The Wall Street Journal Projected that 2013 will be the third year running in which Panama’s economy will experience double-digit growth. Miami Empresarial Magazine is proud to cover this nation’s progress and its close relationship to Miami. Real Estate, Business, Bi-lateral Trade, Deals, Tourism and The Law are covered in these pages. We welcome our readers’ comments and suggestions.
“Executive Luncheon Miami – el tercero en los Estados Unidos en su Road Show 2013 de PROINVEX- Agencia dentro del Ministerio de Comerio e Industrias de Panama y encargada de la atraccion de inversionistas a Panama como tambien proporcionar toda la informacion necesaria de todos los beneficios que obtienen apostando por Panama abriendo sus oficinas o Headquarters.
La participacion de Panama Pacifico, la Zona Libre de Colon , la Autoridad de Innovacion Gubernamental ( AIG ), Proinvex y la ATP – Autoridad de Turismo de Panama fue espectacular por la cantidad de informacion que los asistentes obtuvieron de primera mano con sus presentaciones audiovisuales y de los delegados de estas agencias y Ministerios del Gobierno de Panama”. — Gisela Thomas, Presidente, Panama Global Consulting, Inc
Benefits Of The U.S.-Panama Trade Promotion Agreement
Signed in 2007 and implemented in October 2012, the U.S. –Panama Trade Promotion Agreement (TPA) was created to support American jobs, expand markets and enhance U.S. competitiveness. • Panama is one of the fastest growing economies in Latin America, expanding 6.2 percent in 2010 and 10.6% in 2011 on a gross domestic product (GDP) of $50.6 billion, with similar annual growth forecast through 2015. • This comprehensive agreement eliminates tariffs and other barriers to U.S. exports, promotes economic growth, and expands trade between the two countries. With its implementation, almost all U.S. exports of consumer and industrial products to Panama are now duty-free, with remaining tariffs phased out over ten years. Nearly half of all current trade has received duty-free treatment with most of the remaining tariffs eliminated within 15 years. • The U.S.-Panama TPA also preserves duty-free access for Panamanian goods previously granted under trade preference programs and should help strengthen the Panamanian economy. • Prior to the TPA, U.S. industrial goods faced an average tariff of 7 percent in Panama, with some tariffs as high as 81 percent. U.S. agricultural goods faced an average tariff of 15 percent, with some tariffs as high as 260 percent. • The TPA guarantees access to Panama’s $20.6 billion services market, including in priority areas such as financial, telecommunications, computer, distribution, express delivery, energy, environmental, and professional services. • Panama’s strategic location as a major shipping route also enhances the importance of this trade agreement. Approximately two-thirds of the Panama Canal’s annual transits are bound to or from U.S. ports.
The Agreement will remove barriers to U.S. goods entering Panama’s market.
• Over 87 percent of U.S. exports of consumer and industrial products to Panama will become duty-free immediately, with remaining tariffs phased out over ten years. U.S. products that will gain immediate duty-free access include information technology equipment, agricultural and construction equipment, aircraft and parts, medical and scientific equipment, environmental products, pharmaceuticals, fertilizers, and agrochemicals.
• U.S. agricultural exports will also benefit. Nearly 56 percent of current trade will receive immediate dutyfree treatment, with most of the remaining tariffs to be eliminated within 15 years. Panama will immediately eliminate duties on high-quality beef, frozen turkeys, sorghum, soybeans, soybean meal, crude soybean and corn oil, almost all fruit and fruit products, wheat, peanuts, whey, cotton, and many processed products. The Agreement also provides duty-free access for specified volumes of standard grade beef cuts, chicken leg quarters, pork, corn, rice, and dairy products through tariff rate quotas.
The Agreement is key to maintaining U.S. market share in this important market.
• The United States faces strong competition as Panama’s other trading partners increase their share of Panama’s total imports.
• In 2010, Panama finalized a trade agreement with Canada. Many Canadian goods and services directly compete with those of the United States in Panama. U.S. products, such as pork and frozen french fries, will be at a significant competitive disadvantage if they continue to face duties while Canadian products enjoy preferential access.2
• The European Union (EU) has negotiated an Association Agreement with the Central American countries, including Panama, which was initialed on March 22, 2011. Machinery and transportation equipment, chemicals and metals are the leading exports from the EU to Panama.
