Global Miami-JULY-AUGUST2025 by Coral Gables Magazine

GLOBAL MIAMI

HYDI WEBB, PORTMIAMI DIRECTOR & CEO

PHOTO BY RODOLFO BENITEZ

BUILT ON A DREAM

We celebrate our City and Chamber of Commerce for a rich history, and a sense of community with businesses and professionals working together toward the same goals. The Biltmore is proud to be a member and host event for one of the top-ranked Chambers in the tri-county area. Here’s to another 100 great years.

Here’s to another 100 great years.

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STATE OF THE PORTS 2025

South Florida’s air and seaports are the engines that keep it at the forefront of global trade. Together, Miami International Airport, PortMiami, and Port Everglades give the Miami Customs District – comprising South Florida’s three counties – a uniquely agile and diversified trade platform.

THE STATE OF TRADE 2025

In a year where global trade reached a record $33 trillion, South Florida’s trade engines – its ports, its airports, its people – once again demonstrated their ability to adapt and thrive amid persistent economic and geopolitical uncertainty. A look at our trade with 143 nations.

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THE MIAMI-ISRAELI CONNECTION

All over South Florida, from Brickell and Wynwood to Broward and West Palm, Israeli-Americans have both elevated and invigorated the business landscape. Here is a snapshot of the thriving Israeli entrepreneur scene in Greater Miami.

81 FROM TAIWAN TO FLORIDA

Innovation, ingenuity and resolve reign in this remote but crucial democracy – despite the ongoing threat from the People’s Republic of China. The U.S. has cultivated a delicate balance with Taiwan – which now enjoys a growing economic relationship with Florida and Miami.

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Another New World

It used to be that Greater Miami had but a handful of Fortune 500 corporations calling South Florida home. For years, I can only think of one major corporation fitting that bill – Ryder. We had a few cruise lines, a handful of international banks, some of the major accounting firms, but we didn’t have the major telecommunications corporations, hardly any customs/brokerage and or logistics firms. We just weren’t ready for those industries and business verticals.

Then something happened. We changed. We looked over the horizon and realized that South Florida was in the right place, at the right time. We became the Gateway to the Americas.

That term has now been used for decades. And we’ve all benefitted from that identity, along with the North-South trade routes that defined us. Fortunes were made. We flourished.

Then something else happened. The pandemic. And waves of new residents and businesses arrived, fleeing high-tax states, increased crime in major US cities, and heavy regulations that sounded very anti-business. Florida, meanwhile, maintained a pro-business approach to development, with low taxes and a cost of living (at the

time) that encouraged businesses to relocate – along with their employees.

Now, there’s another change. We’re not just looking at pan hemispheric trade. We’re a global finance center. An education center. A research and development center. A major healthcare center.

And what you’ll note in this issue is that our point of view is no longer just north/south. We’re now addressing business from a truly global perspective: the Middle East, Asia, Europe, and the Americas… and the speed at which this is happening is accelerating. We reflect this with three major reports: The State of the Ports (produced by the World Trade Center Miami), The Miami-Israel Report and The Taiwan Report. Incredible reach.

That spread of markets gives us a terrific safety net to survive global turbulence. And the commerce is no longer just in goods, but in ideas. We have grown with astonishing speed to become a center for innovation, for intellectual property development. Combine that with our traditional strong suit as a trading nexus and you have an insurance policy to protect our success. In short, we’ve changed – again. In short, this is the right place at the right time.

RICHARD ROFFMAN PUBLISHER GLOBAL MIAMI MAGAZINE

GLOBAL MIAMI

PUBLISHER

Richard Roffman

EDITOR-IN-CHIEF

J.P. Faber

ASSOCIATE PUBLISHER

Gail Feldman

SENIOR VICE PRESIDENT INTERNATIONAL Manny Mencia

VICE PRESIDENT OF OPERATIONS Monica Del Carpio-Raucci

MANAGING EDITOR

Drew Limsky

SENIOR EDITOR Yousra Benkirane

SALES AND PARTNERSHIPS

Sherry Adams

Amy Donner Gail Scott

ART DIRECTOR Jon Braeley

PRODUCTION DIRECTOR

Jorge G. Gavilondo

WRITERS

Doreen Hemlock

Riley Kaminer

Joe Mann

Katelin Stecz

PHOTOGRAPHERS

Rodolfo Benitez

Alexia Fodere

CIRCULATION & DISTRIBUTION CircIntel

BOARD OF ADVISORS

Ivan Barrios, World Trade Center Miami

Ralph Cutié, Miami International Airport

Gary Goldfarb, Interport

Bill Johnson, Strategic Economic Forum

Roberto Munoz, The Global Financial Group Stacy Ritter, Visit Lauderdale David Schwartz, FIBA

EDITORIAL BOARD

Alice Ancona, World Trade Center Miami

Greg Chin, Miami International Airport

Tiffany Comprés, Pierson Ferdinand Paul Griebel, Venture for America

James Kohnstamm, Miami-Dade County

John Price, Americas Market Intelligence TJ Villamil, eMerge Americas

Global Miami Magazine is published bi-monthly by Global Cities Media, LLC. 1200 Anastasia Ave., Suite 217, Coral Gables, FL 33134. Telephone: (305) 452-0501. Copyright 2025 by Global Cities Media. All rights reserved. Reproduction in whole or part of any text, photograph, or illustration without o\prior written permission from the publisher is strictly prohibited. Send address changes to subscriptions@ globalmiamimagazine.com. General mailbox email and letters to editor@globalmiamimagazine.com

Betting on the Long Term: Mexico & Florida

MEXICO’S AMBASSADOR TO THE U.S. DISCUSSES TRADE, INFRASTRUCTURE, AND THE FUTURE OF FLORIDA-MEXICO RELATIONS

During a recent visit to Miami hosted by the World Affairs Council Miami, the Ambassador of Mexico to the United States sat down with Global Miami Magazine to discuss the economic and cultural ties be-

What defines the connection between Mexico and Florida today?

We have a vibrant relationship. Mexico is Florida’s number one trading partner. We exchange nearly $15 billion each year, and that trade generates around 310,000 jobs. It’s a very positive relationship.

What are your impressions of Miami?

Of our 53 consulates in the U.S., Miami is very important – not just because of the Florida-Mexico relationship, but because Miami and Florida represent the Americas in a nutshell. This is a multicultural, sectoral society that knows how to share, how to live together, and how to progress. Florida has grown significantly in recent years and has an innovative approach to development.

What kind of economic opportunities do you see between Mexico and Miami?

Ports of entry [by land] are developing quickly. We just finished Otay Mesa II in California and are starting a huge new port of entry in Laredo, Texas. But seaports are also critical .... Mexico just developed an interoceanic train connecting the Gulf of Mexico and the Pacific. It would be very important to develop a route through Florida to reach the Eastern U.S. And imagine the opportunities for Florida businesses once they realize they can reach the West Coast through the Isthmus of Tehuantepec in Mexico.

How is nearshoring affecting trade with Florida?

Trade has been growing in recent months, and nearshoring is helping strengthen that relationship. We are producing components

tween Mexico and Florida. With trade tensions rising, nearshoring becoming the new norm, and an increasingly integrated North American region, the Ambassador sees a future built on collaboration.

for semiconductors, AI, the automotive sector, aerospace – many sectors. Mexico is part of that supply chain. Our supply chains are resilient, and that makes both countries more competitive.

What advice would you give to Mexican and South Florida businesses navigating today’s global economy?

Be innovative. The whole structure of international trade is changing – and so is the economy. We had the Industrial Revolution, then the digital one, and now we’re entering the AI revolution. We must prepare for the new jobs and new demands this will bring. The relationship between Mexico and Florida in these advanced sectors will be key. My advice is: bet on certainty. Mexico offers certainty –we have the USMCA, we have political and social stability. If you look at Claudia Sheinbaum’s approval numbers, they’re among the highest in the world – 83 percent. Mexico is stable, and our commitment to the U.S. is long-term. We’re not looking for short-term gains – we’re betting on the long term.

What can we expect from the future of Mexico–Florida relations?

I think we’re not always aware of how intertwined our cultures already are. Most Americans have a relationship with Mexico – they just don’t know it. The fruits and vegetables they eat in winter, the car they drive, the TV they watch – many of those come from Mexico. Even the evolution of American taste reflects Mexican influence. Once we resolve the irritants in our relationship, people will realize how close and important Mexico is. We are part of the solution. l

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50 Years In Air Cargo

AMERIJET PROVES IT HAS THE METTLE TO STAY IN THE RACE

BY DOREEN HEMLOCK

Many airlines in South Florida have come and gone: Eastern, Pan Am, and Challenge Air Cargo, to name a few. Yet one freight carrier keeps on flying after half a century, finding ways to adapt to the constant changes in aviation and trade: Amerijet International.

