestion, with more natural light. Moving equipment will operate with real time and predictive AI technologies that prevent breakdowns. Boarding bridges connecting planes to concourses will be walled with glass for a less claustrophobic feeling. More TSA lines will be added for quicker security checks, and more garages will ease the parking crunch. A new Westin airport hotel will emphasize “wellness” programs for passengers. The list goes on.

Already unveiled is a new Central Terminal airline check-in area that includes self-service bag drop technology, a “future-ready project that elevates the overall experience for passengers,” says Miami-Dade County Mayor Daniella Levine Cava. Private concessionaires are also joining in, with luxury lounges being installed by British Airways and Turkish Airways. Perhaps most welcome by weary passengers in transit: “Sleeping Centers,” enclosed rooms in concourses by Hotelzo, LLC, which will charge $36 per hour for a single and $60 per hour for a double room. The company expects to install some 70 such sleep modules beginning this year.

Jenkins, Chief Innovation and Customer Experience Officer at the Miami-Dade Aviation Department, says MIA also conducted a successful trial of virtual queueing in 2022, allowing passengers to pre-schedule their Transportation Security Administration (TSA) checkpoint screening time, and is now working with TSA to get approval for deployment.

Another innovation is a new perimeter intrusion detection system (PIDS) which detects airport perimeter breaches in real time. MIA is the first test site chosen by the Transportation Security Administration (TSA) for the system, which uses fiber-optic sensors, video surveillance, laser walls, ground-based radar and AI analytics to monitor the airport perimeter. The TSA has already funded installation of the system around 50 percent of MIA’s perimeter, with the remainder to be installed over the next two years. MIA is also partnering with the FTE (Future Travel Experience) Smart Ramp program to accelerate aircraft turnaround, where new autonomous digital technologies will be tested and shared with the International Airlines Group, says Jenkins.

With an eye toward improving passenger experience, MIA is focused on improving intra-airport conveyances and has allocated $681 million to that end. The challenge is that some transportation facilitators, like elevators, moving walkways, and escalators, require parts that are manufactured on demand. To avoid future supply chain bottlenecks due to wear and tear, MIA will use sensors to run these conveyances only when people are using them, instead of 247. Incorporating AI predictive technology, they hope to anticipate repairs rather than waiting for parts to fail. Bathrooms will also use real-time data to monitor the use of soap, paper towels and other materials to avoid shortages, and to direct janitors to clean spaces based on passenger traffic.

Jenkins is exploring additional strategies to improve customer experience, including augmented reality for navigating the terminal and biometric technology to make ticketing and security checks more efficient. One idea will make it possible for international passengers to have their baggage, already screened in London for example, travel directly to a connecting plane without having to check it in again.

Turning to the community at large for new ideas, the MDIA has for a second year issued an innovation challenge, ultimately selecting three cutting-edge companies from a pool of 136 applicants to test new concepts at MIA. This year’s winners: Miami-based RouteMe, founded by local resident Dimas Lipiz, to offer an AI navigation system with audio, text, and touch assistance, including pre-visit virtual tours for anxious travelers; UK-based Signapse to provide real-time AI sign language translations; and Toronto’s Mapsted to bring advanced wayfinding technology to its first U.S. airport.

THE GROWTH DRIVING CHANGE

Regardless of technology advances, the airport requires the brute force of sheer physical expansion to accommodate growth. The largest of such projects is the $746.4 million Concourse K Expansion, which breaks ground in the fall of this year. Slated for completion in Spring 2029, this essential project will enhance the airport’s capacity with six new domestic narrow-body aircraft gates and expand the post-security concessions area, offering travelers more dining and shopping options beyond the security checkpoint.

The numbers tell the story of why the airport needs to expand. In 2023, MIA shattered previous records with 52.3 million passengers passing through its terminals, marking a 3.2% increase from

“SLEEPING CENTERS” IN THE CONCOURSE BY HOTELZO

IN ACTION: THE MIA $9 BILLION INFRASTRUCTURE UPGRADE

2022. That surge was primarily driven by international travelers, with overseas traffic jumping 8.5% to 23.2 million passengers. While domestic travel saw a slight 0.5% decrease to 29.1 million passengers, this still significantly exceeds the 23.5 million preCovid domestic travelers recorded in 2019, demonstrating Miami’s enduring appeal as a destination despite increased competition from Europe, Asia, and the Caribbean.

Although all the numbers for 2024 are not in, overall traffic is expected to hit 56 million passengers. Cutié says that MIA has grown international travelers by 9 percent from 2023 and has seen growth of more than 120% since the pandemic, when both domestic and international travel is combined.

American Airlines, the airport’s dominant carrier, played a vital role in this growth, serving 31.4 million passengers in 2023 and reaching an unprecedented 390 peak-day flights. Delta Air Lines has also expanded its presence, connecting Miami to every one of its hubs in the U.S., with 38 peak-day departures to 13 destinations. The arrival of new carriers such as Germany’s Condor Airlines and Spanish carrier LEVEL, further cements MIA’s position as a global connector. The airport is now home to an impressive roster of 94 passenger and cargo airlines.

As of the fourth quarter of 2024, there were 186 non-stop destinations served from MIA, with 79 in the U.S. (putting it at the top of U.S. airport rankings), 45 in the Caribbean and Bahamas (ranking it second), and 24 in Europe, the Middle East and Africa (ranking it third). If conversations turn into agreements, MIA could soon have a direct flight to Tokyo. First to take ad-

vantage of it could be Japan’s national baseball team, which won a third World Baseball Classic title in 2023 after flying a charter to Miami.

INFRASTRUCTURE UPGRADES

MIA has taken flak in recent years due to infrastructure snafus. But that is quickly becoming yesterday’s news. The Skytrain, for example, which serves passengers at 60 gates in Concourse D, closed in September 2023 due to cracks in concrete supports for the train. Three of four stations have since reopened and the fourth is scheduled to open this summer.

The airport’s maintenance issues, including problems with elevators and escalators, prompted Mayor Levine Cava to address these concerns directly with new funding. “We had a period of time in which maintenance was not prioritized,” Levine Cava told Global Miami. “We have to make up for that lost time.”

Some help is on its way from the federal government. A recent $27 million federal infrastructure grant, part of a $1 billion national airport improvement initiative, places Florida at the forefront of aviation infrastructure development. The state received more funding than any other in this round, highlighting MIA’s strategic importance in the national aviation infrastructure. The funding will support two critical projects: $12 million for the Concourse E-Satellite people mover renovation, and $15 million for the Central Terminal ticket counter modernization (see sidebar).

PASSENGER TRAFFIC IS EXPECTED TO REACH 57 MILLION IN 2024, AN INCREASE FROM 52.3 MILLION IN 2023. AMERICAN AIRLINES WAS THE DOMINANT CARRIER LAST YEAR WITH 31.4 MILLION PASSENGERS.

That is only a sliver, however, of the $1.7 billion “Modernization in Action Plan” to upgrade bathrooms, elevators, escalators, moving walkways, and passenger boarding bridges. MIA has 128 of these bridges, which are all being overhauled to accommodate glass walls that will provide easier maintenance for airport staff and stunning views of Miami for passengers embarking or disembarking from aircraft. And nearly 50 of the terminal’s 447 bathrooms have already undergone renovations as part of the program; all are scheduled to be upgraded for what Cutié calls “one of the first experiences for arriving passengers.”

The airport’s hospitality landscape is also set for a major upgrade with a new Westin hotel. The joint venture between Fontainebleau Development LLC, led by Jeffrey Soffer, and The Related Companies, chaired by Miami Dolphins owner Stephen Ross, won a competitive selection process to construct a new 520-room hotel connected to the North Terminal. The project represents a significant long-term investment, with the 50-year lease expected to generate $240 million in revenue for the county. The facility will offer a rooftop restaurant with 360-degree views, an outdoor pool deck, day suites for passengers resting only a few hours, and fitness studios.

