The Greater Miami Chamber Continues its Outward Reach
By J.P. Faber
When banker Roberto Muñoz accepted the role of Chairman of the Greater Miami Chamber of Commerce last year, he was already “the product of full internationalization, as a result of being in Miami,” he says. Of the 43 years he has lived in the city, 32 years were spent in international banking, with a focus on Latin America.
Among Muñoz’s various stints were two years at Barclays Capital (owned by London-based Barclay Bank), 12 years with Fuji Bank Limited (owned by Tokyo-based Mizuho Bank Limited), eight years with Israel Discount Bank (owned by Tel Aviv-based Israel Discount Bank Ltd.) and most recently, seven years with BBVA Compass (owned by Madrid-based BBVA). All of these, he says, prepared him perfectly for his year with the Chamber.
“The Chamber understands that 50 percent of our economy is internationally driven,” says Muñoz. While the global movement of people, goods and services is technically in second place to real estate as an economic driver for Greater Miami, even real estate is significantly propelled by buyers and investors from overseas.
Part of Muñoz’s roll as Chair of the Chamber is boosterism, and nobody sells the global advantages of Miami like Muñoz. “Washington is where the embassies are, so we don’t compare to that, but there are 82 consul generals in Miami, which is second only to New York City. This gives us a huge advantage for doing business in their foreign countries. We also have the second largest contingent of international banks [after New York].”
While Miami has undergone dramatic growth in recent years, thanks in no small measure to the COVID pandemic driving residents and businesses from New York, Chicago, and California, the city’s multicultural, professional infrastructure facilitated that transfer of wealth and population. “Our technology, our workforce, our strong legal industry, our international accounting firms, all were able to accommodate this domestic influx,” he says. “And we did
have the NAP [Network Access Point] of the Americas, and cables to Latin America, and proximity to Latin America, for a market these companies may not have fully explored.”
But while access to Latam has always been a Miami selling point, says Muñoz, what is different now is that Miami is also seen as a reverse gateway to North American markets, especially for European companies.
Alfred Sanchez, the President and CEO of the Chamber, notes that a large part of the organization’s mission has always been to attract foreign companies. One of its key tools has been trade missions sent abroad to foster trade ties. Last April, for example, the Chamber – along with Miami-Dade Mayor Daniella Levine Cava and the Beacon Council – took 50 South Florida companies to Israel to establish business links. The result has been at least four Israeli companies moving operations to Miami, including DEI,
a desalinization firm that turns seawater into drinking water, and Electrion, now working with PortMiami to upgrade its power grid. In November, the Chamber will lead a mission to Japan, “focusing on technology in its broadest sense, from waste management to urban mobility,” says Sanchez.
What has recently changed, says Sanchez, is the number of foreign trade missions coming to Miami. “It’s now almost two or three
a month,” he says. “We’ve always had a flow from Latin America, but recently we’ve had a lot more companies come from Europe.” One example: two trips from the Association of British Health Tech Industries, which has brought some 80 health tech companies to Miami in the last year. “Already four or five have opened offices here,” he says.
And, adding to the core of consulates that Muñoz sees as critical, Ireland recently set up a consular office in Miami. “That is huge,” says Sanchez, “because they see Miami as a growing tech hub, and they want to be in the mix of technology here in the U.S.”