Founded in 1974, the all-cargo carrier now employs about 1,000 people worldwide, with more than 600 based in greater Miami, from pilots to crew, and freight handlers to office staff. It flies 12 Boeing 767-freighters and specializes in the Caribbean and Central America. At its home base at Miami International Airport (MIA), Amerijet operates a sprawling warehouse, with temperature-controlled facilities to handle perishables like flowers or vaccines.

“We’re a niche player, agile and flexible,” says CEO Joe Mozzali, explaining the longevity. Started by a missionary’s son in South America with one leased plane, Amerijet’s evolution underscores the volatility in air cargo. Mozzali took over as CEO in 2023 at a tough time. During the COVID-19 pandemic, when passenger planes were largely grounded, shippers turned to all-cargo carriers to transport merchandise. Amerijet and peers bulked up, adding jets and staff. But when COVID ended, passenger airlines again accepted freight in the belly of their jets, and all-cargo carriers found themselves with overcapacity and financial losses.

Mozzali restructured Amerijet last year. He trimmed planes and employees, boosted flower shipments from Colombia, and secured a $55 million infusion from Amerijet’s current owner, private-equity ZS Fund. Now those actions are paying off. Amerijet’s cargo volumes at MIA rose 27 percent from the prior year to top 185,000 tons in 2024, MIA data shows. Its jets ran at about 70 percent full and operating profits rose by $50 million-plus, reversing its 2023 losses, says Mozzali.

Commercial aviation is a tricky business, because it’s highly dependent on managing costs – for fuel, labor, equipment, maintenance, and other basics – while at the same time adjusting to shifts in the global economy and trade policy, says Emir Pineda, MIA’s director of marketing and air service development. “An airline that succeeds for

50 years is a great success story and reason to celebrate,” he says. Amerijet’s recent struggle to pull out from the Covid whiplash is not the first time it has faced turbulence. It was hard hit by the recession of 2001, reorganizing under Chapter 11 protection, and in 2002 was acquired by Miami-based private equity firm H.I.G. Capital. In 2017 it scored big, as MIA organized to become a pharmaceutical hub. Amerijet became the first all-cargo carrier of U.S. origin certified to handle pharma products. Today, like other logistics providers, it’s grappling with uncertainty over U.S. tariffs, possible reprisals overseas, and the impact on global trade.

The carrier has built a solid foundation to weather trials. “It’s been the go-to cargo airline in the Caribbean,” explains Pineda, consistently serving Puerto Rico, Dominican Republic, and other key markets and often providing life-saving relief supplies and pharmaceuticals after hurricanes and other natural disasters in the region. “Air cargo is about relationships, and we have strong relationships,” says Mozzali.

Today Amerijet is facing growing competition from Latin American carriers transiting MIA, which has become the No. 1 airport in the U.S. for international cargo. Mozzali says he enjoys the challenges. “That’s what makes air cargo fun,” says Mozzali, with a laugh. “There’s no 100-year playbook. You have to be agile and plan for uncertainty, as best as you can.” He’s positioning Amerijet to keep adapting, and hopefully, flying for at least another 50 years. “We’re resilient,” he says. l

AMERIJET ICEO JOE MOZZALI, EXPLAINING THE LONGEVITY, SAYS “WE’RE A NICHE PLAYER, AGILE AND FLEXIBLE.”

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Capital of Connections

BY RILEY KAMINER

At a glance, Miami looks like the place where people go after they make it, not where they go to build. But behind the flash of sun-soaked brunches and crypto billboards, a deeper current is forming: a small but growing group of funds and founders doing the quiet, messy work of turning Miami into a real engine for global innovation. One of those players is IDC Ventures.

With $650M+ under management and its U.S. headquarters in Miami, IDC Ventures sits at the intersection of markets. The firm specializes in connecting capital from the U.S. and Europe with entrepreneurs building companies in Latin America, and vice versa. It’s part of a growing group of firms that see Miami as a strategic point between ecosystems.

“You hear a lot of hype about Miami,” says Max Reiff, a partner at IDC Ventures. “But at the end of the day, what matters is access to talent, capital, and customers. We see Miami as a place where you can start building those bridges, even if it’s not perfect yet.”

According to the 2024 Florida Venture Capital report, released in March, Florida startups raised $4.13 billion last year, up from $3.5 billion the year before. The Miami-Fort Lauderdale area led the state with $2.77 billion in startup funding, making the Miami metro area the 9th nationwide in deal value (up from 11th in 2023) – and 6th by the number of deals (up from 7th).

IDC has invested heavily in the region, with a portfolio that includes fintechs and marketplaces like Influur, Osigu, Boatsetter, Marco, NovoPayment, Rewardsweb, and Taxfyle. Each reflects Miami’s emerging role as a global gateway for cross-border innovation.

The key, says Reiff, “is thinking globally from the onset. ” That often means helping U.S. startups enter the Latin American market or connecting investors with overlooked opportunities in places like Mexico, Brazil, or Colombia. “That cross-border motion is where we thrive, and where Miami gives us a real edge,” he says.

At the end of the day, what matters is access to talent, capital, and customers. We see Miami as a place where you can start building those bridges, even if it’s not perfect yet ...

MAX

REIFF (LEFT), PARTNER AT IDC VENTURES

As the COVID-era migration wave settles, Reiff sees a new phase taking shape. “We probably peaked two years ago,” he says. “Now it’s about executing on the foundation that was laid and leaning into the structural advantages that remain.”

Chief among those advantages is the caliber of talent moving in. “We’re seeing more experienced founders relocating – people who’ve built serious companies before and want to do it again. That’s a major advantage, if the city can keep them here.”

IDC is betting on fundamentals: great founders, real traction, and the long-term value of bridging ecosystems. And Reiff believes Miami’s deeper strengths are still underestimated.

“People talk about the lifestyle perks like great weather, water, and taxes, but they rarely mention the growing density of seasoned operators,” he says. “These transplants bring angel capital, mentorship, strong networks, and hard-won experience. Combine that with Miami’s strategic proximity to Latin America and deepening regional economic ties, and you’ve got some pretty unique tailwinds for startups.”

Miami also “quietly” attracts second-time founders, says Reiff. “They come for the lifestyle or taxes, but then they build again.” And for the most part, these aren’t hobbyists. “These are operators who’ve scaled billion-dollar businesses,” Reiff explained. “They know how to hire, execute, and raise.”

Still, the challenge is retention. For Miami to become more than a transitory boomtown, Reiff emphasizes the importance of keeping those founders in-market and surrounding them with the infrastructure they need to thrive.

“There’s still a ways to go,” he conceded. “But if we can hold onto that experienced talent and intentionally build around them, Miami won’t just be a great place to live, it’ll be a serious place to build.” l

Investing in El Salvador

THE NEXT CENTRAL AMERICAN FRONTIER IS EMERGING FROM THE SHADOWS

BY DREW LIMSKY & YOUSRA BENKIRANE

Of Latin American countries, the economic and cultural bonds between Miami and several nations are well-established: There’s Miami and Argentina, Miami and Brazil, and Miami and Colombia. The usual suspects. But Miami and El Salvador? Not so much.

Developer Pedro Querejeta is trying to change that – even though he’s not from El Salvador, but is a Miamian, the son of Cuban exiles. In 2021, Querejeta – the managing principal of Florida Builders, and a surf buff – was visiting El Salvador to catch some waves when he discovered El Zonte, home to one of the best surf breaks in the world. “This place was empty, nothing,” he remembers. “I would surf and look around thinking, One day, I want to do something here.” That is precisely what he would do, building the boutique Puro Surf Hotel and Performance Academy for his tribe of wave-riders.

At the time, Querejeta was not new to El Salvador. His parents had become close with Salvadorean exiles in Miami, some who have gone back, so Querejeta had a network in the country. “I’d been going to El Salvador to surf and visit my friends since 1992,” he says. “My wife is Salvadorean.” The couple lived in the country for five years, raising young children there, before returning to South Florida.

Back in Miami, Querejeta hit his stride

as a Florida-licensed general contractor, responsible for more than $250 million of projects, managing every aspect of the development process from entitlements, planning, and design to budgeting, financing, marketing, construction, and sales. He has managed the construction and development of dozens of ultra-luxury homes in Florida, as well as commercial projects, including Twenty-One Ten Brickell.

With high-end contracting experience under his belt, Querejeta went full-on luxury in El Zonte, establishing the Wave House brand. It debuted in 2024 with the first Wave House, a condo-hotel featuring 19 residences. Next for his brand is a Wave House on the beach in nearby San Blas, more than twice the size of its predecessor. The 43-unit, 16-floor condo-hotel is set to open in 2027.

Querejeta made all this happen “against everyone’s recommendations,” he says, “but I’m real hard-headed.” He takes seriously his unique position of being one of the few American developers to successfully launch projects in El Salvador. “I go back at least twice a month,” he says, noting that the recent reduction in crime in El Salvador “has changed lives at every level, from the nanny and the cleaning lady all the way up to big business.”