The Agreement provides significant infrastructure opportunities.
• In addition to the ongoing $5.25 billion Panama Canal expansion project, the Government of Panama has identified almost $10 billion in other significant infrastructure projects.
• Construction equipment and infrastructure machinery used in such projects accounted for $280 million in U.S. exports to Panama in 2010. Tariffs for this sector average 5 percent with almost all being eliminated upon entry into force.
Other benefits of the Agreement Include:
A Level Playing Field for U.S. Investors: The Agreement ensures that U.S. companies in Panama are protected against discriminatory or unlawful treatment, and provides a neutral and transparent mechanism for settlement of investment disputes.
Greater Protection for Intellectual Property Rights: The Agreement provides for improved standards for the protection and enforcement of a broad range of intellectual property rights, which are consistent with both U.S. standards of protection and enforcement, and with the standards increasingly embraced by our trading partners.
Such improvements include state-of-the-art protections for digital products such as software, music, text, and videos and stronger protections for patents, trademarks and test data, including an electronic system for the registration and maintenance of trademarks.
Commitments to Protect Labor Rights and the Environment: The Agreement commits both Parties to adopt and maintain in their laws and practice the five fundamental labor rights as stated in the 1998 ILO Declaration on Fundamental Principles and Rights at Work. Both Parties are also required to effectively enforce – and may not waive – labor laws related to fundamental labor rights. Both Parties also commit to effectively enforce their own domestic environmental laws and adopt, maintain, and implement laws, regulations, and all other measures to fulfill their obligations under covered multilateral environmental agreements. All obligations in the labor chapter and the environment chapter are subject to the same dispute settlement procedures and enforcement mechanisms as the Agreement’s commercial obligations.
Fair and Open Government Procurement: Under the Agreement, U.S. suppliers are granted rights to nondiscriminatory treatment in bidding on procurement by a broad range of Panamanian government ministries, agencies, regional governments, and public enterprises. For procurement covered by the Agreement, it requires the use of fair and transparent procurement procedures, such as advance notice of purchases and timely and effective bid review procedures.
An Open and Competitive Telecommunications Market: Panama has agreed to a pro-competitive regulatory framework that builds upon the WTO Basic Telecommunications Reference Paper and guarantees competitive access to Panamanian telecom networks on reasonable and non-discriminatory terms. U.S. telecommunications companies are ensured the right to interconnect with Panamanian dominant carriers’ fixed networks at nondiscriminatory and cost-based rates.
Panama Canal Authority’s Rodolfo Sabonge At The Containerization & Intermodal Institute Event
Export initiative update, Panama Canal and breakbulk shipping to be discussed
On June 20, the Containerization & Intermodal Institute, a non-profit organization founded in 1960 to promote industry awareness, presented a one-day seminar in Houston focusing on the Panama Canal, the update on U. S. export initiatives and breakbulk shipping.
Michael Masserman, Executive Director for Export Policy, Promotion & Strategy, International Trade Administration, U.S. Department of Commerce, and Rodolfo Sabonge, Vice President of Market Research and Analysis, Panama Canal Authority, are confirmed as luncheon and keynote speakers, respectively. The luncheon will be followed by panel discussions major shippers, ocean carriers, freight forwarders, railroads and Port of Houston officials. This is the second seminar to be held by the Containerization & Intermodal Institute after last year’s successful “Doubling U.S. Exports—a Reality Check” event in Chicago.
“For its first 40 years, CII was known for the educational seminars held around the country. Now, in its 53rd year, we are working to extend the CII reach to other parts of the USA by hosting informative and educational seminars, providing scholarships and other good will work for the industry” — Michael DiVirgilio, CII President
Following the panelist’s speeches will be a discussion among all the experts and a Q&A session. The seminar will be held at the Houston Marriott North. Tickets are $95, which includes the luncheon. Event sponsorships range from $500 to $5,000 and include attendees at the entire event, depending on level of sponsorship. More information is available by visiting www.containerization.org.
