Chile/USA Trade and Investment 2024
A SPECIAL REPORT BY GLOBAL MIAMI MAGAZINE
Partners in Trade
TWENTY YEARS AFTER SIGNING THE FREE TRADE AGREEMENT, COMMERCIAL TIES BETWEEN CHILE AND THE US ARE STRONGER THAN EVER – AND EVOLVING
IThe signing of the treaty 20 years ago was of extraordinary importance because it has favored and benefited both countries in trade, attracting investment and companies, as well as facilitating the strategic access of Chilean companies to the U.S. market.
BY YOUSRA BENKIRANE
n December of last year, Chilean and American industry leaders, startup founders, and governmental officials met at the Hyatt Regency Hotel in Miami for “Partners for a Better Future.”
Organized by Chile’s Export Promotion agency ProChile, the event marked 200 years of diplomatic relations between Chile and the U.S., and two decades since the U.S./Chile Free Trade Agreement (FTA) was signed. It was a fitting location given Miami’s significance as the site of the FTA signing.
“The signing of the treaty 20 years ago was of extraordinary importance because it has favored and benefited both countries in trade, attracting investment and companies, as well as facilitating the strategic access of Chilean companies to the U.S. market,” the Honorable Juan Gabriel Valdés, Chilean Ambassador to the U.S., said at the event.
Since the signing of the FTA, bilateral trade in goods and services between the U.S. and Chile has increased by fivefold, reaching nearly $49 billion last year. According to the American Embassy in Chile, the U.S. is now the number one export destination for Chile’s small and medium-sized companies. Conversely, the U.S. is the second largest source of foreign direct investment into Chile with an aggregate value of $25B (about 8 percent of Chile’s $301 billion GDP) according to the latest information published by Chile’s central bank (2022). Only Canada has a larger stake of FDI ($36B).
In the other direction, Chile is among the top 15 fastest-growing sources of FDI in the U.S. As of 2021, Chilean companies had invested more than $4 billion in the U.S. “But what is truly remarkable is that some Chilean firms investing in the United States are creating exports to other markets. This is a win-win for both of our economies,” says Bernadette M. Meehan, U.S. Ambassador to Chile. In 2020, Chilean firms established in the U.S. exported some $125 million in goods to other countries.
“The relationship between the two countries is great in terms of trade, investments, exchange, scholars, ideas, and culture. Chile is a country that has benefited greatly from the open borders of the United States, just as the US has benefited from access to the Chilean market,” says Carlos Singer, Chairman of the Board of Directors at International Finance Bank in Miami and the former CEO of the magazine America Economia. “Even though it’s a small market, it’s a significant country in terms of natural resources and is open to foreign investment. It’s open to the arrival of ideas and investment ideas from the United States – and the same in the United States.”
In a significant move to bolster bilateral business ventures, last June the U.S. Senate greenlit a U.S.-Chile Bilateral Tax Treaty which went into effect in January. The agreement aims to curb double taxation while streamlining investment processes, heralding a new era of enhanced economic collaboration between the U.S.
HONORABLE JUAN GABRIEL VALDÉS, CHILEAN AMBASSADOR TO THE U.S., SPEAKING AT THE 2023 PROCHILE EVENT IN MIAMI.
and Chile. The treaty’s implications are particularly significant for industries key to Chile’s identity, such as wine, salmon, and fruit, commodities that flow from Chile to the U.S. largely through the Miami Customs District. “The free trade agreement between the U.S. and Chile opened up one of the biggest markets for Chilean exports and an increased flow of goods to South Florida ports,” says Andres Bianchi, CEO of LATAM Airlines Cargo, which the tax treaty will only enhance.
Founded in 1929, LATAM Airlines was originally Chile’s national carrier until it was privatized in the ’90s. Today, the airline group’s main cargo hub is in Miami. “When you look at what we carry, it is significant for the countries we operate in. On one side, when you look at the exports from South America, they are focused on very relevant sectors for the local economies. In Chile’s case, we provide most of the lift necessary to bring Salmon from Chile to the U.S. – specifically through Miami” says the CEO.
According to a report by the SeafoodWatch, nearly half of farmed salmon imported to the U.S. comes from Chile, the world’s second-largest producer and the largest single exporter to the U.S. In 2022, the value of Chilean salmon exported to the U.S. was $3 billion, with nearly two thirds coming through Miami’s ports ($1.82B).
Another major export for Chile is wine. With its favorable climate, diverse terrain, and innovative winemaking techniques, Chile is now the world’s fourth largest wine producer, following only Italy, France, and Spain. According to recent statistics from the Chilean Ministry of Agriculture, wine exports accounted for over $2 billion in revenue in the past fiscal year, making it one of Chile’s top export commodities.