Indeed, President Nayib Bukele’s ad-

This place was empty, nothing. I would surf and look around thinking, One day, I want to do something here ...

ministration has stabilized security by incarcerating thousands of violent gang members, bringing crime rates – especially homicide – to record lows. “Foreign investments are happening,” he notes, “and demand is greater than supply. The last four years represents a complete turnaround. And we’re still 30 to 35 percent less expensive than Costa Rica.”

Buyers for Wave House condos come from all over: a mix of Americans, Europeans, Salvadoran expats, and Bitcoin investors (Bitcoin is an accepted currency in El Salvador). Some have paid entirely in bitcoin, making Wave House one of the first developments outside the U.S. to accept cryptocurrency for real estate transactions.

Among the buyer/investors are Querejeta’s friends from his Key Biscayne childhood, who have followed his lead, dividing their time between Miami and Wave House. They’re not Salvadorean, either. They just know a good thing when they see it. l

PEDRO QUEREJETA, OWNER, PURO SURF HOTEL AND PERFORMANCE ACADEMY

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Why start up a cybersecurity company when more than 3,200 firms are already working in this highly competitive field in the U.S. alone, according to Gartner, the respected research and advisory firm?

For Ricardo Villadiego, an electrical engineer and cyber world entrepreneur, the answer was simple: “After years in cybersecurity, I realized that despite all the investments companies made in security tools, breaches were still happening. I knew there had to be a better way.”

It was in 2019 that Villadiego launched Lumu Technologies in Doral to offer this better way. He is both founder and CEO, his work informed by previous experience as the founder of an electronic fraud prevention company called Easy Solutions and as the head of cybersecurity at Cyxtera Technologies.

After studying how breaches to individual, corporate, government, and academic cyber systems occurred, the Colombian-born engineer concluded that all cybercriminals require a network to carry out their attacks. “They remain on the network undetected for way too long,” Villadiego says. “So, I knew the answer was helping organizations identify and respond to network threats in real time. And we did just that ... we focus on delivering immediate, actionable insight.”

In simple terms, Lumu collects and standardizes metadata across a client’s network, including requests from computers to servers (DNS queries), spam box filters, access logs, and network flows. It then applies artificial intelligence to correlate threat intelligence and isolates points of compromise before they escalate.

Attackers are often adept at hiding once they penetrate a target network; however, they leave trace remnants behind when they

in minutes, but breaches may occur hours after the initial com promise. “That’s why the real-time detection that Lumu provides is critical,” he says. “Our platform doesn’t just collect data … it translates into decisions.”

Villadiego attracted his first clients from banks in the U.S. and Latin America, and in 2020, he opened an office in Colombia to tap into the region’s technical talent and be closer to customers in the region. Today, Lumu services hundreds of customers in North America and Latin America, including financial institutions, healthcare firms, retailers, municipalities, and educational institutions.

Earlier this year, Lumu expanded operations across the Atlantic by acquiring Maltiverse, a Spanish-based threat intelligence enterprise. Maltiverse extended Lumu’s reach into Europe and the Middle East, and enhanced its threat intelligence capabilities. Lumu did not disclose the acquisition cost.

Villadiego and a small group of colleagues initially bootstrapped Lumu, but the firm has since received more than $38 million in funding. Aside from Villadiego and key employees, the company’s investors include Forgepoint Capital, BIP Capital, Opportunity Fund, and Exceptional Capital. The company now has more than 150 employees in different countries: software engineers, threat intelligence analysts, ethical hackers, and product managers, as well as sales, marketing, and customer service personnel.

Lumu’s pricing varies according to a client’s size and needs, and its fees also depend on the number of assets – namely, computers, smartphones, or other devices connected to the internet. The goal for all is the same: to detect hidden security compromises and neutralize them faster than the competition. l

The Cloud Challenger from West Palm

A FASTER, CHEAPER, AND MORE FLEXIBLE WAY TO BUILD IN THE CLOUD

BY RILEY KAMINER

When Kevin Cochrane moved to South Florida nearly a decade ago, he wasn’t looking to join another startup. He was looking to help build a tech scene.

A veteran of the enterprise software world with decades of experience and an IPO under his belt, Cochrane had spent his career in Silicon Valley and Europe. But something about South Florida stuck. And when he stumbled onto Vultr, then a little-known cloud infrastructure provider just up the road in West Palm, he saw something few others had. “I realized immediately they were solving the exact problem I’d been grappling with,” says Cochrane, now the company’s chief marketing officer. “The public cloud was too expensive, too complex, and too closed.”

Vultr is now the largest privately held public cloud provider in the world. While most developers default to Amazon Web Services, Microsoft Azure, or Google Cloud, Vultr offers the same capabilities at a fraction of the cost. A team of engineers with deep roots in high-scale hosting launched the platform in 2014. Their goal: create a powerful alternative to the big four cloud giants, one that developers could use instantly, and that companies of all sizes could afford. A decade later, Vultr supports everyone from hobbyists and AI startups to global enterprises.

Headquartered in West Palm Beach, Vultr has grown to more than 250 employees globally, with a third of those based in South Florida. The team raised $333 million in growth capital last year, an investment led by AMD Ventures and LuminArx Capital Management, vaulting the company value to $3.5 billion. It was their first-ever outside funding round, and the largest raise in South Florida for 2024. Vultr will use the funds to double down on go-tomarket expansion, customer support, and platform growth. Their ambitions go further. Vultr wants to become the next Amazon or Google, not only in size, but in shaping what comes next. “We’re aiming to be the leader in AI infrastructure,” says Cochrane. That includes bringing top-tier Nvidia and AMD GPUs (Graphic Processing Units) to market, globally, with lower costs and fewer barriers. Vultr leases access to GPUs, the chips that power AI models, to its customers.

Indeed, one of the reasons that AMD (Advanced Micro Devices) invested in Vultr was so that it would acquire more GPUs, specifically those manufactured by AMD. The investment is a way for “customers to experience AMD GPUs through their platform,” Mathew Hein, AMD’s chief strategy officer of corporate development, told the Wall Street Journal. And while AMD won’t force Vultr to use only its chips, “We look at them as somebody that’s going to be bringing up AMD capacity this generation and future generations.”

Cochrane believes that building this next-generation infrastructure company from South Florida is not just possible, but powerful. “There’s incredible talent here,” he says. “What we’re missing is the flywheel of second- and third-time founders reinvesting back into the community. But it’s coming. You can feel it.”

Vultr is helping fuel that momentum, betting that the future

I realized immediately they

were

solving the exact problem I’d been grappling with...

KEVIN COCHRANE, TECH ENTREPRENEUR AND VULTR CHIEF MARKETING OFFICER, ON HIS REACTION TO HIS FIRST VISIT TO THE VULTR HEADQUARTERS

ABOVE: KEVIN COCHRANE AND THE VULTR GROUP AT THE GTC, GPU TECHNOLOGY CONFERENCE

of the cloud and AI will be built on more open, developer-friendly platforms. The company actively supports local tech meetups, partners with universities, and proudly represents Miami and West Palm in its global outreach.

As for what’s next, Cochrane is clear: “We want to be the cloud provider that empowers everyone, whether you’re a solo dev with an idea or a Fortune 100 undergoing a full-scale AI transformation. And we want to do it from right here in South Florida.” l

As Sebastian Chirinos tells it, access to health care in Peru sounds a lot better than it is. While it’s true that the system has made great strides since the country’s rending in the 1980s and 1990s – when Peru was plagued by a Pandora’s box of troubles from hyperinflation to domestic terrorism – wait times and distance remain obstacles to care.

The country boasts that 99% of the population is covered by health insurance –the majority administered by the Ministry of Health, while other Peruvians are covered by EsSalud (social security), the Armed Forces, the National Police, and the private sector, the last of which covers 10% of the population. This environment would not appear to be fertile ground for introducing a new health care platform, but Sebastian, who was born in Peru, knows what’s under the surface both in his home country and throughout Latin America.

Chirinos says the 99% figure is inflated, reflecting only “bankable” people with formal employment who are accounted for on government rolls. Meanwhile, he says, more than 65% of Peruvians are viewed as “informal,” with limited access to clinics and “no access to credit or the private sector.” The so-called unbanked and underbanked people (those with little or no bank accounts) often have no place to turn. Alternative medicinal plants are sometimes used in the absence of modern care.

So, Chirinos cofounded the Miami-based health care platform Kiwi with his uncle Gabriel, whom he says is more like a cousin since the two are only seven years apart. “I’m the crazy idea guy wanting to go into markets and explore more products,” Chirinos says, “while he brings me down to earth, and together we make it a reality by being cautious and precise.”