From Miami Empresarial Magazine
North America’s Port Cities Prepare for the First Post-Panamax Decade
Colliers International released its third North American Port Analysis report which examines evolving trade patterns resulting from the upcoming Panama Canal expansion in 2015. The report’s theme, “CapEx or Capsize,” underscores the idea that cities need to spend the capital to upgrade their ports, or risk “capsizing” their economies. Report author, KC Conway, notes that America needs $3.6 trillion in funding for infrastructure by 2020 to remain competitive in light of the upcoming Panama Canal expansion. “This is ‘make-it-or-break-it’ time for North America’s port cities,” said KC Conway, chief economist for Colliers International in the U.S. “Changing trade patterns and evolving e-commerce trends will present great economic opportunities for the cities that that invest CapEx in their transportation infrastructure. And for those cities that don’t invest, they put their economies at serious risk.” The report also looks at emerging inland ports and intermodal facilities in markets such as Charleston, Indianapolis,Philadelphia and the Great Lakes, and the impact that the Panama Canal expansion and changing global trade patterns are having on industrial commercial real estate.
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Key Findings Colliers identifies a number of key takeaways, including:
- Poor Infrastructure. The American Society of Civil Engineers (ASCE) recently gave America’s overall infrastructure a D+ grade. Although ports and rails earned a C, America’s infrastructure is only as healthy as its weakest link: inland waterways, roads and airports. Further developing and capitalizing on some of these more basic, traditional modes of transportation would be beneficial to U.S. economies.
- Shift in Trade Powers. The balance of influence in trade is shifting from Asia to Latin America, and from West Coast to Gulf/East Coast ports. Expanding U.S. trade with Latin America, Russia and India offset the impact of Eurozone recession and China’s slowing GDP.
- Growth in the Great Lakes. The Great Lakes region is an often overlooked “Fourth Coast.” But this region is the undisputed leader in bulk cargo trade, processing roughly 240 million tons of cargo annually, and its ports accounted for 28 percent of the U.S. GDP in 2012.
- The Future of Air Cargo. Air cargo is expanding primarily in the Middle East, Africa, and Asia Pacific, where underdeveloped infrastructure makes air freight the primary option. In North America, however, only a handful of air cargo centers will survive, as overall volume declines and e-commerce becomes the primary business driver. Air cargo’s role in the future of global trade will be defined by the tug-of-war between energy/infrastructure costs and e-commerce growth in the first post-Panamax decade (2015-2025).
- Intermodal on the Move. Intermodal transportation activity was at an all-time high in 2012, and is the next transportation growth segment in the post-Panamax era. Industrial real estate development in 2013 is directionally pointed toward port markets, inland distribution markets with dominant intermodal facilities, and a handful of dominant air cargo markets. Several differentiating trends will dictate where industrial real estate will be most in demand, including port markets that are post-Panamax ready, occupy a commodity or product niche, and are aligned with the national intermodal rail system.
- Rise of the Rail. More container cargo will migrate to rail due to new hours-worked rules and other regulations affecting the trucking industry. Rail speed, reliability, and cost now rival movement of goods by truck. And, environmental and traffic congestion challenges will enhance the movement of cargo traffic to rail.
In the report, Colliers also recognizes the top 10 North American ports, including:
- North America’s Top Air Cargo Port: Memphis Air Cargo Port
- Fastest-Growing North American Port: Port of Virginia
- Florida’s Best Kept Secret: Port Everglades – Florida’s top TEU container port
- Best Logistics: GA Port Authority & the Georgia Center of Innovation for Logistics
COLLIERS INTERNATIONAL is a global leader in commercial real estate services, with over 13,500 professionals operating out of more than 482 offices in 62 countries. A subsidiary of FirstService Corporation, Colliers International delivers a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world.
The Panama Canal has been nominated for the 2013 Prince of Asturias Award under International Cooperation category and you can be part of the campaign to support it!
The Foreign Corrupt Practices Act
Richard M. Zelman | Special to Miami Empresarial Founding Director, Sacher, Zelman, Hartman, Paul, Beiley & Sacher In an ever-increasing globalized market, corruption is a growing area of compliance concern for companies doing business around the world. The United States Department of Justice (“DOJ”) and the Securities and Exchange Commission (“SEC”) are fighting against corruption by investigating and prosecuting violators of the U.S. Foreign Corrupt Practices Act (“FCPA”).