CARGO CAPABILITIES & THE FUTURE

Last but not least, MIA’s cargo capacity, increasingly important to its success, will be addressed. A future four-story Vertically Integrated Cargo Community (VICC) planned by Miami Gateway Partners, LLC represents a bold bet on continued growth in this sector. This $400 million, 800,000-square-foot facility on 11 acres of airport land will increase the airport’s storage capacity to about 4.5 million tons, an increase of 2 million tons over current capacity. The project’s economic impact will extend beyond the facility

RENDERING

itself. Under the 40-year lease agreement, Miami Gateway will pay at least $512 million in total revenue to the county. It’s also going to be a job creator: The development terms mandate that 60 percent of design and construction firms be headquartered in Miami-Dade, ensuring local businesses benefit from the expansion.

The cargo growth story is particularly evident in Latin American trade. LATAM Cargo’s decision to add routes between Miami and Brasilia, along with increased Miami-Florianópolis service, underscores MIA’s role as the airline’s biggest cargo market. DHL Express’s expansion into Argentina service, with aircraft capable of carrying 52 tons of cargo six days a week, further strengthens Miami’s position as a mighty logistics hub. Indeed, last year’s bounty of 3 million tons of cargo shipments broke the record again for MIA.

Miami International Airport’s transformation represents more than just physical changes to the facility, however. It reflects Miami’s evolution into a global city. The combination of technological innovation, infrastructure improvements, and expanded services reinforces MIA’s position as a key gateway between North America, Latin America and Europe. From AI-powered navigation solutions to expanded cargo capacity, the changes at MIA blend innovation with the airport’s historic role in connecting the Americas.

As Cutié notes, these investments represent a generational investment designed to elevate the airport experience and its services for years to come. For the millions of travelers who pass through its terminals each year, these changes promise not just a more efficient and comfortable journey, but an experience that reflects Miami’s ambitious vision for its future. l

OF THE PROPOSED VERTICAL CARGO FACILITIES THAT WILL ADD 800,000 SQUARE FEET OF STORAGE AT MIA. THE LARGE GROWTH IN CARGO IS EVIDENCE OF INCREASED LATIN AMERICAN TRADE.

The Miami-Mexico Connection: New Opportunities

FROM GROWING TRADE TO DIRECT INVESTMENT IN BOTH DIRECTIONS, THE MIAMI-MEXICO LINK GAINS STRENGTH SPECIAL REPORT

WHERE 2023 SAW BILATERAL TRADE BETWEEN THE PORT AND MEXICO REACH $383 MILLION, UP 35.91% FROM THE PREVIOUS YEAR.

PORTMIAMI:

Miami-Mexico Trade is Closer Than Ever

BY YOUSRA BENKIRANE

Just 20 minutes from Brickell City Center, the gleaming new Plaza Coral Gables reflects more than just the light glinting off its Mediterranean façade. It symbolizes the growing impact of Mexican investment in Florida, and the growing relationship between Greater Miami, Mexico City and the Mexican gulf ports that ship products to the U.S.

The Plaza Coral Gables, in the heart of this suburban multinational community, is the latest project by Agave Holdings, the U.S.-based real estate subsidiary of Mexico’s storied Cuervo family. Backed by decades of entrepreneurial expertise in U.S. real estate – including office buildings in Chicago, New York and elsewhere in the Gables – Agave Holdings has delivered this posh Miami-Dade municipality its largest mixed-use development to date: a $600+ million, 2.5-million-square-foot project that’s redefining its role as a hub for global businesses. A mixed-use project with apartments, restaurants, stores, the new LOEWS hotel and open public space, it has two office towers now fully leased with clients like Bacardi, Apple, Bradesco, Raymond James, PNC Bank, and Oppenheimer.

“The success was expected,” says Carlos Beckmann, Managing Director of Agave Holdings and a proud steward of the Cuervo family legacy. Beckmann began overseeing the project after years of experience directing the construction of everything from Miami’s federal courthouse to high-end resorts in the Caribbean and Latin America.

CARLOS BECKMANN, OF AGAVE HOLDINGS, OUTSIDE THE PLAZA CORAL GABLES

IUSA: Eyeing Expansion in Miami

Founded in 1939, IUSA is a household name in Mexico. Over the years, the privately held company has expanded its reach, diversifying into energy, manufacturing, and even agriculture. Globally, it employs more than 30,000 people, with its U.S. presence now numbering over 2,000 employees, including about 15 in Miami.

While Miami might not host its factories or large-scale logistics centers – that’s Texas and Pennsylvania territory – it serves a critical role: connectivity. From its executive hub in Miami’s Brickell district, IUSA oversees operations across the Americas, ensuring its products, strategies, and partnerships seamlessly span the hemisphere.

It’s IUSA Water, however, that has made the company a name to know in South Florida. This division focuses on water sub-metering, a rapidly growing niche market spurred by recent regulatory changes. Thousands of residential units across Miami-Dade, Broward, Palm Beach, and Monroe counties now rely on IUSA’s state-of-the-art meters, which allow for more accurate water usage tracking.

“What started as a pilot program has turned into a major part of our U.S. strategy,” says Director of International Sales at IUSA Luis Garcia-Fanjul. “We’ve carved out a niche in this market by delivering both the product and the expertise needed to meet local demand.”

While some firms see Miami as a stopover, IUSA has learned that it’s not just a gateway for Latin America but a destination for its leading companies. The company is now exploring deeper investments in South Florida, including a potential manufacturing facility and distribution center.

Back in 2015 he was tapped by Mr. Juan Beckmann, CEO of the company that makes José Cuervo tequila, which had been strategically expanding into high-growth U.S. real estate markets like Miami.

Beckmann had previously worked in Texas, a place where he says Mexican workers “many times end up being second-class citizens.” For him, “Miami was very refreshing,” a place where the Hispanic community is so proud of their heritage that they speak Spanish rather than English. “That doesn't happen in Texas or New Mexico or Arizona,” he says. That welcoming culture was just one of the reasons why Agave Holdings bet big on South Florida. “Miami has always been the gateway,” he says. “It’s not just the connection to Latin America; it’s the Caribbean, the East Coast, and beyond. For Mexican companies, it’s the best in the hemisphere.”

Traditionally focused on California and Texas, Mexican firms are now looking eastward, drawn by Miami’s surging economy and unique Latin American connectivity. They are also looking to South Florida – both Miami and Fort Lauderdale – as entry points to the U.S. East Coast markets and links between these two powerhouse economies.

MEXICAN FDI IN FLORIDA

The economic ties between Florida and Mexico have solidified in recent years, as Mexican investment continues to play an important role in the state’s growth. Since 2021, Mexico has been the 13th-largest foreign investor in Florida, with Mexican-owned companies employing 24,200 Floridians, and is accounting for a growing slice of Mexico’s total FDI in the United States, which stood at $38.3 billion in 2023.

In South Florida, several high-profile Mexican companies have established a strong presence. IUSA, a Mexican industrial conglomerate, has brought its expertise to South Florida more than a decade ago through its subsidiary, IUSA Water. The company’s Director of International Sales, Luis Garcia-Fanjul, says that a local law requiring individual water meters in new construction fueled their expansion, with operations now spanning Miami-Dade, Broward, Palm Beach, and Monroe counties.

Garcia says their business model focuses on selling water meters directly to homeowners’ associations, who manage water usage in multi-unit buildings. “Miami-Dade County doesn’t supply meters to apartments; they don’t want to deal with it. That’s where we come in,” he says, emphasizing IUSA’s unique position as both a licensed vendor and the sole manufacturer of its own products in the market. While the meters are currently made in Mexico, Garcia confirmed plans to begin manufacturing in Florida due to growing demand (see side bar).

Grupo Mexico’s $2.1 billion acquisition of the Florida East Coast Railway (FEC) in 2017 marked another significant milestone in Mexican investment in Florida. The deal, which made Grupo Mexico the largest Mexican investor in Florida, has created a vital logistics artery for the state. “We own 361 miles of railroad that runs from Jacksonville to the Port of Miami,” said Luis Hernandez, who is Vice President of intermodal sales for FEC, a fully owned subsidiary of Grupo Mexico Transportes. The railway is a lifeline for goods ranging from construction materials to consumer products for major clients like Walmart and Amazon.

