Miami Business
| Thanks to its strategic situation at the gateway to the Caribbean, Central and South America, as well as its superior seaport and airport capabilities, Miami is known as the major international trading hub of the Americas. Founded in 1977, the Miami Free Trade Zone (the first and largest privately owned and operated trade zone in the world) is located just west of Miami International Airport and boasts around 200 major international clients. The customs in Miami process 40% of all US exports to Latin America and the Caribbean. Top export trading partners include Brazil, Colombia, Venezuela, Dominican Republic and Argentina. Recent years have seen the steady economic growth and strengthening of international business opportunities, with trade, construction, manufacturing (clothing, metal fabrication, printing and medical products), real estate and the service sectors showing the strongest potential. The city’s main commercial district is at the heart of downtown Miami, where six blocks of government and municipal offices house such prestigious multinationals as AT&T, Apple, Johnson & Johnson, Kos Pharmaceuticals, Sony, Texaco and Toshiba. More than 400 multinational companies have operations in Miami and many have their Latin American headquarters here. The city is also emerging as a key international banking centre. Indeed, Brickell Avenue has more international banks (over 100) than any other place in America. The city’s chief source of income, however, derives from tourism. The direct economic impact of just under 10.5 million visitors to Miami in 2003 was visitor expenditure of US$11 billion. Thanks to its multitude of hotels with conference suites, it is also a major business convention centre. The film and entertainment industry also generates millions annually with film, television, commercial and fashion photography production. Major media organisations located in Greater Miami include Telemundo and Univision (the top two Spanish-language television networks in the USA), the Discovery Channel, MTV Networks and the Travel Channel. Miami’s unemployment rate of 6.1% for 2004, is certainly declining from recent highs, yet is still higher than the national average of 5.4%. |