Generally, the anti-bribery provisions prohibit paying, offering, promising, or authorizing the payment of money or anything of value, directly or indirectly, to any foreign official in order to obtain or keep business, or to secure an improper advantage.
The FCPA is a U.S. criminal statute that prohibits improper payments to, or other improper transactions with, non-U.S. officials to influence the performance of their official duties. Generally, the anti-bribery provisions prohibit paying, offering, promising, or authorizing the payment of money or anything of value, directly or indirectly, to any foreign official in order to obtain or keep business, or to secure an improper advantage. Under the FCPA, the definitions of “payment” and “foreign official” are considerably broad. The FCPA also contains accounting requirements to prevent practices intended to hide corrupt payments. U.S. enforcement authorities apply the FCPA against U.S. companies and foreign companies which have a presence in the U.S. that cause an act to be done in furtherance of a corrupt payment (or offer, promise, or authorization to pay) by any person acting as the agent of that company. In recent years, the DOJ appears to be targeting non-U.S. companies for FCPA violations. For example, in the past two years, nearly half of the FCPA enforcement cases involved non-U.S. companies. As a result, foreign companies operating in the U.S., including banks, must be aware that the FCPA may directly affect their operations, and, therefore, should maintain effective anti-corruption programs in order to reduce the risk of violating the FCPA.
- Richard M. Zelman
Richard M. Zelman is a Founding Director of Sacher, Zelman, Hartman, Paul, Beiley & Sacher. Mr. Zelman has practiced law in Miami since 1974. Currently, he manages the Financial Services Group. Mr. Zelman received his undergraduate degree from Cornell University magna cum laude with a B.A. in both History and Government in 1971, and graduated in 1974 from Harvard Law School, cum laude. Mr. Zelman can be reached at (305)371-8797 or firstname.lastname@example.org.
Pollo Tropical® Opens Its Second Panama Restaurant
“It has been a pleasure working with our franchisee to help our brand grow in this dynamic market”
The two-level restaurant is located in a new entertainment and dining complex in the high-end shopping center, Multi-Plaza. Other international brands that have also established locations in Panama City’s Multi-Plaza include Hugo Boss®, Coach®, Jimmy Choo®, Juicy Couture®, Louis Vuitton® and many more. This is the second restaurant of a five-restaurant development agreement between Pollo Tropical and El Machetazo of Panama. The first Pollo Tropical in Panama opened in May, 2012, at the Albrook Shopping Center. This new restaurant reflects the elevated concept that Pollo Tropical is also utilizing in its expansion domestically, featuring enhanced service with upgraded plates and glassware, in addition to its flame-grilled marinated chicken, roast pork, guava barbecue ribs and made-from-scratch side dishes. “We have worked closely with our franchise partner in Panama, El Machetazo, to ensure that the Pollo Tropical brand will resonate well with new customers, as well as loyal customers, seeking a fresh and flavorful alternative,” said Marc Mushkin, Senior Vice President of International Development for Pollo Tropical. Two additional units are currently under construction in Panama’s capital. El Machetazo is considered one of the most significant contributors to the retail industry in Panama today. The company was founded in Panama more than four decades ago. Among its holdings are 14 hypermarkets that operate throughout Panama and the company to employ more than 3,000. The company also owns and operates Café Caney coffee/pastry shops located inside the markets. “It has been a pleasure working with our franchisee to help our brand grow in this dynamic market,” Mr. Mushkin said.
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Panama’s Newest Eco-Luxury Community Isla Palenque Opens to High Acclaim, Rapidly Sells Out Exclusive Founders Club
- Isla Palenque’s infinity pool.