Hernandez says the decision to acquire FEC stemmed from Florida’s strategic importance. “The FEC came to be the best return on investment, the best place to be,” he said, adding that Florida’s rapid economic growth made it an attractive target. Beyond transporting goods, FEC has allowed Grupo Mexico to test and implement innovations that are applied back home – solutions for managing rail crossings in densely populated areas, for example, a unique challenge in Florida.

LUIS GARCIA-FANJUL, IUSA DIRECTOR OF INTERNATIONAL SALES

We’ve been working to leverage our relationships with customers in Mexico that export to the U.S. and help them find the most efficient ways into Florida.

LUIS HERNANDEZ, ABOVE, VICE PRESIDENT OF INTERMODAL SALES FOR FLORIDA EAST COAST RAILWAY (FEC)

Grupo Mexico’s acquisition has also strengthened trade between Mexico and Florida. By using its ownership of railroads on both sides of the border, the company facilitates the movement of goods like Mexican beer brands Corona and Modelo. “We’ve been working to leverage our relationships with customers in Mexico that export to the U.S. and help them find the most efficient ways into Florida,” said Hernandez.

Other Mexican companies are also discovering a growing market in Florida, where their products resonate with Latin American consumers. A prime example is Grupo Bimbo, one of the world’s

largest bread manufacturing companies with a presence in over 33 countries. Listed on the Mexican Stock Exchange, the company boasts an annual sales volume of $15 billion. “A lot of the types of breads, pastries, and snacks they make are very attractive to the Latin taste in Miami,” says Kenneth Smith Ramos, Chairman of the U.S.-Mexico Bilateral Committee for COMCE (Mexico Foreign Trade Council). Cinepolis, Mexico’s world-class cinema chain, also found fertile ground in Miami; its Dallas-based U.S. arm added a cineplex in Coconut Grove, one of 26 theaters it now operates across states including Florida, Southern California, New York, and Texas.

Greater Miami is also home to other prominent Mexican enterprises. Mexican-owned media giants Televisa and Univision, which merged in a landmark deal in 2021, have a strong foothold in South Florida with news and entertainment networks. But no story about Mexican investment in Florida would be complete without Cemex, Mexico’s largest cement company, the world’s third largest producer, and a heavyweight in Florida’s construction industry. Its sprawling Miami Cement Plant, acquired as part of a 2007 global deal to take over the Rinker Group, supplies the raw material for Miami’s highrise skyline and Florida’s insatiable demand for new construction.

Overall, Cemex’s footprint includes a robust network of ready-mix plants and distribution centers throughout Florida. The company employs over 3,000 people statewide, 600 in Miami, at 32 plants that contribute to economic growth and sustainable building practices. (In Miami, for instance, Cemex is investing in technologies that reduce the carbon footprint of its cement production.)

Eugenio Lopez Negrete, a Mexican industrial engineer and founder of Quantum Business Brokers, has spent years facilitating cross-border transactions for companies aiming to grow through

THE MIAMI PLANT OF CEMEX, MEXICO’S LARGEST CEMENT COMPANY WHICH EMPLOYS 3,000 PEOPLE IN FLORIDA.

acquisitions. “Florida is super pro-business,” he explains. “Starting from Florida is a better launchpad than starting from any other state because of the pro-business ambience here and the availability of different business alternatives, especially logistic providers.”

Lopez says that while Mexican businesses has traditionally expanded into the U.S. via the West Coast, Florida’s advantages have shifted this dynamic. “We found that there are already some U.S.-wide businesses based in Florida that are very successful in growing into the whole United States,” he says. When you add South Florida’s Spanish-speaking population and Latin-influenced business culture, “Miami is a much friendlier way to enter the United States,” he says. Additionally, Miami’s role as a logistics hub cannot be overstated. “The cost of logistics makes more sense having Miami in the middle for their global expansion, meaning not only the U.S., but for Europe and the rest of Latin America,” Lopez says.

Mowery & Schonfeld, a tax and advisory firm with a strong presence in Miami, also works to structure and optimize business operations for Mexican companies entering the Florida market.

Ricardo Williams, International Tax Principle and Market Leader at Mowery & Schoenfeld, emphasizes the importance of understanding regulatory and tax requirements early on. “Taxes play a very significant role—over one-third of whatever business you are planning to do,” he says, noting the firm’s connections through GGI, a global alliance of tax and advisory consultancies that also allow them to provide on-the-ground expertise in Mexico.

Lopez believes the Mexico-Florida relationship will only deepen in the coming years, especially as Florida solidifies its position as a hub for Latin American business. “The number of opportunities by being here are much better than being in an alternative location,” he says. Miami’s vibrant culture and reputation as a beautiful place to live and work further enhance its appeal. As Lopez puts it, “Why not do business from Miami? It’s fun—maybe more fun than many other options.”

THOMPSON HOTEL AND RESIDENCES IN MEXICO CITY BY THE RELATED GROUP, A PREMIER MIAMI REAL ESTATE DEVELOPER

Mexico has transformed into a country of engineers and highly qualified labor. Now we can supply much more than only apples and oranges.

GERARDO NORIEGA AVILA, ABOVE, CHAIRMAN-EXECUTIVE MANAGER

FOR MIAMI-BASED NEW DAY FOOD COMPANY,

CONSULTANT FOR INTERPORT

LOGISTICS

U.S. FDI IN MEXICO

Despite recent inroads by China, the United States remains Mexico’s largest source of foreign direct investment, accounting for nearly 39% of all FDI inflows into the country. As of 2023, U.S. investments in Mexico surpassed $144.5 billion, fueling growth across critical sectors such as automotive manufacturing, technology, aerospace, and retail. These investments support over 1.5 million direct jobs in Mexico, while also integrating the country more deeply into global supply chains. Major automakers such as General Motors, Ford, and Tesla are among the companies driving this development.

In South Florida, a lead investor in Mexico is Ryder Systems, a Miami-based logistics giant. Ricardo Alvarez, Vice President of Ryder’s Mexico supply chain operations, outlined the company’s strategic expansions in key regions. “We’ve invested heavily in border

MEXICO

UNITED STATES

The Shipping lanes to Miami, bypassing trucking across Texas

operations, including a new 220,000-square-foot warehouse in Laredo, Texas, and expanded yard capacities in Mexico,” he says. “These facilities are crucial for processing shipments smoothly and maintaining our trusted status with U.S. Customs and Border Protection.” Ryder’s operations span multiple industries, from automotive to aerospace and retail, reflecting the breadth of U.S. economic ties to Mexico. “We handle about 5,000 cross-border shipments per week, with 85 percent of those flowing through Laredo,” says Alvarez.

In Mexico’s real estate market, the biggest player from South Florida is The Related Group, one of Miami’s premier real estate developers. Related is replicating its South Florida luxury condo brand in Mexico with projects like the Thompson Hotel and Residences in Mexico City, a 43-story tower in the heart of Reforma, with a mix of hotel and residential units. “We’re bringing South Florida’s lifestyle to Mexico – right down to the architects and materials we use,” says Related’s Head of Mexico expansion, Jose Motta.

What’s even more striking is the cross-border appeal of these projects. Nearly 20 percent of buyers for Related’s Mexico City developments are from South Florida. “The trust in our brand travels with us,” Motta added. “We deliver on our promises, which is something not all developers in Mexico do.” Related is capitalizing on Mexico’s booming tourism industry as well, with projects from Cancun to Puerto Vallarta that cater to both local buyers and international investors. “Mexico is a big country with over 128 million people and growing tourism. In the coming years, we expect even more U.S. investment as the peso strengthens against the dollar,” said Motta.