Kiwi provides two things: financing for medical equipment and cashflow at the clinics which sign into his network, and a buynow-pay-later solution that finances out-ofpocket expenses for patients at the point of sale. “A lot of families rely on informal loans that charge more than 150% annually and have extreme default conditions that threaten the entire family economically,” Sebastian says. In contrast to these predatory lending practices, Kiwi charges far less – from 0 to 60% , though rarely that high. “We assign rates based on the probability of default, which reflects each patient’s willingness and ability to pay,” Chirinos says.

At the point of purchase (i.e. the clinic), the patient, with their treatment proposal in

Boosting Wellness in Peru

INSPIRED BY THE MOOD-ELEVATING SUPERFOOD, KIWI AIMS TO REINVENT HEALTH CARE FINANCING IN LATIN AMERICA, STARTING WITH PERU

BY DREW LIMSKY

hand, selects Kiwi as their payment option. With a payment bill, utility, or bank statement, the patient’s information is uploaded into Kiwi’s system, and the credit is approved – or denied – while the patient is still in the clinic. “Kiwi pays the clinic upfront,” Chirinos explains, “and the financing deal is done with the patient.”

Given Peru’s patchwork health care system, Chirinos says the mission of Kiwi is not simply to fill in the gaps, but to be the platform of first choice.

The partners launched the company with $10 million in seed funding, backed

by the U.S. company Healthcare Finance Direct (HFD). It now has roughly 100 clinics signed up across diverse specialties – including dental, ophthalmology, fertility, and aesthetics. Dental clinics represent almost half of Kiwi-network facilities, so it helps that HFD maintains a strategic alliance with Invisalign. “With Kiwi, we are on our way to creating a more equitable and accessible health care ecosystem that works for everyone,” Gabriel says. By year’s end, Kiwi expects to double its network to 200 clinics. According to Chirinos, “There are no other players doing this in Peru. We have no competitors.”

Kiwi pays the clinic upfront and the financing deal is done with the patient ...

SEBASTIAN CHIRINOS, (LEFT) WITH DANIELLA POPPE, GABRIEL CHIRINOS

OPPOSITE: HOSPITAL CARE IN LIMA, WHICH IS OUT OF REACH FOR MOST OF THE POPULATION

BELOW: THE KIWI DESKTOP WEB APPLICATION

While Kiwi started in Peru, Chirinos has continental aspirations. “The numbers speak for themselves,” he says. “In Latin America, there’s a $60 billion out-of-pocket market, a $20 billion medical equipment market, and providers losing up to a third of patients due to lack of financing. Kiwi is built to unlock access to health care across Latin America.”

Kiwi plans to expand to Mexico in the first quarter of 2026 as part of a joint venture, focusing on both the local health care industry as well as a rapidly growing segment of medical tourism. Further strategic expansions are planned for Central America, including Panama, the Dominican Republic, Guatemala, and El Salvador.

As to why the Chirinos’ health care platform is called kiwi, the answer is natural chemistry. The kiwi is a superfood that is low in calories and exceptionally high in vitamin C. It packs more antioxidant punch than the apple, and is reported to reduce heart disease, blood pressure, and gastrointestinal issues. But it was the fruit’s ability to stave off depression that proved the real inspiration. “Kiwi is high in serotonin, which is the so-called happy hormone. Studies show if you eat two kiwis before bed, you’ll achieve a serotonin boost,” says Chirinos. “We’re using that metaphor to explain that, through Kiwi, there’s a means to happiness and self-esteem. When people are able to pay for a procedure they couldn’t pay for before, they can access happiness.” l

A Swiss Expansion

A SWISS MANUFACTURER IS INVESTING $70 MILLION TO EXPAND FROM BROWARD TO PALM BEACH COUNTY

BY JOSEPH A. MANN JR.

Hoerbiger Corporation of America (HCA) is not exactly a household name in the U.S., let alone Florida, but this Broward County-based subsidiary of Swiss multinational Hoerbiger Holding AG manufactures more than 1.5 million valves, rings, and other products annually for industrial compressors.

HCA has been making specialized components for reciprocal compressors for more than 45 years, along with compressor control systems and polymer products. Business has been so brisk that HCA decided to build a new manufacturing plant in Delray Beach in Palm Beach County. It broke ground on the plant in April and completion is projected for 2026.

“Our new state-of-the-art location includes nearly 200,000 sq. ft. of manufacturing and office space, and will employ 400,” says Arek Drydol, an electronics engineer

who is managing director of HCA and head of North America for Hoerbiger. “Total cost for the new facility, including new technologies, machinery, automation, etc., is more than $70 million.”

This is a substantial expansion for HCA, which currently has about 300 employees at its Pompano Beach facility, says Drydol, “including design and applications engineers, skilled production technicians, machinists and other supporting staff.”

Along with another 50 employees now working in Deerfield Beach, all will relocate to Delray Beach.

The specialized items HCA makes are precision components for large reciprocating compressors used in the oil, natural gas, and petrochemical sectors, and for power plants, a/c systems and other industrial applications. In the oil industry, for example, these machines compress natural gas and move it

through pipelines to processing plants. They also provide air under high pressure for enhanced oil production and refinery processes. “The new location will better support the design and industrialization of new emission reduction products that will enable our oil and gas customers to significantly reduce emissions,” says Drydol.

HCA produces the components here and ships them to compressor manufacturers and their clients, who use these complex machines in the U.S., Canada, and Latin America. “HCA’s customers and partners are both original equipment manufacturers [of compressors] and equipment operators in the energy sector,” says Drydol.

One of HCA’s oldest clients is Ohiobased Ariel Corp., which uses HCA products to build top-line compressors for international energy companies. Ariel last year used HCA components to manufacture the first commercial compressor (HCP500) designed to fuel trucks and buses with hydrogen in Germany.

“HCA plays a critical role in South Florida’s manufacturing ecosystem,” says Matthew Rocco, president of the South Florida Manufacturers Association. “These kinds of companies represent the advanced manufacturing sector that is vital to our

region’s global competitiveness.”

While South Florida manufacturing doesn’t always receive as much attention as tourism, trade, finance, and technology, it is a major force in the state’s economy. “Across the tri-county area, there are approximately 7,000 manufacturing companies, ranging from small, specialized shops to large-scale-industrial operations,” Rocco says. These enterprises – including aerospace, medical devices, food processing, and advanced materials – employ over 100,000 people and add more the $9 billion to Florida’s $72.9 billion manufacturing GDP.

HCA is one of six global manufacturing centers for Hoerbiger’s compression branch, and their only U.S.-based production facility (it also has customer service and repair centers in other cities.)

“The new facility is approximately

Our new state-of-the-art location includes nearly 200,000 sq. ft. of manufacturing and office space, and will employ 400...

AREK DRYDOL, LEFT, MANAGING DIRECTOR OF HCA AND HEAD OF NORTH AMERICA FOR HOERBIGER

OPPOSITE: THE NEW MANUFACTURING PLANT IN DELRAY BEACH OPENS IN 2026

BELOW: ELECTRIC VARIABLE CLEARANCE

ASSEMBLY CONTROLS THE CAPACITY OF A RECIPROCATING COMPRESSOR

BOTTOM: ROBOTICS USED FOR AUTOMATION OF ADVANCED VALVE PLATE TECHNOLOGY

80,000 sq. ft. larger than our current manufacturing and office facilities and will feature the most innovative manufacturing equipment and technology available today,” Drydol says. “Our new, larger campus is the latest step in our ongoing strategy to enhance customer service throughout the U.S., Canada and Latin America, while also providing space for future growth.”

Parent company Hoerbiger is based in Zug, Switzerland. With five divisions (compression, automotive, rotary machine parts, internal combustion engines and safety/explosion protection) it operates in 40 countries with about 6,500 employees and 2024 revenues of $1.7 billion. The company launched its U.S. manufacturing operations in 1967 in Queens, New York, and moved HCA headquarters to Pompano Beach in 1979. l

“Talent is universal, opportunity is not, and everyone in this room is sitting here because they had an opportunity”

MADELINE PUMARIEGA MDC PRESIDENT

It’s Monday morning at Miami-Dade College, and an unlikely mix of people fills The Idea Center for the launch of a new business partnership. Gathered in one space are leaders of financial behemoths, entrepreneurs, corporate brass, elected officials, and lots of students. Once the DJ winds down the music, MDC President Madeline Pumariega takes the stage.

“Talent is universal, opportunity is not, and everyone in this room is sitting here because they had an opportunity,” says the 6-foot-tall trailblazer, wearing a red suit and speaking from the heart. She thanks everyone who’s helped build the new program of paid internships for MDC students, with $1 million in funding from JPMorganChase and Blackstone. Her view of developing local talent and the region’s economy is succinct: “We are stronger together.”