The influx of vino creates companies like Grocers Gateway
Chile Trade Numbers with the Miami Customs District
Exports To Chile
Source: U.S. Census Bureau; Observatory of Economic Complexity
The free trade agreement between the U.S. and Chile opened up one of the biggest markets for Chilean exports and an increased flow of goods to South Florida ports...
Group, a South Florida firm launched by Chilean native Juan Nunez to help Chilean wine reach American supermarkets. Nunez and his two partners help wine distributors gain access to the U.S. market. “Wines from Chile are a huge part of our client base. They’re trying to get into the U.S. market but don’t know how,” says Nunez. “We’ll set them up with the right people, from FDA compliance to social media influencers,”
Another sector fueling the nation’s economic engine is mining. Renowned for its mineral-rich deposits and robust mining infrastructure, especially in the north of the country, Chile commands global attention as a leading producer of copper, lithium, and other essential metals. According to the Chilean Ministry of Mining, the country exported approximately $40 billion worth of minerals last fiscal year, a substantial portion of Chile’s total export revenue of $97.4 billion.
Bouyed by its store of lithium, Chile is rapidly emerging as a player in the global transition to renewable energy, with immense potential for the development of clean energies, green hydrogen, and energy storage. There has been a notable uptick in interest in energy investments, with 44 projects from the energy sector being added to InvestChile’s portfolio last year alone. (InvestChile is the
ANDRES BIANCHI, CEO OF LATAM AIRLINES CARGO.
ABOVE: LATAM CARGO AT MIAMI INTERNATIONAL AIRPORT
Right now, we have 16 [new] projects in advanced stages, which amount to $3.65 billion and almost 900 jobs.
government agency responsible for promoting Chile in the global market as a destination for foreign direct investment, acting under a Ministerial Committee presided over by the Minister of Economy.)
THE U.S. PRESENCE
InvestChile concluded last year with a total of 50 American energy initiatives, with potential investments amounting to $6.4 billion. Beyond energy and the conventional sector of mining, where U.S. companies have established a strong foothold, American firms are driving innovation in sectors like telecommunications, technology, and logistics. “The value of U.S. investment is its diversity,” says the CEO of the Chilean American Chamber of Commerce, Paula Estévez.
InvestChile, which acts as a bridge between foreign investors and business opportunities incountry, has provided support to 450 projects initiated by foreign companies, with a cumulative investment value of over $33.5 billion in 2023. According to Beatriz Herrera, Investment Commissioner, North America InvestChile, companies from the U.S. accounted for the highest share of that foreign investment, totaling $9.9 billion – closely followed by Canadian firms with $5.3 billion. “Beyond the monetary aspect, what holds
In Vino Veritas
Chile’s wine industry, dating back to Spanish colonization, is a key player in the country’s economy. “Chile has almost 500 years of history in winemaking that has evolved through time,” says Julio Alonso, Executive Director of Wines of Chile North America. According to Alonso, wine comprises 29 percent of the country’s agricultural exports. The country’s wine industry spans various regions, including Maipo Valley, Colchagua Valley, and Casablanca Valley, each renowned for producing distinct varietals.
All told, the wine industry employs approximately 100,000 people, of which 53,000 work in the vineyards, followed by 19,000 in logistics, transportation, and marketing, 17,000 in wineries, 9,000 in bottling, and 2,000 in production. Today in Chile there are 800 active wineries, 11,697 producers, and 394 export companies. It also contributes substantially to governmental revenues, yielding US$205 million in tax receipts from VAT and domestic alcohol taxes.
Although China is the largest market for Chilean wine, the U.S. comes close. In 2023, the Miami Customs District imported $22.2M worth of Chilean vintages. “Florida is the largest market for Chilean wine in the U.S., with Miami being very important,” says Alonso. “Chilean wine is known in Miami, as opposed to European wines, because of the deep Latin connections. Latinos know about Chile as a premium producer, so they value and choose Chilean wines.”
Top importers of Chilean wine include China ($206M), Brazil ($175M), the UK ($169M), and the U.S. ($153M). One distinguishing factor of Chile’s wines is that the nation is home to some of the world’s oldest vines. Due to its secluded location, phylloxera – the vineyard pest that decimated most of the world’s vineyards in the 1800s – never touched Chilean vines. This allowed the country to solidify its position as a major wine exporter.
CHILEAN WINE AS AN ECONOMIC ENGINE
BEATRIZ HERRERA, ABOVE, INVESTMENT COMMISSIONER, NORTH AMERICA INVESTCHILE, SPEAKING ON U.S AND CANADIAN INVESTMENT INTO CHILE
Copper and Beyond
Nestled within the rugged terrain of the Andes Mountains, Chile’s geologic bounty has made it the world’s top copper producer, with copper mining and refining dominating its economy. State-owned Codelco is the largest producer of copper in the world. Chile’s exports of copper were $19.72 Billion in 2023. The Atacama Desert, home to vast copper reserves, serves as the epicenter of Chile’s mining activities, drawing investment and expertise from around the globe.
