MIAMI—2015 was marked by billions of dollars in new inbound investment in Miami, and that high level of activity should hold in 2016. So says Nitin Motwani, managing principal for Miami Worldcenter and Miami Downtown Development Authority (DDA) board member.
"Downtown Miami is well-entrenched as a global hub for commerce, tourism, finance and the arts," Motwani tells GlobeSt.com. "The real story over the next few years will be the diversification of our local business base as startups launch and existing companies expand into the market."
That's a keen observation—and one that the DDA has been pressing.
Global companies see many advantages to doing business in Miami: extensive global ties, linguistically diverse population, international legal and insurance services, readily available trade financing and banking services by 53 domestic, international and major private wealth banks—Miami is home to the second-largest banking and finance hub in the U.S.—and international trade infrastructure that is expanding to meet the expected Asian cargo traffic from Panama's widened canal.
According to the Miami Foundation, Miami has an above-average number of start-up companies being founded here. Miami also boasts a robust services industry and a multi-cultural, multi-lingual workforce that supports international companies. Sharma points to accountants that help foreign companies get up and running and attorneys who understand international law.
Miami is home to service providers across all aspects of industry—real estate, marketing, banking, leisure hospitality, logistics, technology, government and so on—that speak in many languages and are familiar with the ways of doing business in Latin America and other nations. South Florida is home to 45 consultants and several bi-national Chambers of Commerce. In many ways, Miami is a refuge.
"The Miami Downtown Development Authority is making strides in the recruitment of technology companies, hedge funds and finance firms," says Motwani. "The common denominator across all of these sectors is Miami's appeal as a great place to live, invest and conduct business."
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