At the helm since 2021, Pumariega has been forging new alliances and programs at MDC, the school of 125,000 students that ranks among the nation’s largest higher-ed institutions and certainly its most diverse. Associates call her visionary, student-centered, mission-driven, and genuine. She’s helped lift MDC to its best ranking yet: No. 4 among Top Public Schools in the South and No. 18 among all colleges in the South by U.S. News and World Report

Pumariega puts priority on educating the workforce of tomorrow. To do so, she’s partnering with industry to better offer the skills that employers seek. She’s also introduced new studies, including the first full-suite of Artificial Intelligence creden-

Educating Tomorrow’s Workforce

MADELINE PUMARIEGA LINKS ACADEMIA AND BUSINESS TO PREPARE FOR MIAMI’S FUTURE

BY DOREEN HEMLOCK

tials in Florida: a college-credit certificate, an associate degree, and a bachelor’s in AI.

For the 57-year-old from Hialeah, the role seems more a civic calling than a job. Pumariega adores the college where her Cuban-born mom learned English. She attended MDC herself and devoted 20 years to teaching and administration there – even creating The Idea Center – before leaving for top posts elsewhere in the state. Back at

her alma mater, she’s committed to helping South Florida thrive into the future.

“We transform lives through the power of education,” Pumariega says. “When I look at my own life and where I’m at, it’s because of education. My mom was a school teacher, so I saw how teachers change lives. And I see that when we have an educated workforce, we create communities of empathy, engagement, understanding, and collaboration.”

COLLABORATING TO MEET MIAMI’S WORKFORCE NEEDS

To partner with industry, Pumariega works on multiple fronts. Her team has set up business advisory councils for each discipline MDC teaches. They also ally directly with companies – with warehouse giant Prologis, for instance – offering internships to logistics students.

Pumariega also takes key roles at business-related groups, including The Beacon Council, Miami-Dade’s nonprofit for economic development. When Beacon launched Opportunity Miami to map the county’s future, Pumariega joined that program’s Academic Leaders Council and became its president. Last year, she helped set a hefty education goal for the county: to boost the number of adults with at least an associate degree from 45% to 65% by 2040, aiming to add billions of dollars yearly to the local economy. Miami-Dade lags both Florida and the U.S. in that metric by roughly 10 percentage points, studies show.

“According to Florida College Access Network, a person with an associate degree earns more than $70,000 annually, in comparison to $35,400 for a high school diploma. The average salary for a person with a bachelor’s degree stands at nearly $90,000,” Pumariega notes, in an article she co-wrote with Beacon Council CEO Roderick T. Miller. “An essential component in building talent is partnering with businesses to ensure that institutions of higher education produce the right credentials that align with workforce needs.”

ACADEMIC COUNCIL LEADERS

LUNCHEON ON TALENT EVENT AT MIAMI-DADE COLLEGE

As a leader, Pumariega is not one to draw attention to herself. She often brings her team to meetings of the six-college academic council and regularly thanks associates for their work, says Dr. Paula Hopkins, an executive vice president of The Beacon Council.

“When Jeanette Nuñez was named to lead Florida International University, Madeline Pumariega was one of the first ones to reach out to her, and to say publicly, ‘You’re going to be successful in Miami, because we’re going to make sure that you’re successful,’” says Hopkins. “In the Council, it’s collaboration over competition.”

Pumariega maintains an action-oriented mindset, Hopkins adds. “She has a sense of urgency. She mobilizes people. She always asks, ‘What’s next? How do we continue to drive momentum?’”

BY THE NUMBERS

125,000 Approximate number of students at MDC, drawn from more than 100 countries, with 60-plus languages spoken. They study on eight campuses, including Wolfson in downtown Miami (above), Kendall, and more.

75% The share of Hispanic students at MDC, many foreign-born.

NO. 4 MDC’s rank among Top Public Schools in the South, and No. 18 among all colleges in the South, by U.S. News & World Report.

$118 For Florida residents, the cost of an associate degree per credit hour, or about $6,000, and a bachelor’s generally below $10,000. Out-of-state residents pay more.

“Less than 2% of the 125,000 students we serve take on any debt whatsoever,” Pumariega says.

MIAMI -DADE COLLEGE:

CONNECTING WITH BUSINESS, EVEN OVERSEAS

The MDC chief also leads at the Greater Miami Chamber of Commerce, the century-old group known for missions abroad to expand international business. Fluent in Spanish, she took part in May in the Chamber’s 24-person mission to Buenos Aires, Argentina. There, she signed an accord for MDC to collaborate with business school Universidad Argentina de la Empresa (UADE), centering on student exchanges and sharing knowledge in AI and other fields. “Because we’re Miami, our curriculum always has a global twist to it, whether it's trade, logistics, culinary, or entrepreneurship,” she says.

In June, after years on its boards, Pumariega moved up to become the Chamber’s chairperson. Little wonder then

that the World Trade Center Miami this year recognized Pumariega with one of its International Women’s Achievement Awards, honors offered since 2004 to area women fostering international business and economic development.

“As the first female president of MDC, she exemplifies the very spirit of the award –empowering others, expanding opportunity, and strengthening Miami’s international position through inclusive, forward-looking initiatives,” says Ivan Barrios, president and CEO of the World Trade Center Miami. He specifically lauds her efforts in AI and cybersecurity, “fields critical to the region’s future competitiveness.” What’s more, says Barrios, she champions international exchanges, “building a more connected, globally aware student body.”

DR. PAULA HOPKINS, AN EXECUTIVE VICE PRESIDENT

PUMARIEGA’S PATH TO LEAD MDC

Growing up in Hialeah playing basketball, it was never a slam-dunk that Pumariega would run the region’s biggest college. Inspired by her mom’s love of education, she attended MDC partly on a basketball scholarship, attended the University of Central Florida, then received her bachelor’s from St. Thomas University in Miami. She started her academic career in 1992 as MDC’s dean of student services, rising to become president of the college’s Wolfson Campus, where she launched the Miami Culinary Institute, among other programs.

Later, she went north to the state capital. In 2015, she was appointed chancellor of the Florida College System, overseeing 28 state colleges, becoming the first woman and first Hispanic in that post. In 2019, she became provost of Tallahassee Community College. Those experiences in the capital, Pumariega says, helped build her political skills to better serve MDC now.

“I think colleges have to have all those acumens – political, education and business – to be able to work with a diverse group of stakeholders,” says Pumariega. She’s confident that leveraging relationships she developed in Tallahassee “helps advance the mission of the college.”

Inside MDC, Pumariega started out “re-imagining the student experience,” including quicker, more digital, and more personalized communication. “Uber has taught us that you can have a personal driver on your app in five seconds,” says Pumariega. “It’s important for the college to have students that can engage in that same way.”

Two examples of the digital push: Students previously applied to one MDC campus and waited to hear if they were admitted there. “Today, you apply to Miami-Dade College [online]. You select the preferred campus, [but] you’re admitted immediately,” Purmariega says. MDC also offers tutoring services online now, “so students can access tutors anytime, anywhere, versus just coming to campus if they need academic support.”

The school also has integrated tech more fully in the classroom, including AI. “We had 500 of our faculty back in the fall of 2021 go through AI training and workshops,” she says. “In 2022, we rolled out $100,000 in grants to faculty who would use AI in their curriculum. The AI academic program came in 2023.” In 2024, MDC also became the first college in Florida to have its AA and BA programs in cybersecurity

OF THE BEACON COUNCIL, WITH MADELINE PUMARIEGA

validated by the National Security Agency. Of course, tech and markets evolve. Pumariega says she’s now looking to boost offerings in quantum computing and in aviation and aerospace, sectors poised for growth in Florida. “The great [ice hockey player] Wayne Gretzky said, ‘Great leaders go where the puck is going, not where the puck is,’” she says. “We are preparing our students for the future of work.”

KEEPING COLLEGE AFFORDABLE, STUDENT-CENTERED

Pumariega feels strongly that a college education should be accessible for all. With costs for an MDC’s associate degrees at about $6,000, and a bachelor’s generally below $10,000, she’s glad that most MDC students graduate debt-free. She’s broadened MDC access too, with her Presidential Scholars Program that covers up to 60

“If you really put yourself out there and take the opportunities, you’re going to fly.”

MARY ELIZABETH GOMEZ, LEFT, 21 YRS, PRESIDENTIAL SCHOLARSHIP WINNER

TOP: MIAMI STARTUP ECOSYSTEM INTERNSHIP RECEIVES A DONATION

credits for top high-school graduates in Miami-Dade.

Mary Elizabeth Gomez, 21, qualified for a presidential scholarship and just earned her associate degree at the school. Gomez aims for a master’s in public policy one day, spurred by the doors opened at MDC. Through a teacher, for example, she joined the Model UN program and participated in a forum in Saudi Arabia to advocate on climate change.