Beyond copper, Chile boasts the world’s largest reserves of lithium, a critical component in the production of batteries for renewable energy technologies. Driven by growing demand, Lithium exports have experienced significant growth in recent years, contributing several billion dollars to Chile’s export earnings – and positioning the country as a key player in the global transition towards sustainable energy solutions.
“Mining is more than just an industry in Chile. It’s a lifeline for communities, providing opportunities for employment, education, and infrastructure development,” says Andres Bianchi, CEO of LATAM Airlines Cargo. “LATAM is a huge facilitator for that, we bring the parts necessary to keep the mining equipment going,”
While precise figures for U.S. investment in Chilean mining are not available, industry reports suggest that American mining companies have made substantial investments in both Chile’s copper and lithium sectors. Notable examples include the presence of major U.S.-based mining corporations such as Freeport-McMoRan and Albemarle Corporation. Freeport-McMoRan, a leading copper producer, operates the El Abra copper mine in northern Chile, while Albemarle Corporation, a global leader in lithium production, has significant lithium mining operations in the Atacama Desert.
significant importance is the active role of American companies within our business ecosystem,” says Herrera. “They contribute significantly due to the diversification of their operations across various sectors in our country, including banking, retail, energy, industry, transportation, and technology.”
Notably, both the United States and Canada witnessed significant increases in investments last year, with rises of 21 percent and 90 percent, respectively, compared to the previous year’s figures. “Right now, we have 16 [new] projects in advanced stages, which amount to $3.65 billion and almost 900 jobs,” stated Herrera.
Chile has historically been a favorable destination for foreign investment, thanks in part to its stable political institutions and rule of law. Despite its relatively small size it currently ranks third in the region for investment inflows globally, following Mexico and Brazil. Contributing to its lure for FDI is the establishment of FTAs with 33 countries, including major economies such as the United States, China, and the European Union, representing 88 percent of the world’s GDP. This not only enhanced Chile’s access to global markets but opened itself to other countries.
In addition to providing incentives like tax credits, Chile provides an abundance of support to foreign investors through its economic organizations. “Chile is one of the most advanced and transformational countries in Latin America. They really embrace innovation, transparency, and transformation while having this open economy,” says Lorena Zicker, Regional Manager of Amazon Web Services’ Southern Cone Worldwide.
THE DIGITAL REVOLUTION
Adding to its appeal as a destination for FDI, Chile has become a hub for the southern cone in digital infrastructure. Data centers and cloud service providers have extensive operations in Chile, like American tech giants Oracle, Amazon Web Services (AWS), Microsoft, Edgeconnex, and Google. Currently, Google is set to build a new subsea cable connecting Chile with Australia, the first such cable directly connecting South America with Asia-Pacific.
InvestChile has also supported the expansion of Equifax’s software development center, making Chile its largest center in the world after the U.S. and Ireland, with over 350 engineers. Another example is Citi Group, which has a software development center in Chile with over 500 employees providing IT support. “Our leadership in digital connectivity in Latin America, characterized by pioneering 5G implementation, early adoption of new technologies, and the world’s fastest fixed internet speed, positions us as a digital hub in the region,” says Herrera.
AWS has steadily expanded its presence in Chile since establishing offices in the country in 2017. In 2019, AWS opened a CloudFront edge location, enhancing the speed and reliability of content delivery for businesses and consumers across Chile. A year later, AWS was selected as a founding member of the Data Observatory Foundation, a public-private partnership with the Chilean government, which hosts a large-scale public dataset. A virtual library stored in the AWS cloud, the Data Observatory holds vast quantities of information that scientists, businesses, and the public can use for research, analysis, or decision making. AWS has provided technology and support worth around $12.59 million over the past five years to help create and run this virtual library. In 2021, AWS also launched a ground station antenna in Punta Arenas, improving satellite communication for industries like agriculture and telecommunications. In 2022, they opened their Chilean headquarters in the iconic Costanera Center building in Santiago. Helping to accelerate the adoption of digital solutions is the nation-
CHILE’S MINERAL TREASURE CHEST
Country Map & Chile at a Glance
Population: 19,629,590 (2023)
GDP: $301B (5th largest in South America)
FDI: $33.5B in 2023, up 18.2% from 2022 Flight Connections: Two flights per day MIA to Santiago Water Connections: 70 deep seaports and harbors which handle 95% of Chile's foreign trade.
Major Exports: Copper and minerals, fruits, fish products and wine.