The digital economy is also becoming an increasingly significant area for U.S.-Mexico collaboration, with Florida companies playing a key role in shaping the sector’s development. One example is ACI Worldwide, a Miami-based payments technology firm that has established a strong foothold in Mexico. “We enable real-time transactions for major banks and retailers across Mexico,” explains Alberto Olivares, ACI’s Head of Mexico Central America & Caribbean. “Miami connects us directly to Mexico’s growing market,”

COUNTRY SNAPSHOT: MEXICO

Population: Over 130 million (2023), the 10th most populous country globally.

Urbanization: 80% of the population lives in urban areas, like Mexico City (21 million), Monterrey (5.3 million), and Guadalajara (5 million).

GDP: $1.5 trillion (2023), ranking as the second-largest economy in Latin America and 15th globally.

GDP Growth: Averaging 3% annually in recent years, driven by manufacturing and exports.

Per Capita Income: Approximately $12,500 (PPP-adjusted).

Employment Sectors: Services (62%), industry (34%), agriculture (4%).

Connectivity: Extensive network of highways, railways, and 117 seaports.

MEXICO CITY

GUATEMALA HONDURAS

GULF OF MEXICO

CARIBBEAN SEA

CANCUN

ACAPULCO

Cargo Sea Route

ACI Worldwide: Creating E-transactions in Mexico

On the surface, Mexico City’s financial district hums with the traditional energy of a bustling metropolis. But a closer look reveals a quiet revolution unfolding in its payment’s ecosystem. Part of this transformation is from ACI Worldwide, a Miami-based payments technology leader that has made Mexico a cornerstone of its Latin American strategy.

For nearly five decades, ACI Worldwide has been a global pioneer in payments technology, creating software that powers financial transactions in over 80 countries. Headquartered in Miami, its work in Mexico exemplifies this trajectory, showcasing how Miami firms can fuel growth abroad. “Miami is our gateway,” says Alberto Olivares, Vice President and Head of Sales for Latin America at ACI Worldwide. “It connects us to Latin America in a way no other city can, giving us access to markets like Mexico that are ripe for innovation.”

In Mexico, ACI Worldwide is playing an integral role in moving the country toward a cashless future. Its technology now underpins 70 percent of Mexico’s e-payment transactions, from credit and debit card payments to real-time transfers. And the future promises more demand for faster, more secure electronic payment solutions – a market in Mexico that surged by 37.7% last year alone, a pace that outstrips many global counterparts.

“Real-time payments are about more than convenience—they’re about empowering economies,” Olivares notes. “In Mexico, we’re not just helping businesses grow; we’re supporting financial inclusion, enabling people in underbanked regions to access their money in ways they never could before.”

Mexico is our number one market. It’s a great market because of the demographic and

ideological convergence...

MICHAEL CARRICARTE, ABOVE, CEO OF OLÉ

Olivares added. Indeed, the alignment between South Florida’s tech expertise and Mexico’s digital transformation presents a dynamic area of opportunity (see side bar).

One company that understands this is Olé, a Miami-based life insurance company that is bringing its products digitally to a younger Latin American market, where the young company already has 10,000 policy holders. “Mexico is our number one market,” says Michael Carricarte, CEO of Olé. “It’s a great market because of the demographic and ideological convergence” of the U.S. and Mexico, he says. “There is a really strong emerging middle class that is thinking more globally and thinking in dollars and the long-term protection of U.S. dollars,” he says. “They are bilingual, watch the same TV shows, and order from Amazon.”

Mexico’s insurance market, once dominated by traditional methods, is undergoing a seismic shift toward digitalization, which Olé is capturing. “The average age of a [life insurance] policy holder in Latin America is fifty five,” says Carricarte. “For Olé, it’s thirty-seven. We are tapping into a whole new market. We digitize it, and simplify it, and make it both easy to sell and easy to buy.”

“Young professionals and foreign specialists are driving innovation, transforming an industry traditionally dominated by paperwork into one powered by technology,” says CEO of ProTG Internacional, Jacob Stavchansky. His firm is the global arm of Grupo ProTG, a Mexico-based insurance brokerage that operates

ALBERTO OLIVARES, VP OF SALES, LATIN AMERICA ACI WORLDWIDE

a network of 1,600 agents across the Americas. With offices in Miami, the firm expanded its reach through a 2017 merger with World of America, forming the Globalitas Group to strengthen its presence across the U.S., Mexico, and Latin America.

As part of this evolution, Grupo ProTG partnered with Olé Life, allowing customers to secure life insurance in minutes, eliminating the need for traditional paperwork or medical exams. “What might seem standard elsewhere is revolutionary in Latin America, and U.S. companies are uniquely positioned to capitalize on this transformation,” said Stavchansky.

This potential for deeper collaboration is perhaps most evident in Mexico City, the country’s epicenter for business and investment. “Last year [2023], Mexico City attracted $13 billion in foreign direct investment. This year [2024], we’ve already surpassed $14 billion,” said Manola Zabalza, Mexico City’s Secretary of Economic Development. The city’s connectivity – boasting over 30 direct flights to Miami –makes it a natural choice for Florida businesses looking to expand. Zabalza also points to the city’s focus on aligning talent with investor needs. “We work closely with universities to tailor programs for industries like biotech and creative industries. This ensures companies coming here have access to the talent they need,” she explained.

Indeed, Mexico has evolved from just an agricultural economy to an industrial powerhouse, producing high-value goods across sectors like aerospace, electronics, and health products. “Mexico has transformed into a country of engineers and highly qualified labor,” says Gerardo Noriega Avila, Chairman-Executive Manager for Miami-based New Day Food Company, and consultant for Interport Logistics. “Now we can supply much more than only apples and oranges.”

This industrial evolution has opened new opportunities for nearshoring and exports to the U.S., particularly with Florida. “For

Last year [2023], Mexico City attracted $13 billion in foreign direct investment. This year [2024], we’ve already surpassed $14 billion...

the last 25 years, most Mexican companies have focused on exporting to California and Texas – markets that are now very mature,” says Noriega. “But Miami is a point of entry to the entire Florida market, the cruise lines, the Caribbean, and even the East Coast.”

TRADE

In 2023, trade between Florida and Mexico reached an impressive $14.7 billion, surpassing the entire U.S. trade with countries like Portugal or Cambodia. While border states like Texas and California often dominate conversations about U.S.-Mexico trade, Florida has quietly emerged as a significant player for Mexican commerce. Kenneth Smith Ramos, the previous head of the USMCA (U.S. Mexico Canada Agreement) negotiations for the government of Mexico and a key figure in Mexico’s Foreign Trade Council (COMCE), emphasizes the vitality of this relationship. “Mexico is the U.S.’s number one trading partner, and Florida plays a substantial role in this dynamic. The trade between Florida and Mexico supports an estimated 300,000 jobs in Florida alone,” he says. While total trade with Florida grew by 8 percent last year, the more compelling story is the increase in trade between Mexico

MANOLA ZABALZA, ABOVE, MEXICO CITY’S SECRETARY OF ECONOMIC DEVELOPMENT

THE MEXICO CITY OFFICES OF PROTG INTERNACIONAL, PART OF GRUPO PROTG, A MEXICO-BASED INSURANCE BROKERAGE

and South Florida (comprising the Miami Customs District of Miami-Dade, Broward, and Palm Beach counties). In 2023, South Florida exported $1.44 billion worth of goods to Mexico, up 21.2% from the previous year. Top exports included aircraft parts ($260 million), computers ($126 million), and medical goods such as vaccines and blood products ($99.2 million).

On the import side, trade with South Florida totaled $1.1 billion, with leading categories being unspecified commodities ($223 million), refined petroleum ($129 million), and hard liquor ($104 million). While the 2023 total was down 16.3% from the previous year, this dip was short-lived. From January to October 2024, imports rebounded sharply, rising 24.8% to $1.1 billion, with a surge in unspecified commodities ($404 million) and steady demand for hard liquor ($97.8 million) and refined petroleum ($86 million). Exports during the same period reached $1.25 billion, up slightly by 0.43%, with medical goods ($172 million), aircraft parts ($169 million), and recreational boats ($148 million) leading the charge.

