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Business Business Profile 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 over 9.2 million visitors to Miami in 2000 was visitor expenditure of US$19.8 billion. Thanks to its multitude of hotels with conference suites, it is also a major business convention centre. The film and entertainment industry has grown dramatically in the last few years, with over US$212 million generated by film, television, commercial and fashion photography production in 1998 alone. 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. Nevertheless, Miami’s unemployment rate, standing at 7.6% in December 2001, is one of the worst in the USA, considerably higher than the national average, which peaked to 5.4% in 2001. Business Etiquette Miami’s close proximity to Latin America makes it a fascinating place to do business. Throughout the past decade, a large number of companies from the Caribbean, Central and South America have set up offices here and, as a result, Greater Miami’s work force has grown younger, more multilingual, and more culturally diverse. However, for business purposes, it is still essentially the USA. Therefore dress code is smart and business is managed the American way – quickly, efficiently and frankly. Business cards should be presented. Outside the boardroom, Americans often are informal and will use first names. Business socialising, drinking and dining, is popular in Miami. Office hours are generally 0900-1700, although these can vary slightly from one organisation to the next. When public holidays occur on a weekday or weekend, they are usually celebrated on the nearest Friday or Monday, thereby creating a three-day weekend. Meetings often take place in social situations and, in keeping with the fast-paced business life of Americans, breakfast meetings are common. Lunch meetings are also popular, sometimes with alcohol. Meetings may also take place over the weekend. |
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