Economy: Chile’s GDP declined 0.5% in 2023, attributed to weakened domestic demand and constrained credit conditions. Chile’s economy is poised for a resurgence in 2024 and 2025, with growth rates projected at 1.6% and 2.3%, respectively.
Sources: IMF, InvestChile
Chile is one of the most advanced and transformational countries in Latin America. They really embrace innovation, transparency, and transformation... al government. “The government really transformed and realized that they didn’t have the infrastructure necessary to manage things like communication, so the government accelerated the adoption of cloud,” explained Zicker. Beginning in 2016, Chile’s Electoral Service (SERVEL) started updating its services, going digital with the help of AWS. During peak times, like the 2022 elections (when over 13 million people voted), the SERVEL website handled some 12 million queries for information. Thanks to cloud computing, SERVEL could quickly adjust resources as needed, saving time and money while boosting innovation. Today SERVEL is one of the most respected institutions in Chile.
Collaborating with local universities, Amazon is also actively contributing to talent development in Chile by integrating cloud skills training into its mission to train 29 million people globally by 2025. For its part of this initiative, Chile has embraced the agenda of upskilling its workforce, especially in light of the rapidly evolving pace of technology. “They have a startup ecosystem, and they are willing to work,” says Zicker.
On the flip side, Chilean companies are eyeing the U.S. market, particularly Miami, as a gateway for the export of technology. Some
LORENA ZICKER, REGIONAL MANAGER OF AMAZON WEB SERVICES’ SOUTHERN CONE WORLDWIDE
notable industries actively setting up shop include Climatech and Fintech companies. With organizations like Climatech Chile, a trade association that helps climate change technology companies expand overseas, Chile has become a leader in sustainable solutions to combat climate change.
Entrepreneurs see great potential in offering solutions to the U.S. to combat climate change, leveraging Chile’s strengths in lithium, hydrogen, and ocean solutions. For instance, companies like Karen, wich specializes in nano bubble technology to conserve water, have successfully exported their innovations to the U.S. market.
“Miami has a couple of important qualities that encourage climatech companies to expand, like a shared language,” says Florencia Mesa Fernández, Executive Director of Climatech Chile. “Chileans feel more comfortable in Miami.” (Some 60 percent of Miami residents are Hispanic.)
The fast-growing fintech sector in Chile is also eager to tap international markets through Miami. Fintech Chile, a facilitator of overseas expansion for Chilean companies, began with only ten firms. Now, they have more than 135 member companies, out of 378 in Chile overall. “Seventy percent of the fintech companies in Chile recognize that the government has made a really important contribution to open competition and to boost the industry,” says Ángel Sierra, Executive Director of Fintech Chile. “Of the fintech companies, eight out of ten of them are looking to expand their operations abroad. And Miami is the gateway.”
Assisting the entry to the U.S. market by Chilean startups and scale-ups, Endeavor Chile and AmCham Chile collaborated last November to launch “Hazte Local en Miami,” a trade mission for Chilean entrepreneurs and SMEs to gain valuable insights into the local business ecosystem and establish connections. The mission, attended by 21 delegates from 16 companies, introduced them to influential organizations such as the Greater Miami Chamber of Commerce, BCI Miami, and Microsoft. These meetings provid-
Miami has a couple of important qualities that encourage Climatech companies to expand, like a shared language. Chileans feel more comfortable in Miami.
FLORENCIA MESA FERNÁNDEZ, ABOVE, EXECUTIVE DIRECTOR OF CLIMATECH CHILE
LEFT: ÁNGEL SIERRA, EXECUTIVE DIRECTOR OF FINTECH CHILE.
ed valuable networking opportunities and insights into operating and expanding in the region. Immediate outcomes included the appointment of a country manager for OK to Shop, a Chilean ecommerce company, and the opening of an office by Ingesum, a manufacturer of solar panels and other industrial products.
The mission organized by AmCham Chile and Endeavor underscores the growing interest and opportunities for Chilean small businesses in Miami, reflecting a broader trend of cross-border collaboration for tech innovation. “Chile has been the birthplace of renowned unicorns and start-ups, and we will continue to see more innovative Chilean entrepreneurship in Miami,” says Paula Estévez.
The burgeoning Chilean start-up scene in Miami represents just the latest chapter in the evolving connections between Chile and the U.S., one of the most enduring trade and investment relationships in the Western Hemisphere. “Chileans are finding that investing in the US and obtaining an investment visa is relatively easy to do. Same thing for Americans opening a company in Chile,” says IFB’s Singer. ”So the relationship between the two countries is a highly successful one.” Says Claudia Serrer, ProChile’s Trade Commissioner in Miami: “I look forward to seeing what we are going to do in the next 20 years. We want Chile to remain a strategic partner for the U.S. and to keep being part of the changes that are taking place.” l
A U.S. Foothold
BCI'S MIAMI BANKING BRIDGE
In 2015, a Chilean bank became the owner of the second largest bank in South Florida – City National Bank – further solidifying its presence in the Florida market. Banco de Crédito e Inversiones (BCI) invested close to $1 billion to acquire the domestic bank with the belief that the decision aligned with the bank’s long-term goals.