While trade with South Florida represents a relatively small slice of the state’s total trade, that is now changing rapidly as the sea routes between Mexico and South Florida are expanding. According to Manny Mencia, Chair of the World Trade Center Miami, 80% of the commerce between Florida and Mexico once relied on truck and rail transport. Goods were trucked across the border in Texas or California then loaded onto rail for distribution across the U.S, including Florida. However, most of that trade now moves by sea and air. Of the $14 billion in trade between Florida and Mexico, $9 billion is handled by seaports and airports, leaving only $5 billion – about 36% relying on land transport.

PORT EVERGLADES IS MEXICO'S 18TH-LARGEST TRADING PARTNER, WITH $377 MILLION IN BILATERAL TRADE.

We’re continually working to strengthen trade relations with Mexico which predominantly provides non-refrigerated cargo through our terminal customers.

JOSEPH MORRIS, ABOVE, PORT EVERGLADES CEO AND PORT DIRECTOR

PortMiami has seen dramatic growth in its waterborne cargo trade with Mexico, particularly with ports in Veracruz and Altamira. “Our trade with Mexico is growing in double-digit amounts,” says Andy Hecker, Assistant Port Director and CFO at PortMiami. In 2023, bilateral trade between the Port and Mexico reached $383 million, up 35.91% from the previous year.

At Port Everglades, the trade relationship with Mexico is also gaining momentum. As of 2023, Mexico ranked as the port’s 18th-largest trading partner, with $377 million in bilateral trade.

“We’re continually working to strengthen trade relations with Mexico which predominantly provides non-refrigerated cargo through our terminal customers.” says Joseph Morris, Port Everglades CEO and Port Director.

This growth in trade is being driven by several factors, including increased congestion at U.S.-Mexico land borders and the rise of “nearshoring” manufacturing closer to the Gulf of Mexico than the Rio Grande. But the salient factors are time and money.

The first is time. With new direct shipping routes from Mexican ports to Miami, transit times have been cut significantly—from 14 to 16 days to just a half dozen days. While the largest amount dollarwise of sea trade between Mexico and Florida goes to Jack-

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Mexican Nearshoring: The return of manufacturing

The rise of nearshoring – bringing lower cost overseas production closer to U.S. consumer markets – is not just reshaping the trade landscape between South Florida and Mexico; it’s heralding a broader revival of manufacturing across Latin America. For Mexico, this shift has been particularly transformative. “They’re manufacturing more things in Mexico now than they ever did,” says Gary Goldfarb, chief strategic officer at Interport Logistics. “Before China joined the World Trade Organization, Mexico was our manufacturing base. What wasn’t manufactured in the U.S. was manufactured there. That’s starting to come back.”

Mexico’s resurgence as a manufacturing hub is fueled by proximity, competitive costs, and a growing skilled workforce. Trade agreements like the USMCA have reinforced this, providing stable trade conditions that companies are leveraging to shorten supply chains. Industries in aerospace, automotive, and high-tech manufacturing are thriving, with Mexico now serving as a primary alternative to Asia for companies expanding operations.

For South Florida, Mexican nearshoring is poised to drive significant trade expansion in the years ahead. However, the stability of this relationship depends on maintaining and strengthening the USMCA. “There’s political turbulence that could come from a second Trump administration, including threats of tariffs on Mexico and Canada,” cautions Kenneth Smith Ramos, chair of the Mexico-U.S. Bilateral Business Committee at COMCE. “One main priority should be eliminating trade irritants between our countries and raising awareness of our economic interdependence… Many communities in Florida may not realize how much their jobs depend on trade with Mexico.”

sonville (largely in the form of imported automobiles), shipping to Miami is three days quicker from Veracruz and two days quicker from Cozumel. “This is a game-changer,” Hecker says. “The shift to direct services has provided better reliability, lower costs, and a quicker turnaround, which creates free cash flow for companies—a major advantage.”

Next is money. Gary Goldfarb, Chief Strategic Officer at Miami- based Interport Logistics, says that using Miami as a port of entry for shipping to cities like New York would slash expenses. According to Goldfarb, it costs roughly $15,000 to move goods over land from Mexico to U.S. East Coast cities, while it costs about $2,000 to ship the same goods to PortMiami and then another $3,000 to truck or rail them up the coast. “The right thing to do is get Mexican trade through PortMiami,” he says.  “It’s absolutely the most logical thing in the world.”

Port Everglades is also positioning itself to expand containerized cargo capabilities for manufactured goods from Mexico’s gulf ports. “Nearshoring is no longer just a trend; it’s a permanent shift,” says Robert Barceló, Senior Manager of Business Development for Port Everglades. “We’re seeing significant investments in our infrastructure to accommodate this growth, including the completion of the Southport Turning Notch extension, which added five new berths and increased our crane capacity. These upgrades are designed to attract more logistics firms and support the growing demand for nearshoring partners.”

Hecker also sees the rise in Mexican nearshoring as pivotal for trade, replacing longer, more vulnerable supply chains from Asia. “What we’re seeing is not a tsunami of cargo but a steady, sustainable shift,” Hecker explains. “As older factories in Asia reach the end of their lifecycle, companies are looking to Mexico and Latin America for expansion opportunities. This is especially true for

MIAMI CUSTOMS DISTRICT TRADE NUMBERS

JAN-OCT 2024 EXPORTS: $1.25B (up 43%)

JAN-OCT 2024 IMPORTS: $1.1B (UP 24.8%)

2023 EXPORTS: $1.44B (up 21.2%)

2023 IMPORTS: $1.1B (down 16.3%)

GARY GOLDFARB, CHIEF STRATEGIC OFFICER, INTERPORT LOGISTICS

high-value sectors like automotive, aerospace, and medical devices.” For companies like Ryder, the nearshoring movement has prompted significant investments in infrastructure to handle increased demand. “We’ve doubled down on our border operations to support the industries driving this shift,” says Alvarez.

Mexico’s infrastructure development is adding to the trade potential. Among the most ambitious projects is the Trans-Isthmus Corridor, a multimodal transportation hub designed to connect the Pacific and Gulf coasts. The corridor – still as much as a decade from completion – includes a network of upgraded railways, highways, and ports, aimed at significantly reducing transit times for goods moving across Mexico, as an alternative to the congested Panama Canal. “It’s not just about moving goods from east to west,” says Barceló. “It’s about creating an economic development hub that connects Mexican manufacturing with the U.S. East Coast. South Florida stands to benefit immensely as a key gateway.”

Despite these opportunities, challenges remain. One hurdle is the historic reliance on trucking to move Mexican goods across the U.S. As Barceló explained, “Ocean freight has always been at a disadvantage because of the speed of trucking. But with increasing congestion and capacity issues at the border, ocean freight is becoming a more attractive option.” Overcoming this barrier will require a shift in mindset among manufacturers, many of whom have built their facilities around 53-foot trucks rather than 40-foot shipping containers.

INTO THE FUTURE

While goods dominate the headlines, the services sector remains a vital component of U.S.-Mexico trade. “Mexico runs a deficit with the U.S. in services trade,” notes Smith Ramos. Key areas include financial services, telemedicine, engineering, and audiovisual pro-

cessing, reflecting the increasing demand in Mexico for high-value, U.S.-origin services as the Mexican economy modernizes. “The last number I saw was over a $15 billion surplus in the U.S. services trade with Mexico. And I think that’s growing,” says Smith Ramos of COMCE.

Looking ahead, experts are optimistic about the future of Florida-Mexico trade. “We’re just scratching the surface of this relationship,” says Smith Ramos said. “With nearly $15 billion in trade, there’s no reason we can’t double that in the next decade.”

COMCE is focused on ensuring that the benefits of the USMCA are fully realized, addressing broader trade irritants. “It’s critical to maintain the advantages of the USMCA and raise awareness about the importance of this relationship at the state and local level,” says Smith Ramos. “Many people don’t realize how much their jobs depend on trade with Mexico. Advocacy and education are key to strengthening these ties.”