Gomez says she now embraces Pumariega’s motto, Opportunity Changes Everything, and that takeaway from MDC: “If you really put yourself out there and take the opportunities, you’re going to fly.” Like Pumariega, she too aims to give back opportunities. l

GLOBAL MIAMI

State of the Ports 2025

UNLOCK YOUR NEXT OPPORTUNITY IN THE

JOIN THE LEADING INTERNATIONAL TRADE ORGANIZATION DEDICATED TO FOSTERING BILATERAL TRADE.

South Florida’s Air and Seaports are the Engines That Keep it at the Forefront of Global Trade

“Our cargo operation has really exploded. We continue to be one of the premier cargo airports in the country and in the world...”

RALPH CUTIÉ, MIA’S DIRECTOR AND CEO

BY YOUSRA BENKIRANE

Together, Miami International Airport, PortMiami, and Port Everglades give the Miami Customs District – comprising South Florida’s three counties – a uniquely agile and diversified trade platform. In 2024, as global supply chains continued to adjust to new economic and political realities, these ports played an essential role in sustaining the District’s growth.

Each port contributes distinct strengths. Miami International Airport is the nation’s top gateway for perishables and a rising player in pharma and East–West e-commerce. PortMiami leads the state in containerized trade and continues to expand its reach through Europe, Asia, and the Americas. Port Everglades powers Florida’s energy flows and ranks among the top U.S. ports for perishables and luxury imports.

“The market continues to evolve,” says PortMiami Director Hydi Webb. “We’re seeing new trade lanes, new partners – and we’re building the capacity to serve them.”

That spirit of constant investment is driving a wave of infrastructure upgrades across all three ports. From deeper harbors to next-generation cranes and expanded cold chain facilities, Miami’s ports are preparing not just to compete, but to lead, in the next era of global trade.

MIAMI INTERNATIONAL AIRPORT

Miami International Airport (MIA) may be best known for passengers, but it is one of the most powerful cargo airports in the world – and 2024 proved it yet again. The airport closed the year with its fifth straight record-breaking year in cargo, handling just over 3 million tons, a performance that propelled MIA to #1 in the U.S. for international freight, #3 in the U.S. for total freight, and #5 globally for international freight.

“Our cargo operation has really exploded,” says Ralph Cutié, MIA’s director and CEO. “We continue to be one of the premier

Photo by

Rodolfo Benitez

cargo airports in the country and in the world.” As of April 2025, MIA was already tracking 14% ahead of last year’s record cargo volume, defying global trade headwinds and tariff uncertainty.

Few markets depend on perishables the way MIA does, and few serve them better. Roughly 68% of all perishables entering the U.S. flow through MIA, including 91% of the nation’s imported flowers, 65% of fruits and vegetables, and 55% of seafood. Miami’s position as a hub for Latin American agriculture, combined with its unmatched cold chain infrastructure (nearly 500,000 square feet of on-airport cold storage) gives it an edge few airports can match.

Perishables aren’t the only story. High-value pharmaceuticals, electronics, and industrial goods continue to move in large volumes through MIA’s air cargo network. About 50% of inbound cargo is transshipped onward by air or truck, giving MIA a central role in U.S. and hemispheric supply chains.

The airport is also investing for the future. A new $140 million phytosanitary and cold chain facility, co-developed with PortMiami and funded in part by a federal grant, will add treatment, fumigation, and expanded cold storage capacity. An 800,000-square-foot Vertically Integrated Cargo Community (VICC) is also underway. Once completed, it will expand MIA’s cargo capacity by 50%, enabling the airport to hit its 2041 cargo volume targets 10 years early.

Cutié also points to MIA’s expanding air network. The airport is in advanced talks with five Middle Eastern carriers, several Eastern European airlines, and Japan Airlines, while a new direct air cargo route from Guangzhou, China, to MIA launched in June is accelerating cross-border e-commerce. “Our goal is to continue growing, and to stay on top,” says Cutié.

PORTMIAMI: BUILDING CAPACITY, CONNECTIVITY, SPEED

In 2024, PortMiami strengthened its role as one of the most diversified ports in the U.S. – and as one of the region’s most forward-looking. “We were flat in 2024 cargo volumes, which was a win in this environment,” says Director and CEO Hydi Webb. That stability was no accident. The port’s highly diversified trade mix – roughly 46% Latin America and Caribbean, 33% Asia, and 20% Europe and the Mediterranean – continues to insulate it from major trade shocks.

As of mid-2025, PortMiami’s cargo volume was up 3% year-overyear, outpacing national trends. The port has consistently handled more than 1 million TEUs annually for the past decade and remains Florida’s #1 container port for international trade and 11th in the U.S.

That resiliency is matched by aggressive infrastructure investments. The port recently launched Phase 2 of its yard densification project, adding 18 new electric rubber-tire gantry cranes to increase container stacking efficiency and handle growing volumes within its limited footprint. Meanwhile, a $70 million federal grant will expand PortMiami’s on-dock rail system from three to five tracks, allowing faster intermodal connections – with the ability to reach 70% of the U.S. by rail in just four days.

Looking inland, PortMiami is advancing a new inland port project in western Miami-Dade County, in partnership with Florida East Coast Railway. The inland port will give shippers additional options for container staging, customs clearance, and intermodal transfers, freeing up dockside capacity and helping accelerate turn times at the seaport itself.

PORTMIAMI AND THE CITY OF MIAMI SKYLINE

“...Our diversified trade pattern and strong relationships give us confidence that we’ll continue to grow”

HYDI WEBB, ABOVE, PORTMIAMI DIRECTOR, ON THE TRADE TARIFFS CAUSING UNCERTAINTY IN THE MARKET

The port’s deep dredge continues to deliver strategic value. “Without that dredge, over 2,000 vessels we’ve received wouldn’t have been able to call here,” says Webb. PortMiami remains the deepest port on the East Coast south of Virginia, giving it an edge in attracting larger vessels and new services. That includes a notable wave of new routes in the past year: three new services from Asia, four from Europe and the Med, and additional growth in Latin America connections. “Nearshoring is real,” says Webb. “We are seeing more manufacturing in Mexico and Central America, and that is directly benefiting us.”

The port is also advancing its push for greater cargo visibility and efficiency. It recently partnered with the Miami-Dade Innovation Authority on an AI-driven initiative to track truck movements and improve traffic flows through the port, a critical move as congestion and speed-to-market become competitive differentiators.

Webb remains optimistic but pragmatic. “We are tracking the tariffs closely. There is a lot of uncertainty,” she says. “But our diver

MDIA’S NEW CHALLENGE

In May 2025, Miami-Dade County and the Miami-Dade Innovation Authority (MDIA) announced the winners of the MDIA’s third Public Innovation Challenge – this time focused on improving cargo flow at PortMiami. The initiative is part of a broader effort to modernize the port’s operations through advanced technology, with a focus on real-time tracking, efficiency, and safety. “Ports of the future will be defined not by their infrastructure, but by their intelligence,” says Leigh-Ann Buchanan, President & CEO of MDIA. “We’re helping PortMiami build muscle memory around smart port operations so it can learn, adapt, and scale new technologies in real time.”

Four startups – Argu, Conbo.ai, GenLogs, and GridMatrix – were each awarded $100,000 to deploy pilot projects for port infrastructure. The goal: test how emerging AI, computer vision, and sensor-based solutions can improve cargo flow, terminal operations, and roadway congestion. “These are not demonstration exercises – these are real pilots in a live environment,” says Buchanan. “We want to give PortMiami a faster pathway to adopt new tools that can improve its competitiveness and service.”

Argu is using AI–powered video analysis to monitor container handling and equipment safety. Conbo.ai is working with the port to track truck movements and terminal operations. GenLogs is mapping truck and trailer flows across the broader logistics network. GridMatrix is modeling truck traffic and congestion patterns around the port. “Introducing real- time cargo tracking through this pilot is a strategic step toward making PortMiami a leading trade hub for the Americas,” says Miami-Dade County Mayor Daniella Levine Cava. If the pilots succeed, PortMiami could move quickly to scale these technologies across its broader operations, part of its “smart port” innovation. MDIA worked with PortMiami leadership to design each pilot around real-world operational needs. “We’re not doing band-aid solutions,” Buchanan says. “Every pilot is about building scalable, embedded intelligence into the port’s future operations.”

LEIGH-ANN BUCHANAN, PRESIDENT & CEO OF MDIA

Photo by Rodolfo Benitez

TUNNEL VISION

In Miami, not all trade infrastructure is visible above ground. Beneath Biscayne Bay, the PortMiami Tunnel has become one of the most essential conduits for South Florida’s international commerce. Since opening in 2014, it has removed more than 1.5 million trucks per year from downtown streets by connecting the MacArthur Causeway on Watson Island with the Port of Miami on Dodge Island, thereby connecting PortMiami directly to the interstate system without a single traffic light.

“The goal was to get cargo in and out quickly, safely, and freely,” says the tunnel’s founding director and current board chairman, Chris Hodgkins. “Today, no other North American port offers that kind of direct highway access.”