“Some of the investors questioned it, but we felt very comfortable to say, ‘We know we’re going to make it a success.’ We had the right people, it’s the right cultural organization, and it had the right framework for what we wanted as a community bank,” says Grisel Vega, General Manager of BCI Miami. “That was a big step in the internationalization process for BCI.”
BCI was founded in Chile in 1937 to help small business owners mostly in the textile and agricultural export industries receive loans to help expand their businesses. In 1998, when Chilean law began permitting financial institutions to expand abroad and create branches overseas, BCI followed its clients to the U.S., specifically Miami. “They always wanted to have a presence in the United States because the mission for the bank is to support its customers as they’re trying to grow their businesses. We follow our customers where they expand, so we looked at where the customers were going, and the decision was Miami,” says Vega.
Vega likes to compare Miami’s financial prowess to hubs like New York, in particular its Latin American advantages. “If you think of the larger global banks in New York, there are a lot of European and Asian [financial institutions]. Miami is an international location, but it was and continues to be the Latin American hub,” he says. Among the reasons are the city’s closeness to Latin America, both culturally and in terms of air transportation, with its abundance of direct flights to the region. “It is easy for our clients to come through Miami. It’s the first stopping point.”
The bank initially began with about $20 million in assets under management, but today has $90.4 billion in total assets, making it the 8th largest bank in Latin America. According to BCI’s financial reporting, since acquiring City National, the bank has doubled in assets, with 33 percent outside of Chile.
With 1,200 employees in the U.S., BCI provides its clients with a variety of financial services, ranging from trade finance to wealth management and corporate banking. “A lot of the companies in Chile that export things, like sushi grade salmon to Japan, will come to us for help in those finances. We facilitate the cash management for these companies, providing a line of credit,” says Vega.
By integrating CNB into its portfolio, BCI Chile created a seamless experience for its clients, providing them with access to a diverse range of products and solutions under one roof. CNB also allows BCI to transfer their clients to the domestic bank once they have established a strong foothold in the U.S. market, further cementing them as a U.S. corporation. “We can process payrolls, Ach wires, etc., but we’re one branch in Brickell Avenue. If you want to get cash and make deposits, there’s branches of City National, they have ATMs in every Publix. We [BCI] don’t have that structure. We don’t care where our client is, as long as we’re servicing them within our family,” says Vega. Last year, CNB closed with $26 billion in assets, 30 percent of BCI’s total, growing six fold since BCI became the owner. l
We follow our customers where they expand, so we looked at where the customers were going, and the decision was Miami.
GRISEL VEGA, GENERAL MANAGER OF BCI MIAMI (BANCO DE CRÉDITO E INVERSIONES) ON THE DECISION TO BUY CITY NATIONAL BANK
A 3D Future
ARCOMEDLAB'S SOLUTIONS FROM SANTIAGO TO MIAMI
The case in question was that of a 12-year-old boy who had gone his whole life suffering from severe craniosynostosis, a birth defect where the skull does not form correctly. In this case, nearly half of his cranial structure remained undeveloped. Until last year, that is, when Arcomedlab manufactured the world’s largest cranial implant, which it used to cover almost the entirety of the skull of the young patient. Today, the boy thrives happily at school, enjoying the ordinary joys of childhood with newfound confidence. “Seeing the patients smiling again is the best pay,” says Ilan Rosenberg, CEO and Founder of Arcomedlab.
Originally founded in Chile in 2018, Arcomedlab specializes in printing 3D custom-made synthetic bone implants for patients, using a high-performance polymer called PEEK. The implants are either sold to hospitals, private doctors, or to the patients directly. To date, the biotech company has successfully crafted more than 600 implants for patients in Mexico, Peru, Colombia, Costa Rica, Panama, and Chile. After being awarded “Best Chilean Startup” and “Best Biotech Latin American Company” by Ganesha Lab, a Chilean accelerator program for startups, Arcomedlab raised $1 million for their entry into the U.S. market through Miami. The start-up has raised over $2.5 million to date.