That enthusiasm is echoed by best-selling author and geopolitical strategist Peter Zeihan (The Accidental Superpower; The End of the World is Just the Beginning: Mapping the Collapse of Globalization) who underscores Mexico’s unique position in global trade. “Mexico is the most perfect trading partner we could hope for,” Ziehan told Global Miami. “We’ve got complimentary demographic structures and an already integrated industrial supply chain. In a world where China goes away there is only one country that has the combination of industrial plant and labor force that can even pretend to fill the gap. There are obviously some issues in the relationship, but it’s a family issue.”

As Mexico City’s Zabalza put it, “We’re closer than ever – not just geographically, but economically and culturally.” l

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Mexico: Travel and Tourism

Traveling to Mexico City, the scale hits you immediately – a vast, energetic metropolis where towering skyscrapers and historic neighborhoods coexist, housing 22.51 million citizens. For those arriving from Miami (a convenient four-hour direct flight) it is a city of opportunity, balancing its role as Mexico’s economic epicenter with a rich cultural heritage.

Mexico City can be daunting, but choosing the right place to stay can help ground the experience. For business travelers, location and amenities are key; fortunately there is a range of accommodations that cater to both work and relaxation.

The Roma district, known for its tree-lined streets and European-inspired architecture, is a convenient and stylish option. La Casona Roma, a boutique hotel nestled in the heart of the neighborhood, combines old-world charm with modern conveniences that make it particularly appealing for business travelers. The hotel’s colonial-style façade gives way to rooms filled with antique furnishings, with high-speed Wi-Fi and in-room workspaces designed for the modern guest. Its quiet, leafy courtyard offers a tranquil space to prepare for meetings or decompress.

La Casona Roma also doubles as an art gallery, showcasing

works by local artists, giving guests a taste of Mexico City’s creative energy. For meals, the on-site restaurant Aquiles serves up well-executed traditional dishes like mushroom quesadillas and some of the freshest guacamole in the city. Breakfast is served in the courtyard with fresh pastries, fresh fruits and strong Mexican coffee.

For a more contemporary option, the Andaz Mexico City Condesa in the nearby Condesa neighborhood offers sleek, modern luxury with business-friendly amenities. Its rooftop pool, with sweeping views of the city skyline, is an ideal setting for informal networking over cocktails, while the hotel’s conference facilities and co-working spaces cater to those with packed agendas. The on-site restaurant’s inventive menu, featuring dishes like duck carnitas tacos, strikes the right balance between local flavor and refined presentation.

Both neighborhoods – Roma and Condesa – are located near key business hubs and offer easy access to Mexico City’s cultural highlights, making them prime choices to mix work with exploration. One such highlight is El Centro, the historic heart of Mexico City. The Zócalo, one of the world’s largest public squares, anchors this area. Surrounded by landmarks like the Metropolitan Cathedral and the National Palace, it’s a fascinating backdrop to Mexico’s political and cultural history. A quick lunch break nearby might take you to Filomeno Gran Cantina, a restored Porfirian building serving classic Mexican dishes alongside mezcal.

For those with an evening to spare, attending a Lucha Libre

ONE OF THE WORLD’S LARGEST PUBLIC SQUARES, THE ZÓCALO IS HOME TO MEXICO CITY'S METROPOLITAN CATHEDRAL AND NATIONAL PALACE.

Export

RIGHT: THE HOTEL LA CASONA IN LA ROMA DISTRICT, MEXICO

BOTTOM LEFT: LIVE MUSIC WITH CLASSIC MEXICAN DISHES DURING LUNCH-TIME AT THE FILOMENO GRAN CANTINA.

BOTTOM RIGHT: A ONE-HOUR TRIP OUTSIDE MEXICO CITY ARE THE PYRAMID OF THE HISTORIC TEOTIHUACÁN.

wrestling match offers an entertaining glimpse into local culture. The lively atmosphere and camaraderie in the arena are worth experiencing, even with a beer in hand instead of a briefcase. Chapultepec Park, another must-visit, provides a more subdued experience. It’s home to the Museo Nacional de Antropología, which houses

some of the most important artifacts from Mexico’s Aztec and Mayan civilizations. For professionals staying in Condesa, the park is practically at your doorstep.

For those with time to venture outside the city, Teotihuacán’s pyramids offer a stark contrast to the urban environment. The scale of the Pyramid of the Sun and the avenue that connects it to the Pyramid of the Moon is a reminder of Mexico’s deep history.

Mexico City’s ability to seamlessly blend its ancient roots with its modern status as a global business hub makes it a compelling destination. For business professionals, hotels like La Casona Roma and the Andaz Mexico City Condesa offer the perfect balance –spaces to work efficiently while immersing yourself in the city’s vibrant culture (don’t forget the street food!). In a metropolis this dynamic, business and leisure are never far apart. l

TOP LEFT: ICONIC DUCK CARNITAS TACOS AT THE RESTAURANT OF THE ANDAZ MEXICO CITY CONDESA.

TOP

CITY'S "LITTLE ROME"

If you look around nobody, not even New York, has something like this. Paris? Forget it.

RAMON CERNUDA, RIGHT, OWNER OF CERNUDA GALLERY

ABOVE: CIRCUS PEOPLE BY COLOMBIAN ARTIST FERNANDO BOTERO

When Art Miami first launched back in 1990, it was one of only three or four major art fairs in the U.S., and it was strictly domestic. It was an important show, but nothing close to its current iteration, which was turbo charged by the addition of Art Basel Miami Beach in 2002, the U.S. version of Switzerland’s Art Basel fair. The result: the December 2024 edition of what’s now called Art Week Miami attracted 75,000 spectators and generated $547 million in economic activity. At the Art Basel Miami Beach fair alone, there were 286 participating galleries from the Americas, Europe and Asia.

“It used to be that these fairs would attract specific collectors,” says Ramon Cernuda, whose Cernuda Gallery has exhibited at Art Miami for 20 years. “It was a reference point for what was happening in art in Miami, for the art collector class. They would come in their own jets and stay for two or three days.” Now, says Cernuda, people are spending a week or two in Miami for the art showcase. “Maybe it’s the climate, maybe it’s the fact that it is now such an enormous party, with 19 different shows, and all the museums and various institutions doing special events for Art Week. It’s crazy.”

The Cernuda Gallery exhibited its

The Economics of Global Art

ART MIAMI NOW GENERATES MORE THAN HALF A BILLION DOLLARS IN ECONOMIC IMPACT

BY J.P. FABER

collection of Cuban Artists at Context Art Miami, one of the sister fairs, which launched in 2012. Along with Cernuda were another 60+ galleries in an enormous tent by Biscayne Bay in downtown Miami. Not far from his gallery footprint was a display of works from the Opera Gallery in Miami’s Design District, which included paintings and sculptures by such greats as Picasso, Botero, Calder, Chagall, Dubuffet and many others.

Founded originally in Singapore in 1994, Opera Gallery has since grown to 16 locations worldwide, including in Hong Kong, Dubai, Paris, Madrid, Geneva, Lodon, New York and two in South Florida; its initial Miami gallery opened in Bal Harbour in 2002, the same year that Art Basel Miami Beach was launched. “This show is good for us, you know, we have a good base of collectors,” said Gilles Dyan, the founder

This show is good for us, you know, we have a good base of collectors...

GILLES DYAN, RIGHT, FOUNDER AND CHAIRMAN OF OPERA GALLERY WITH SCULPTURES BY SPANISH ARTIST

MANOLO VALDÉS

TOP: UNTITLED, 2021, BY GERMAN ARTIST ANSELM REYLE

ABOVE: VIVIANNE I, 2005, BY SPANISH ARTIST MANOLO VALDÉS

and chairman of Opera Gallery, who was at the Context exhibition. “We have many people who come from all over the world [to South Florida] from Thanksgiving to the end of February, but there are many people who buy only during the shows.”