Since the opening of the first six rooms of its luxury hotel in February, the new private island resort on Isla Palenque, in Panama, has received glowing reviews and sold out its exclusive Founders Club for vacation homeowners in just 10 weeks. The master-planned resort community provides guests and future residents a unique private island experience through sustainable design, luxury amenities and adventure tours that engage with the local people and ecosystems. Resort rooms and residences are immersed in old-growth jungle with expansive views of the Gulf of Chiriqui. Luxury amenities include fine dining, attentive personalized service with a 3:1 employee-guest ratio, and over twenty engaging tours and activities that celebrate the resort’s pristine wilderness setting; plans for a spa, a beach restaurant and lounge, yacht club and marina, canopy rope walk, and nature center will round out the development’s amenities in future phases. The first inception of the groundbreaking development, a six-room inn, has earned glowing reviews and converted many of its first guests into pre-construction residence owners through the exclusive Founders Club offering. These first 12 buyers received exclusive discounts and privileges with their luxury real estate purchase, including free hotel stays for themselves and guests before their home is built, paid association fees, a dedicated concierge and other VIP treatment. “We hosted a few ‘site expeditions’ in 2011 and 2012 to allow potential homebuyers a look at the property, but serious buyers have really started to come forward now that they can stay at our resort and see the quality of our design and operations firsthand,” says the founder of the eco-development at Isla Palenque. Many vacation homebuyers find additional incentives to invest in Panama real estate given the country’s ongoing economic expansion and massive infrastructural investments. The Wall Street Journal projects for 2013 to be the third year running thatPanama’s economy experiences double-digit growth. Infrastructurally, the recently-completed expansion of Enrique Malek Airport in David, is of particular interest to travelers and homeowners at Isla Palenque, as the airport is now positioned to become Panama’s second airport to accept international flights; the airport already receives regularly scheduled flights fromCosta Rica, and many expect flights from the United States to start in 2014 or 2015. While the privileges of membership in Isla Palenque’s Founders Club are no longer available as of April 30, some of the initial phase homes can be purchased through the resort’s newly opened Leading Homeowner program, which offers select benefits to reward early purchasers in the project. Construction on the initial phase residences is scheduled to begin early 2014. The Resort at Isla Palenque is a sustainable resort and residence development located on a private island in the Gulf of Chiriqui, Panama. The resort’s boutique hotel welcomed its first guests February 2013 to experience a luxurious escape amid the wild jungles and pristine beaches of Isla Palenque.
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Latin Markets Hosts Largest Private Banking Latin America Forum Throughout LatAm & The Caribbean – New Speakers Announced
On October 24th and 25th Latin Markets will gather more than 400 private bankers, high net worth individuals and family offices from the Latin American Private Wealth Management community at the JW Marriott Hotel inMiami. The annual Private Wealth Latin America & The Caribbean Forum will feature discussions of wealth management, asset allocation, best practices in platform selection and technology, wealth protection strategies through estate planning, tax and trusts. Forum attendees will be able to uncover difficult to reach family offices and understand where industry growth is taking place during 10 hours of valuable networking opportunities with delegates from the United States, Mexico, Guatemala,Honduras, Nicaragua, Costa Rica, Panama, Ecuador, Colombia, Peru, Brazil, Chile, Paraguay, Uruguay, Argentina, TheBahamas, Curacao, Dominican Republic, Puerto Rico, Cayman Islands. Over eighty speakers from the region’s largest wealth managers, private banks, family offices, HNWIs, the asset management, technology and law communities will be in attendance. Newly Announced Participants Include – Douglas W. Evans , Head of Investments, Abbot Downing Jorge Becerra , Senior Partner, Boston Consulting Group Cara Williams , Global head of Wealth Management, Mercer Santiago Ulloa , President, WE Family Offices Ignacio Pakciarz , CEO, BigSur Partners Ernest Dawal , Chief Investment Officer, SunTrust Banks and GenSpring Family Offices Paul Koch , President, ALTASOL
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BNY Mellon Appointed to Trustee and Agent Roles for Banco General’s $100 Million DPR Bond Issuance
Company to service first diversified payment rights program in Panama
BNY Mellon, the global leader in investment management and investment services, has been appointed trustee, registrar, transfer agent, paying agent and securities intermediary by Banco General S.A. (Panama) for its $100 million diversified payment rights (DPR) bond issuance, which is the first DPR program in Panama. “We chose to work with BNY Mellon because of their extensive track record and experience in DPR securitizations and the strong relationship we maintain with them. We are confident they will be a reliable counterparty and responsive throughout the life of the program,” said Francisco Sierra , CFO at Banco General. “We expect to see an increased interest in DPRs as more issuers seek alternative sources of funding in anticipation of the new regulatory environment of Basel III,” said Hector Herrera , managing director of international and cross border sales at BNY Mellon Corporate Trust. “We are committed to servicing the growing needs of issuers across Central America, and our appointment on this program illustrates the market’s trust in our global capabilities and expertise.” As of March 31, 2013, BNY Mellon Corporate Trust serviced $12 trillion in outstanding debt from 61 locations in 20 countries. Its clients include governments and their agencies, multinational corporations, financial institutions and other entities that access the global debt capital markets. The corporate trust business utilizes its global footprint and expertise to deliver a full range of issuer and related investor services and to develop customized and market-driven solutions. Its range of core services includes debt trustee, paying agency, escrow and other fiduciary offerings. Corporate trust providers are appointed by corporations, municipal governments and other entities issuing debt to perform a variety of duties, including servicing and maintaining the debt issue, processing principal and interest payments for investors, representing investors in defaults, and providing value-added services for complex debt structures. BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 36 countries and more than 100 markets. As of March 31, 2013, BNY Mellon had $26.3 trillion in assets under custody and/or administration, and $1.4 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com, or follow us on Twitter @BNYMellon.