Arcomedlab originally considered following the big tech companies to conventional medical hubs like Boston or New York, but felt Miami was a better launching pad for Latin American companies. “A lot of patients suffer every day from different cranial [and]
facial defects. And big pharma monopolizes the whole market. So, startups like Arcomedmalb are game changers because we are offering better, faster, and cheaper solutions. This is the new era regarding medical devices,” says Rosenberg. Expanding into the U.S. market was not without its challenges, says the CEO. Navigating regulatory hurdles, establishing a foothold in a competitive landscape, and building trust among American consumers required determination and support from local investors and programs like Chile’s GoGlobal, which supports the internationalization of Chilean startups.
The implants are currently manufactured in Chile, where Rosenberg spends half the year. Now, with U.S. operations in place, the company is looking to manufacture implants in Miami for their North American clients. Until then, they are in the final stages of FDA approval to begin selling their cranial implants in the U.S., a process expected to finalize by next year.
Miami’s allure for medical device manufacturers had been steadily growing, reflected in the Miami Customs District’s robust exports valued at $1.7 billion in 2023. Arcomedlab intends to ride the wave of this trend, making its latest devices here. Their most recent breakthrough? A patent for a custom-made cranial implant capable of storing and releasing different drugs, such as antibiotics, through a drip mechanism activated by gravity.
With a team of 12 full-time employees between Santiago and Miami, and a network of over 1,200 advisors worldwide, including surgeons and even NASA affiliates, Arcomedlab stands at the forefront of medical innovation. While current profitability was not disclosed, Rosenberg hinted at a promising year, edging closer to the million-dollar mark. Reflecting on their journey, Rosenberg says, “Before Arcomedlab was born, a lot of people in Latin America did not have any kind of fair access to these types of solutions. We changed that.” l
ILAN ROSENBERG, CEO AND FOUNDER OF ARCOMEDLAB WHICH SPECIALIZES PRINTING 3D CUSTOM-MADE SYNTHETIC BONE IMPLANTS
AQUI PARA SERVIRLES
Scaling Up in Miami
HOW LATIN AMERICA’S LARGEST IT PROVIDER MADE THE JUMP TO THE U.S. MARKET
Sonda was among the first Chilean companies to provide IT services across Latin America, where today it has a presence in 10 countries. With more than 23,000 employees, including 14,000 engineers and tech professionals, it provides consulting for corporate IT infrastructure, applications to support clients with its own or third-party software, and platforms through a network of regional alliances with firms like Cisco, IBM, Microsoft, and Oracle. Until recently, however, it shied away from the U.S. market.
Now celebrating its 50th anniversary since starting in 1974 – when it launched to provide IT services to Chilean energy and forestry company Copec – Sonda expanded into the U.S. market in 2022. It was, in many ways, the final chapter of a remarkable growth curve that last year saw revenues reach nearly $1.5 billion.
“Expanding into the U.S. market was a natural progression for us. While the competition is fierce, our solid value proposition and focus on hiring local talent has been instrumental in our growth,” says CEO of Sonda USA Maurizio Rinaldi. “When we started the operation in Chile, the founder understood very quickly that it was important to have to compete on size and geography. So, we quickly opened operations in other countries.”
Sonda’s clientele today spans North and South America, including customers in Argentina, Brazil, Chile, Colombia, Costa Rica, Ecuador, the U.S., Guatemala, Mexico, Panama, Peru, and Uruguay, catering primarily to major multinational corporations operating in diverse sectors. “We work with some of the largest clients in each market, often global companies with operations spanning multiple countries,” says Rinaldi.
With offices strategically located in several U.S. cities, including Miami and Dallas, Sonda has set its sights on expanding that footprint, aiming for their U.S. operations to represent at least 15 percent of its global business. “Our U.S. operation, although relatively young, has been growing rapidly. We currently have over 200 dedicated employees serving clients across five states,” says Rinaldi. The IT provider says that revenue has grown more than 20 percent annually since expanding to the U.S.
The company followed the trend of many Chilean tech firms looking to scale up – by moving to Miami. “Miami offers a strategic location and a vibrant tech ecosystem,” explains Rinaldi. “And it’s a melting pot of industries, from finance to healthcare, making it an ideal hub for our operations.” While he remains tight-lipped about specific U.S. clients, Rinaldi hints at partnerships in the banking, healthcare, and government sectors.
Sonda competitive advantage is to offer a comprehensive approach to technology solutions for business processes. Rinaldi elaborates, “We provide a wide range of services, blending cutting-edge technology from our partners with our innovations. Whether it’s soft-
TOP: MAURIZIO RINALDI, CEO OF SONDA USA
ABOVE: SONDA EMPLOYS 14,000 ENGINEERS TO KEEP THEIR IT INFRASTRUCTURE AT PEAK PERFORMANCE
ware development for banking or smart city solutions, we cover it all.”