When we spoke with Dyan, he had sold paintings and sculptures by Spanish artist Manolo Valdés and “a very nice sculpture by [Jean] Dubuffet.” He was close

to selling one of his paintings by Chagall; two hanging on the wall were valued at $1.1 million and $1.4 million respectively. While the gallery represents several up-and-coming artists, whose works sell for between $15,000 and $50,000, they also had a $12 million Picasso for sale.

In a testament to Miami’s growing importance in the art world, Dyan keeps a home in Bal Harbour; his children and grandchildren live in Miami as well. While he travels almost constantly among the cities where there are Opera Galleries (“I have a gypsy life”) he spends three months each year in Miami.

“Art Miami arguably laid the groundwork for the city’s reputation, to be forever

shifted in 2002 when the first iteration of Art Basel launched in South Beach,” says Opera Gallery’s Miami Director, Dan Benchetrit. Now seen as the gateway between North and South America, “Miami’s role in the art world has outgrown its reputation as being a mere host to Art Basel.”

That may be so, but the advent of Art Basel, and its acceleration of Art Miami Week, is nothing less than phenomenal. Its economic impact rose an estimated 9.4% last year alone. “It’s really unique in the world,” says Cernuda. “If you look around nobody, not even New York, has something like this. Paris? Forget it. They have one fair, maybe two. That’s it. 19 fairs at the same time? It makes your head spin.” l

Neighborhood Chic

FELICE MARRIES A NEIGHBORHOOD FEEL WITH TOP ITALIAN FARE

BY ANDREW GAYLE / PHOTOS BY MICHAEL PISARRI

There are not a lot of sidewalk cafés in the Brickell district, let alone on Brickell Avenue itself, and not a lot of restaurants that feel like a neighborhood hangout. Felice provides both and manages to do with an understated elegance that makes dining there both down-to-earth and sophisticated. It’s the kind of place where a Campari is de rigueur but where everyone knows your name.

Felice is not a chef-driven experience, but rather part of a polished national chain that specializes in food from Italy’s Tuscan region. Its crowd-pleasing dishes have been formulated in a corporate kitchen but are therefore delivered with consistent, orchestrated quality. If you are a regular – and there are plenty already at this five-month-old newcomer to Brickell – you know what to expect and that you’ll get it.

Being northern Italian food, think truffles, flat noodles, and wild boar meat rather than pasta with red sauce and meatballs. Tuscan Italian food is more rustic, and we think more flavorful, than Southern Italian fare. At Felice, we tried a handful of appetizers and entrees, and were impressed by more than a few. I’ve always considered fried calamari a benchmark for any Italian restaurant; it can so easily be over battered and over fried. At Felice, theirs was light and crisp, and deftly coupled with fresh baby artichokes fried with equal finesse. A dash of lemon and parsley and you have perfection.

We also liked their homemade veal meatballs (like Mama made them) and their tuna carpaccio (with an influential tomato tartare), but their baked eggplant parmigiana was the star – thinly sliced eggplant layered with Parmigiano-Reggiano which, as any cheese lover knows, can come only from a designated area of Northern Italy and must be aged at least two years.

Of the two pastas we tried, the traditional veal ragu fettuccine held its own, but the Pappardelle con Salsiccia was superb. With sweet Italian sausage, braised endive, porcini mushrooms, herbs, and truffle sauce, it was rustic and robust, right out of the hillsides surrounding Siena.

We also tried two entrees, the light, thin chicken paillard, decorated with medallions of roasted yellow squash and zucchini and

ABOVE: FELICE HAS A NEIGHBORHOOD FEEL ON TWO FLOORS AND A FRONT PATIO OUTSIDE

OPPOSITE PAGE:

TOP LEFT: BLACK TRUFFLE CREAMED CORN

TOP RIGHT: POLPETTINE AL POMODORO (VEAL MEATBALLS & POMAROLA TOMATO)

BOTTOM LEFT: PAPPARDELLE CON SALSICCIA ( SWEET SAUSAGE & PORCINI MUSHROOMS)

BOTTOM RIGHT: VEAL FETTUCCINE ALLA BOLOGNESE

the flavorful black truffle NY strip, topped with cremini mushroom, Parmigiano-Reggiano, and crispy sage. At 14 ounces, it was more than enough for two diners, and at $58, the most expensive item on the menu. That is part of what makes Felice a neighborhood place – its prices are a good value rather than a gouge. All the pastas but one (seafood) are in the $20s, and main courses range from $26 to the above-mentioned beef.

The sides are a little pricey at $14, but one is outstanding – the black truffle creamed corn. I am no fan of creamed corn, but this dish arrived in a terrine, a crisp crust to it and suffused with the aroma of truffle. A fascinating flavor profile. And I cannot offer sufficient praise for their pistachio pie with whipped cream, like nothing any of my fellow diners had ever tasted.

Felice also scores well with subtle house music and demure lighting, especially in the main dining room, where high ceilings and multiple clusters of sculpted lights create an airy, romantic space. You can feel comfortable here with a suit or an open collar shirt, and the staff is friendly, knowledgeable, and efficient, just the way you’d like it in a neighborhood hangout. The wine list is well curated, but while it has some affordable prices it’s mostly for the stout of heart – not that we didn’t enjoy our $169 bottle of “Super Tuscan” Il Pino, 2022, which they decanted.

Felice is a welcome addition to the Brickell dining scene. It’s on the south end of Brickell Avenue, gratefully away from the hubbub of Miami Avenue. Take someone there and they’ll think you have an inside line to the local culinary scene. l

Moroccan French Fusion

HABIBI MIAMI MELDS MOROCCAN CUISINE

WITH THE

RIVIERAS OF MIAMI

AND FRANCE

BY YOUSRA BENKIRANE

When I first heard about Habibi Miami, a Moroccan French Riviera-inspired dinner club opening along the Miami River, I was intrigued. Growing up Moroccan, I’ve always wanted more of my country’s design, flavors, and culture in Miami, and I was curious to see how Habibi Miami would bring a touch of the Maghreb to the city’s already glittering dining scene.

The entrance sets the tone. A 30-foot red carpet leads to a space framed by Moorish design elements and greenery, a nod to the ornate architecture of Morocco. Inside, the décor leans into retro luxury: pink and teal hues, velvet booths, silk draperies, and Turkish rugs, all tucked within a tent-like structure reminiscent of the riads of Marrakech. The influence is clear a modern Riviera take on the Maghreb, with just enough glamour to match Miami’s buzzing social scene.

The menu offers a curated mix of flavors that weave together North African, Mediterranean, and continental influences. While not traditionally Moroccan, the dishes bear subtle nods to the cuisine’s heart. The “Merguez Pigs in a Blanket” offer a playful twist on Morocco’s iconic spiced lamb sausage, while the whole roasted cauliflower with charred wild mushrooms evokes the earthy, spice-forward flavors I grew up with.

Designed to be shared, the Mezze Royale is the perfect starter. A colorful array of creamy hummus, smoky eggplant, and vibrant seasonal vegetables arrives with pita bread ready to dip. Another good starter is the Carpaccio Loup De Mer, a delicate dish of thinly sliced sea bass, accented with bright citrus and fresh herbs. It’s light, refreshing, and plated with an artistry that matches the restaurant’s aesthetic.

The main courses are equally impressive, with the Wagyu Filet Mignon perfectly seared and melt-in-your-mouth tender. The dish captures the spirit of the restaurant: luxurious yet approachable, with just enough flair to leave a lasting impression. Every plate at Habibi Miami is designed to be visually stunning as well as tasty. The tableside dessert cart, featuring ice cream with Turkish mastic and Halva cheesecake, adds an indulgent finish grounded in cultural roots.

At the bar, the Moroccan influence is subtle but impactful. The Moroccan Margarita, featuring harissa-infused pineapple reduction and a roasted couscous-salted rim, is a clever play on regional spices, while the “Ali Fashioned,” with peanut butter-washed bourbon, Giffard’s Banana & Honey, and orange aromatics, is an exotic take on the classic Old Fashioned.