For a port like Miami – where high-value, time-sensitive cargo is a core strength – the tunnel’s impact is essential. It enables justin-time supply chains, supports perishable and e-commerce flows, and ensures PortMiami remains globally competitive.

Built to international safety standards, the tunnel features AI-driven traffic monitoring, advanced air and fire systems, and 110,000-pound hurricane floodgates designed to protect against sea–level rise. Operational performance remains exemplary; using dedicated tow trucks, the average response times to incidents that could slow or block tunnel traffic is just 16 minutes – well ahead of industry benchmarks. The project also stands as a model of successful public–private partnership. Delivered on time and under budget, the tunnel was built with more than 83% of its workforce drawn from Miami–Dade County.

Looking ahead, increases in traffic volume is not a concern. “We haven’t even come close to capacity yet,” Hodgkins says. “We’re ready to support PortMiami’s future growth – whatever that looks like.”

sified trade pattern and strong relationships give us confidence that we’ll continue to grow.”

PORT EVERGLADES

At Port Everglades, trade is big business – and growing. The port generated nearly $28.1 billion in trade activity in Fiscal Year 2024, a 6% increase over the prior year, according to a report by Martin Associates. Its cargo and cruise sectors now support more than 204,000 jobs regionally, including 12,270 jobs directly tied to port operations. “The numbers demonstrate that our port’s position as a leading economic engine is well-earned and of great value to Broward County, and Florida’s residents and visitors,” says Joseph Morris, CEO and port director of Port Everglades.

Port Everglades operates as a self-supporting enterprise fund, requiring no local tax dollars for operations or capital improvements, while contributing more than $1.1 billion in state and local taxes an-

PORT EVERGLADES CARGO AND CRUISE SECTORS NOW SUPPORT MORE THAN 204,000 JOBS REGIONALLY

PRESIDENT OBAMA VISITING THE PORT OF MIAMI TUNNEL 2013

nually. That number reflects a port built for efficiency and specialization. Strategically located just two miles from I-95, Port Everglades is one of Florida’s most multimodal seaports, offering seamless integration between ocean, rail, air, and highway networks.

Nearly 90% of Port Everglades’ trade flows through Latin America and the Caribbean, and about 80% of inbound cargo remains within an 80-mile radius, feeding South Florida’s high-consumption market. The port is also a national leader in refrigerated cargo. It ranks as the #1 perishable seaport in Florida and #7 in the U.S. Its advanced cold chain infrastructure handles bananas, avocados, pineapples, seafood, and more, supported by the only on–port Chiquita ripening facility in the U.S. “We handle the product so it’s in prime condition for local retailers the moment it’s needed,” says Jorge Hernandez, director of business development.

The port is equally vital to Florida’s energy supply chain. Port Everglades delivers 100% of the jet fuel used by Fort Lauderdale–Hollywood International and Miami International Airports, as well as all the gasoline and diesel for Broward, Miami–Dade, and Palm Beach counties, making it a 24/7 energy hub for the region.

Operational flexibility is another hallmark. The port maintains a rare trade surplus, with a 52% export/48% import split, driven by containerized exports and robust roll–on/roll–off trade to Caribbean nations. It also ranks #1 nationally for yacht imports, with growing volumes of luxury yachts transported via semi-submersible vessels.

Infrastructure investments are keeping pace with demand. The recently completed $471 million Southport Turning Notch

“The numbers demonstrate that our port’s position as a leading economic engine is wellearned and of great value to Broward County ”

JOSEPH MORRIS, ABOVE, CEO AND PORT DIRECTOR OF PORT EVERGLADES

Expansion added 1,500 linear feet of new berthing and six Super Post–Panamax gantry cranes, enabling the port to handle vessels with up to 14,000 TEUs. That has already attracted new Mediterranean services, bringing in high–value cargoes such as ceramic tile, marble, and yachts.

Looking ahead, the port is preparing to launch its long awaited deepening and widening project, deepening the harbor from 42 to 48 feet and widening key channels to safely accommodate the next generation of large vessels. “It’s a critical project that ensures we can meet future demand and serve larger ships,” Morris says.

Port Everglades is also investing in terminal automation, AI–driven cargo tracking, and advanced terminal operating systems to further accelerate throughput and enhance supply chain visibility. A new 20–year Master Plan is in progress to guide long-term growth. “We have good problems – demand that continues to grow,” Morris says. l

Photo by

Alexia Fodere

The State of Trade 2025

PERSPECTIVES ON THE MIAMI CUSTOMS DISTRICT, TODAY AND TOMORROW

“ Trade is the ultimate barometer of resilience ”

ALICE ANCONA VICE PRESIDENT OF THE WORLD TRADE CENTER MIAMI

BY YOUSRA BENKIRANE

In a year where global trade reached a record $33 trillion, according to the UN’s latest Global Trade Update, South Florida’s trade engines – its ports, its airports, its people – once again demonstrated their ability to adapt and thrive amid persistent economic and geopolitical uncertainty.

The outlook for 2025 is already clouded by escalating tariff threats, shifting U.S. policy signals, and global supply chain recalibrations. And while global trade reached a record in 2024, the growth was driven largely by a 7% surge in services trade – with goods trade remaining uneven, growing just 2% and still below its 2022 peak. In contrast, the Miami Customs District – Miami-Dade, Broward and Palm Beach counties – surged to $144 billion, up 5% from the prior year.

Of the $144 billion in total trade for 2024 (up from $137 billion the prior year) exports totaled $78 billion, while imports rose to $66 billion. “From our vantage point, the Miami market continues to present unique opportunities – even amid uncertainty,” says Lenny Feldman, managing partner for international trade law firm Sandler,

“The Miami market continues to present unique opportunities – even amid uncertainty”

LENNY FELDMAN, ABOVE, MANAGING PARTNER, SANDLER, TRAVIS & ROSENBERG, (LAW FIRM)

Travis & Rosenberg. He points to Miami’s deep integration with the Americas as a key advantage, noting that in an era of decoupling from China, companies are increasingly looking south for new sourcing and manufacturing partnerships.

That regional strength is evident in the district’s trading relationships. Brazil remained the district’s top trading partner, with $19.38 billion in total trade, propelled by a commanding $15.3 billion in exports from Miami. Colombia followed at $10.03 billion in total trade, with the Dominican Republic, China, and Chile rounding out the top five.

Aircraft parts led the charge among exports, reaching $11 billion – part of a broader surge in high-value aviation, technology, and medical goods that now define Miami’s export profile. Telephones followed at $6.06 billion, buoyed by strong demand across Latin America. Computers, packaged medications, vaccines, integrated circuits, and medical instruments all saw robust movement through the district as well, underscoring Miami’s role as a conduit for both innovative products and essential goods.

Imports, meanwhile, reflect a supply chain landscape in flux. While China remains the largest source of goods, import volumes from Southeast Asia and Latin America continued to rise in 2024. Ancona describes this as part of a long-arc regionalization trend –

FLOWER POWER

At Miami International Airport (MIA), few airlines move more freight – or more flowers – than Avianca Cargo. With over 50 years of cargo operations through MIA, the Colombian carrier has made Miami a pivotal hub for its North American trade network.

In 2025, Avianca Cargo moved a record 20,100 tons of fresh flowers for Mother’s Day, a 15% increase over the prior year. Of that, an overwhelming 93% came through MIA, solidifying Miami’s position as the dominant U.S. gateway for flower imports.

“We are the number one airline for flowers from Colombia to the U.S.,” says Avianca Cargo CEO Diogo Elias. “Miami plays such a big role for us… from there, they reach not only the U.S. but also Canada.”

The supply chain is a precisely tuned operation. Flowers harvested in Colombia are rapidly packed, cooled, and flown to Miami on dedicated freighter flights. Upon landing at MIA, shipments move through specialized temperature-controlled facilities, where they are sorted and cleared for final distribution. In less than 24 to 48 hours, shipments reach floral wholesalers, grocery chains, and retailers from New York to Chicago to Toronto – a time-sensitive trade that has made MIA the unrivaled center of this $2 billion-plus industry.

Through MIA, the airline also moves large volumes of salmon from Chile, and fruit from Brazil, Central America, and the Southern Cone, while hauling pharmaceuticals, luxury goods, and e-commerce southbound to Latin America.

Avianca continues investing in MIA, growing its temperature-controlled capacity there by 83% this year, and expanding its MIA workforce by 30%. It’s also implemented 100% paperless delivery, achieving a 20% improvement in delivery times. And it's forging new partnerships to further strengthen its U.S.-Latin America connectivity. In April, Avianca launched a daily 767-300F charter service between Bogotá and Miami in collaboration with Amazon Air Cargo, enhancing capacity for cross-border e-commerce and high-value shipments between the two markets.