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U.S. Exports Reach $184.3 Billion in March
The United States exported $184.3 billion in goods and services in March 2013, according to data released today by the Bureau of Economic Analysis (BEA) of the U.S. Commerce Department. “These numbers highlight how President Obama’s National Export Initiative is helping businesses across the country remain globally competitive,” said Export-Import Bank Chairman Fred P. Hochberg . “Exports help support U.S. jobs, and the Ex-Im Bank will continue to provide companies with the resources they need to succeed in the global marketplace.” Exports of goods and services over the last twelve months totaled $2.2 trillion, which is 39.7 percent above the level of exports in 2009.
Over the last twelve months, exports have been growing at an annualized rate of 10.8 percent when compared to 2009. Over the last twelve months, among the major export markets the countries with the largest annualized increase in U.S. goods purchases, when compared to 2009, occurred in Panama (31.2 percent), Russia (24.7 percent), United Arab Emirates (24.4 percent), Chile (23.4 percent), Peru (23.4 percent), Venezuela (21.1 percent), Argentina (21.1 percent), South Africa (20.6 percent), Hong Kong (20.6 percent), and Columbia (20.3 percent). Ex- Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years (from Fiscal Year 2008), Ex-Im Bank has earned for U.S. taxpayers nearly$1.6 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services. Ex- Im Bank approved nearly $35.8 billion in total authorizations in FY 2012 – an all-time Ex-Im record. This total includes more than $6.1 billion directly supporting small-business export sales – also an Ex-Im record. Ex- Im Bank ‘s total authorizations are supporting an estimated $50 billion in U.S. export sales and approximately 255,000 American jobs in communities across the country. For more information, visit www.exim.gov.
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ABOUT MIAMI EMPRESARIAL MAGAZINE: Since its inception in 2007, Miami Empresarial has concentrated on fulfilling a double mission: 1) to present local entrepreneurs’ and companies’ stories of success (and, in this economic climate, of survival, adaptability and revitalization) and (2) to promote commercial activity and relationships in our area and between South Florida and the world. The publication focuses on all of South Florida’s industries as well as the national and international trends that affect the area’s commercial and industrial environment. Its scope ranges from top area entrepreneurs and professionals to foreign nationals planning to travel/expand to Miami or already living/operating in South Florida. In its printed and digital editions, Miami Empresarial seeks to disseminate positive, actionable information about commercial activity to/from/within this area. Its slogan is “Because Miami Is Open for Business” and, as readers perceive from its editorial content, business is certainly alive and thriving in Miami!
Miami Empresarial partners with top institutions, such as the University of Miami School of Business, the Greater Miami Chamber of Commerce, The Chicago Booth School of Business and other international professional organizations and chambers, and produces special editions with up-to-the-minute developments and special events from specific industries. Not only does the magazine cover the area’s most important forums on business, Miami Empresarial also creates its own seminars and roundtables on Real Estate, International Trade, Finance and other topics with influential speakers/panelists. Among our most successful industry-focused events are its “Meeting of the Minds” luncheons.