The atmosphere adds to the Habibi Miami experience. At around 11pm, the live DJ’s curated playlist shifts the vibe from relaxed to electric, creating a steady pulse that keeps the night alive. Belly dancers glide through the dining area, their shimmering costumes catching the light in syncopation with the rhythm of percussion that fills the air. Even the tableside hookah service feels elevated, with customized flavors that blend the leisurely charm of evenings in North Africa with the opulence of the Miami River.

Habibi Miami doesn’t aim to be traditionally Moroccan; rather, it embraces the region’s influence with a Riviera-inspired twist. For me, it was less about finding a slice of home and more about seeing the beauty of Moroccan culture reimagined in a new, glamorous light suited for the Magic City. l

ABOVE: THE MEZZE ROYALE IS THE PERFECT STARTER. A COLORFUL ARRAY OF CREAMY HUMMUS, SMOKY EGGPLANT, AND VIBRANT SEASONAL VEGETABLES ARRIVES WITH PITA BREAD READY TO DIP.

HABIBI MIAMI

TOP: THE DÉCOR LEANS INTO RETRO LUXURY WITH PINK AND TEAL HUES, VELVET BOOTHS, SILK DRAPERIES, AND TURKISH RUGS.

Fin de Siècle

AN EVENING AT BOUCHON IS A CULINARY TRIP IN TIME AND TASTE

BY ANDREW GAYLE

We had expected the food at Bouchon be nothing less than superb. Chef Thomas Keller is, after all, considered one of the top masters of French cuisine in the country – the first U.S. chef to be inducted into the prestigious Master Chefs of France, among other accolades. What we did not anticipate was the experience of being there.

To begin with, Bouchon is housed in the immaculately restored La Palma building across the street from the Alhambra Towers in Coral Gables. This 1924 gem, designed by George Fink, is among the most important historic sites in the city. A walk through its shady courtyard is a trip back to golden era of the Gables. Inside Bouchon is an even deeper trip into the elegant past.

We don’t want to know how much it cost to create the main dining room, with its patterned tile floor, its glowing bar, its burnished wood wainscoting, and its inlaid deco ceiling lighting. Whatever the price, it was worth it. This is what experiential dining is all about. To sup in Bouchon is to dine in late 19th century Paris. The waiters play their part, bustling about in the classic white apron with black vest. Even the plating, with the Bouchon insignia, feels like it came from the Belle Epoque.

Chef Keller calls his food “classic French.” It is not the haute deconstructed dishes you find at contemporary Parisian restaurants.

LEFT: POULET RÔTI, BAKED PASTURE-RAISED CHICKEN

IN A POOL OF JUS-DE-POULET

TOP: STEAK FRITES WITH FLAT IRON STEAK

ABOVE: THE GLOWING BAR WITH BURNISHED WOOD

The food here is basic, but based on exceptional ingredients. Keller is fairly obsessed with sourcing and considers the “foragers and the gardeners” the foundation of his food ecosystem. With sister restaurants around the world, Bouchon is part of a Keller empire with global procurement clout.

And then there is the food itself. In a word, exquisite. We were pleased by the amuse bouche opener of marinated olives ($8) and impressed by appetizers of mussels ($12 per dozen) and a lovely Salade Lyonnaise with bacon lardons ($22). But the entrees? They are a testament to Keller’s philosophy of taking basic French fare and making it perfect. The simple Poulet Rôti, for example ($39), starts with pasture-raised chicken, brined for 12 hours, air cooled for another 12 hours, then baked and serving with “hen of the woods” mushrooms in a pool of jus-de-poulet. The skin is perfectly crisp, the meat moist, and the sauce – well, you do understand that sauces are the glory of French cuisine.

We also sampled the steak frites ($59), with its generous pile of scrumptious French fries (now we know why they call them that) and a thick piece of flat iron steak with a pat of butter and caramelized onions on top. Our waiter recommended medium, and it was perfect: a soft, rosy interior, with a slight bite to the edge.

Bouchon also offers a superb and deep wine list, 40 pages long, with selections from various parts of France, from the Rhône region to the Loire Valley. After discussing our taste preferences with the sommelier, we ordered a 2020 Saint-Joseph Offerus ($100), and it was superlative. The same can be said for the entire experience. l

The Last Word

MIAMI’S FUTURE AMID THE EU-MERCOSUR PARTNERSHIP

BY MAREK KONG

Marek Kong is a masters’ student at FIU School of International and Public Affairs for Latin American and Caribbean Studies.

As the U.S. faces renewed debates over tariffs and the stability of USMCA (US-Mexico-Canada Agreement), the decision by the European Union and Mercosur to finalize a free trade agreement feels like a bold and unexpected move. After nearly 25 years of negotiation, these two economic powerhouses – representing over 800 million people – have forged a partnership poised to reshape global trade. While the agreement still awaits ratification, it raises an important question: how might this monumental shift impact Miami’s economy?

The stakes are high for Miami, as the EUMercosur agreement directly involves many of Miami’s key trading partners. In 2023, Miami traded over $17 billion with Brazil, $4 billion with Argentina, and $2 billion with Paraguay. On the European side, trade with the EU totaled more than $10 billion, primarily with France, Italy, Germany, and the Netherlands.

The new deal focuses on three key areas: trade, investment, and product standards. Mercosur nations have committed to improving agricultural quality and adhering to climate agreements like the Paris Climate Accord. For investment, the agreement lowers barriers to market entry. Most critically for Miami, it proposes eliminating tariffs on 90 percent of trade between the two blocs, opening EU markets to Mercosur agricultural exports, and giving Mercosur access to European manufactured goods like automobiles.

The deal presents significant challenges for Miami’s export economy. Historically, Miami has relied on Latin America to export manufactured goods such as aircraft parts, telephones, and computers. In October 2023, these items made up Miami’s top exports. While specialized goods might remain competitive, many of Miami’s manufactured exports could struggle against cheaper European alternatives.

Another major challenge will be navigating the global system of tariffs. While the U.S. has free trade agreements with nu-

merous Latin American countries, including Panama, Colombia, and Chile, it has no such agreements with any of the members of the EU or Mercosur. Free trade agreements help facilitate trade by decreasing tariffs and other barriers, but their absence puts U.S. goods at a disadvantage. We have already seen the impact of these dynamics. During the U.S.-China trade war, tariffs on American soybeans caused U.S. exports to China to drop from $12.3 billion to just $3.1 billion, while Brazilian soybean exports to China soared. A similar trend could develop in other industries if the U.S. does not adapt its trade policies.

Despite these challenges, Miami can still find opportunities. The agreement could catalyze broader shifts in Latin America’s commodity markets, creating new openings for U.S. businesses. For instance, Brazil dominates coffee production, but changes in trade flows might influence other major growers like Colombia – one of Miami’s close trading partners – to increase production. Additionally, a stronger Mercosur could benefit Miami in unexpected ways. Brazilian and Argentine investors have already poured over $7 billion into Miami real estate. As these economies grow under the new agreement, increased capital could flow into Miami.

While the EU and Mercosur embrace free trade, the U.S. seems to be retreating into protectionism. Tariffs on Chinese steel, Brazilian beef, and other imports reflect this trend. As the European Commission stated, the EU-Mercosur agreement “sends a clear signal to the world that two of its largest economies reject protectionism and are open for trade on the basis of fair rules and high standards.” For Miami, a city built on its role as a bridge between the U.S. and Latin America, the rise of protectionism could be a significant setback. However, Miami’s strengths extend beyond commodities. Its burgeoning tech sector, financial services, and real estate market position it as a dynamic hub for international business.

Although the EU-Mercosur trade deal marks a turning point, its future remains uncertain. Persistent challenges, including protests in France over agricultural imports and Bolivia’s incomplete integration into Mercosur, could delay implementation. Miami and the U.S. have time to adapt – but only if they act strategically. l