Now a publicly traded stock on the New York exchange, the tech firm reported revenues of $1.483 billion last year, with pre-tax earnings of $143 million, and more than 5,000 clients in 3,000 cities in the Western Hemisphere. Rinaldi said Sonda will likely pursue acquisitions of local service-provider companies in the U.S. market as part of its expansion. “The journey has just begun, and the best is yet to come,” he says. l
Chile Travel: A Visit to the North
Nestled along the western seaboard of South America lies Chile, a country of remarkable contrasts and beauty. Stretching 2,700 miles from its northern boundary with Peru to the southern tip of South America, Chile has extraordinary geographical diversity – from arid deserts in the north with towering sand dunes and lunar-like valleys, to rugged fjords and icy glaciers in the south, where snow-capped peaks reflect in pristine lakes.
Despite its immense length, Chile’s width averages 110 miles, making it one of the world’s narrowest countries. Yet, within this slender frame, it harbors a wealth of natural wonders, from the Atacama Desert, the driest place on earth, to the lush forests and crystalline waters of the Lake District.
Traveling to Chile from Miami is simple. It is like going to London or Paris –an eight-hour flight – except you are in the
same time zone so there is no jet lag. There are numerous direct flights offered by several airlines. Most visitors first land in Santiago, the country’s capital, before heading off to the south or, in the case of this journey, to the Atacama Desert.
DAY ONE: SANTIAGO
Before heading North, visitors should take a day to explore the capital. Stay in the Downtown area where most things are within walking distance, with easy access to public transportation. The Turistik bus, the city’s double-deckers, are a great way to sightsee the city’s best spots like Sanhattan, the popular name for the bustling financial district, and the Plaza de Las Armas, home to La Moneda, the presidential palace.
The bus can also take you to elevated Parque Metropolitano, better known as Cerro San Cristóbal. At 722 hectares, it is
Santiago’s largest green space, packed with bicyclists, families walking their dogs, and hikers. The park is massive, including a funicular that carries you up one side and a teleférico (cable car) that swoops you away on the other. Attractions there include the Zoológico Nacional, a botanical garden, and the Plaza de Juegos Infantiles Gabriela Mistral. Near the funicular’s top, Terraza Bellavista offers snacks and stunning city views.
For lunch, visitors can take a 40-minute drive outside of Santiago to Viña Santa Rita. Established in 1880 by Don Domingo Fernández, Santa Rita is one of Chile’s oldest wineries. From there it’s a short drive to the Andean Museum, with its glimpse into the rich cultural heritage of the Andean region, from ancient artifacts to traditional textiles.
The best place to catch the sunset is the Costanera Center, the second-tallest building in Latin America. Here, visitors are treated to breathtaking 360-degree views of Santiago at the Sky Costanera. The center also has a wide variety of restaurants.
STARTING POINT: THE PLAZA DE LAS ARMAS IN SANTIAGO IS HOME TO LA MONEDA, THE PRESIDENTIAL PALACE
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WE PRODUCE WORLD CLASS TRADE SHOWS
• The annual Americas Food and Beverage Show now in its 28th year – the ideal meeting place for decision makers and buyers from all sectors of the global food and beverage industry.
SCHEDULE OF EVENTS:
• Americas Food & Beverage Show: September 16-18, 2024, Miami Beach, Florida
• Cargo Logistica October 15-16, 2024, Panama City, Panama
• Aerospace Defense Americas - Strengthen Supply Chains, February 2025, Miami
Call the World Trade Center Miami today to make your global business connections. For more information visit www.wtcmiami.org
The World Trade Center Miami is the largest and oldest trade association in Miami, part of the World Trade Center Association, a global business network of 314 World Trade Centers in 91 countries with over 2 million members.
DAY TWO: SANTIAGO TO COPIAPO
From Santiago, there are many ways to get to the Atacama Desert – either by car, plane, or train. A flight with the country’s national carriers to Copiapo, a city in the northern part of the desert, is around two hours. For accommodations, Atamcama Suites is in a charming rural setting with little shops and cafes within walking distance. The desert itself is one of the driest places on earth, a spectacular vista of sunbaked desolation. At night the stars are brilliant.
DAY THREE: WINE AND PISCO
With the sun rising over Copiapó, travelers can uncover the hidden gems of the desert, including Viña Armidita in Alto del Carmen, where you will be greeted by the warm hospitality of sisters Cecilia and Sandra Ramírez. Their vineyard, a testament to centuries of tradition, offers a tasting experience that is educational and indulgent – including their renowned pisco, a type of grape brandy originating from the South American countries of Peru and Chile. The sisters explain that pisco dates back to the
Spanish colonization of the region in the 16th century. Both Peru and Chile lay claim to the origins of pisco and have fiercely debated its history. Regardless of origin, pisco is an important cultural and culinary symbol in both Peru and Chile, celebrated in festivals, cocktails, and traditional dishes.
Viña Kunza, a boutique vineyard, is another family-owned winery that mostly sells its wine locally. From its sprawling vineyards to its meticulously crafted wines, Kunza offers a glimpse into the artistry of winemaking in the desert. And with each glass of velvety cabernet sauvignon, you are transported to the sun-drenched slopes of the Huasco Valley.
For lunch, it is a quick drive to La Casona de Chanchoquín from the vineyard. The restaurant is home to a local woman who uses her house as a hostel/restaurant. The food, including lemon-marinated chicken, is homemade with all the ingredients locally sourced.
Before you end the day make sure to visit the Pisco Museum at Jahir Saba Distillery. Here, you will be given pisco shot
LEFT: THE NIGHT SKY IN THE ATACAMA DESERT ATTRACTS STARGAZERS FROM AROUND THE WORLD.
TOP: THE ATACAMA COASTAL ROUTE WHERE THE DESERT LANDSCAPE MEETS THE OCEAN
ABOVE: THE CECILIA AND SANDRA RAMÍREZ SISTERS AT THE VIÑA ARMIDITA IN ALTO DEL CARMEN WHERE THEY BREW PISCO, A TYPE OF BRANDY OPPOSITE PAGE
TOP LEFT: LLANOS DE CHALLE NATIONAL PARK, WHERE THE DESERT MEETS OCEAN
BOTTOM LEFT: VINYA KUNZA, A FAMILY OWNED VINEYARD
RIGHT: THE ATACAMA DESERT, TRAPPED BETWEEN THE ANDES MOUNTAINS AND PACIFIC OCEAN, IS ONE OF THE DRIEST PLACES ON EARTH.
after pisco shot – and if you get hungry, the seafood risotto is perfect.
DAY FOUR: DISCOVERING VALLENAR
Your itinerary should include Vallenar, a three-hour drive from Copiapó. The city is known for farming and mining but it’s a secret spot that culture enthusiasts and adventure seekers visit for its scenic desert trails and vineyards. For accommodations, the
charming Hotel Orígenes is recommended.
One of the larger vineyards, Viña Buena Esperanza offers an Assisted Tasting Experience where guests can sample their finest wines and soak in the desert’s influence. What makes wine production in the driest place on earth unique is that because they are near the ocean, the sea creates a fog called the camanchaca that gives them the moisture they need to survive.
Next make your way to Almazara Payantume, where ancient olive trees line the landscape. Here, guests can taste the renowned Huasco Valley Olive Oil. You should follow with lunch at a nearby restaurant in Huasco, with delicious seafood and a surreal ocean view.
If you are heading back to Copiapo take the scenic Atacama Coastal Route, and make sure to stop at Llanos de Challe National Park. Known for its diverse flora and fauna, visitors can explore the park’s trails and take in the breathtaking views of the desert landscape meeting the ocean. A family of seals will even swim by to say hello.
As the sun begins to set, head straight
to Mar de Dunasa for an Astrofography Tour – a tour in the middle of the desert with a fire pit, a tent set up with food and water, and a giant telescope. The Atacama Desert has one of the darkest skies in the world and is frequently visited by astronomers from around the globe. The tour includes an astronomer who will guide you through the Milky Way and several planets.
DAY FIVE: CULTURAL IMMERSION
The open-air museum at San José Mine is another must-visit cultural site. Here, guests can learn about the history of Chile’s mining industry and the rescue of the 33 miners who captured the world’s attention in 2010. One of the rescued miners still works here as a guide, walking guests through the site while recalling the event.
Next, include a visit to the Parque Los Dedos Paleontological Museum, where you will discover the fossilized remains of ancient creatures that once roamed the desert. The desert, once covered by the ocean, has remains of prehistoric aquatic sloths and whales. As you’re by the sea, make sure you
have lunch at Restaurant Coral de Bahía Inglesa. There, amidst the stunning coastal scenery of Bahía Inglesa, you can indulge in traditional Chilean dishes paired with the finest wines from the region.
If the night is still young, explore the desert’s nightlife scene for one final hoorah. The people of Chile are warm, welcoming, and know how to party. The desert has many options for clubbing or bar hopping that pulsate with energy. After ordering some drinks and dancing to Reggaeton – it will feel like you’re back in Miami – do not leave without stopping at a food cart for a completo, a Chilean-style hot dog twice the size of the ones you’d find in the U.S. The perfect hangover cure.
While a few days in the desert provide a taste of Chile’s adventure offerings, it’s clear that a deeper exploration is needed to fully appreciate the country’s diverse attractions, including its famous coastal town of Valparaiso – home to the poet Neruda –close to Santiago. Only then can one grasp the full extent of Chile’s potential as an adventure destination. l