AVIANCA CARGO, AT THE CENTER OF MIAMI’S TRADE IN FLOWERS

Photo by Alexia Fodere

“Our diversified trade pattern is our strength”

HYDI WEBB, RIGHT, DIRECTOR AND CEO, PORTMIAMI

one accelerated by both COVID-era supply shocks and preparation for the 2024 U.S. presidential elections. “We started seeing that shift into the first quarter of 2025,” she says. “That’s where the data goes a little wonky.”

Telephones remained among the district’s top imports at $4.23 billion, but sourcing shifted. Vietnam, Malaysia, and India all gained share, reflecting supply chain recalibrations away from China. “China’s been on the decline for a bit,” Ancona says. “It’s just because it’s been shifting to other parts of Asia. Everyone is trying to regionalize.”

Other import categories mirrored the complexity of this transition. Gold shipments surged to $3.73 billion, underscoring Miami’s status as a financial gateway. Fish fillets ($2.38B), largely from Chile and other South American partners, highlighted the district’s ongoing strength in perishables handling. Cut flowers ($1.88B) remained a Miami staple, and recreational boats ($1.65 billion) reflected the continued demand from South Florida’s high-end leisure sector.

Beyond individual product categories, the real story of 2024 was one of structural change. As Feldman explains, “People are now looking south of Miami.” The importance of Miami’s re-export capabilities should also not be underestimated. Roughly half of U.S. imports are not destined for domestic consumption but instead serve as inputs for manufacturing or re-export. Miami, with its deep expertise in transshipment, is positioned to support that flow. “It’s why you see such a diversity of product categories here,” he says. “From perishables to apparel to aircraft parts – it all moves through Miami because we know how to handle it.”

WHAT PORT HANDLES WHAT: NUMBERS AND NICHES

No single port defines the Miami Customs District trade story. Rather, it is the complementary roles of PortMiami, Port Everglades, and Miami International Airport that allow the region to serve as one of the world’s most versatile trade hubs.

PortMiami remains Florida’s leading container port for international trade and the 11th largest in the U.S. In 2024, the port’s trade totaled $30.4 billion and processed just over 1 million TEU containers – marking a 3% year-over-year gain in a global shipping environment where many ports saw declines. “Our diversified trade pattern is our strength,” says Hydi Webb, PortMiami director and CEO. The port’s cargo mix breaks down to roughly 46% Latin American and Caribbean, 33% Asian, and 20% European and the Mediterranean. Perishables, textiles, and apparel continue to anchor the North-South trade, while electronics from Asia and construction materials and furnishings from Europe moor East-West trade.

Port Everglades plays an equally vital role – particularly in serving Florida’s fast-growing consumer market. With trade totaling $27.9 billion, nearly 90% of Port Everglades’ commerce is with Latin America and the Caribbean, and about 80% of inbound cargo remains within an 80-mile radius of the port. “We’re the number one perishable [sea] port in Florida and seventh in the U.S.,” says

Photo by Rodolfo Benitez

Joseph Morris, CEO and port director at Port Everglades. The port’s big three sectors – containerized cargo, energy, and cruise – each posted near-record results in fiscal 2024. In the container space, top imports include bananas, fish, and flowers; ceramic tile and marble from the Mediterranean; and high-value yachts from Europe. The port also stands out for its export strength, maintaining a rare trade surplus with a 52%/48% export-import split.

Miami International Airport rounds out the triad with dominance in total trade by value, at $82.33 billion. MIA recorded its fifth straight record-breaking year in 2024, handling more than 3 million tons of cargo. The airport remains the No. 1 U.S. airport for international freight and ranks fifth globally. “We basically own the perishables market,” MIA CEO and Director Ralph Cutié says. Nearly 70% of all U.S. perishables imports – led by flowers, fruit, and seafood – move through MIA. The airport’s deep cold chain capabilities and fast air connectivity make it indispensable for time-sensitive, high-value goods. Electronics, pharmaceuticals, and industrial equipment also flow steadily through MIA’s expanding cargo network. As of early 2025, the airport is tracking an astonishing 14% year-over-year increase in cargo tonnage – underscoring its continuing importance to Miami’s trade ecosystem.

THE SERVICES SECTOR: MIAMI’S HIDDEN TRADE GIANT

When people talk about Miami’s role in global trade, they typically speak of ships and planes, ports and warehouses. But in truth, some of Miami’s most important exports don’t move through cargo holds. They move across networks, in legal briefs, through financial transactions, and inside the ideas and expertise of its people. Services, long an underestimated force in Miami’s trade profile, are in fact

“We basically own the perishables market...”

RALPH CUTIÉ, ABOVE, CEO OF MIA

JOSEPH MORRIS, LEFT, CEO OF PORT EVERGLADES, ALSO SAYS " WE’RE THE NUMBER ONE PERISHABLE [SEA] PORT IN FLORIDA AND SEVENTH IN THE U.S."

the U.S. ‘s leading export – and in Miami’s case, an essential and fast-growing part of the region’s global economic footprint.

“We trade ideas and expertise as much as we trade goods,” says Ancona. “You may not see that in the same way you see a cargo plane landing or a ship docking, but it is every bit as significant. In fact, in many ways, it’s what makes the physical trade possible.”

It’s a reality that’s easy to overlook in a district known for its towering container volumes and dominant perishables market. Yet services account for roughly one-third of the Miami metropolitan area’s exports – a share that has steadily increased over the past decade. In 2024, U.S. services exports reached a record $1.1 trillion, led by sectors like finance, legal, consulting, education, and technology. In Miami, that invisible flow is everywhere.

South Florida has evolved into a hemispheric headquarters city, a place where businesses of every scale – from startups to multinationals – manage cross-border operations. Many of these firms trade in services first and foremost. Downtown Miami hosts one of the largest concentrations of international banks in the country, with institutions that annually facilitate billions of dollars in trade finance, cross-border lending, and currency transactions. Law firms advise clients on free trade agreements, tariff engineering, and complex international regulations. Marketing and media companies export creative strategies to markets across Latin America. And Miami’s

Photo by Alexia Fodere

CONSUMER-DRIVEN TRADE

Prologis is banking not just on put-through, but on local demand

JASON TENENBAUM OF PROLOGIS

If Miami’s trade ecosystem is built on scale, few companies embody that more than Prologis. The world’s largest logistics real estate owner and developer operates in 20 countries and manages nearly 1.3 billion square feet of space across the globe. Its presence in South Florida is commanding – 30 million square feet across 225 buildings – making it the largest industrial landlord in the region.

While Miami is a global trade hub, 75% of logistics demand here is tied to local and regional consumption. Its facilities play a critical role in e-commerce fulfillment, food and beverage distribution, and retail restocking – providing supply chains that remain steady even when international trade patterns shift. “With over six million people in the Tri-County area, the logistics network here is servicing that local population,” says Jason Tenenbaum, Prologis’ South Florida market officer. “As the population continues to grow, that’s a really positive tailwind for our business.” Tenenbaum says today’s climate is driving demand for efficiency. “Our customers are looking at ways to modernize their facilities and optimize their operations,” he says. Beyond providing warehouse space, Prologis supports clients with racking, electrical connectivity, EV charging – and increasingly, Foreign Trade Zones and bonded warehouse capabilities. “We have partners and expertise to help companies establish those FTZs or bonded warehouses,” he says. Land scarcity adds another strategic challenge. “You’re really only 15 to 20 miles east to west here, sandwiched between the ocean and the Everglades,” he says. That constraint fueled one of Prologis’ most ambitious local projects, a three-story, onemillion-square-foot vertical warehouse near Miami International Airport, completed in 2024. “There’s no playbook for these things,” Tenenbaum says. “We’re designing the plane as we’re flying it.”

Prologis is also investing in Miami’s workforce future. It launched a Trade & Logistics Academy at Miami Springs High School and a companion workforce program at Miami Dade College – helping build the next generation of logistics talent.

fast-grow ing fintech, healthtech, and digital commerce sectors are expanding their international reach. “Our trade system wasn’t really designed for this level of digital integration,” Ancona explains. “But that’s where the world is headed. And Miami is right in the middle of it.”

From his vantage point at Sandler, Travis & Rosenberg, Feldman perceives the same shift. “We see an incredibly diverse portfolio of companies coming to us for guidance,” he says. “It’s not just about how to move products anymore. It’s about how to structure deals, how to navigate services trade rules, how to support clients across multiple markets.”

The district’s cultural fluency also gives it an edge. With a multilingual workforce and deep connections to Latin America, Miami offers companies an unrivaled gateway for both goods and services trade in the Americas. Many regional headquarters for Latin America operations are based here precisely for that reason. “We’ve built up an ecosystem here that’s second to none,” Ancona says. “And in an uncertain world, that kind of intellectual capital is invaluable.”

NAVIGATING THE CURRENT POLITICAL CLIMATE: TRADE STRATEGIES SHAPING MIAMI’S FUTURE

In late 2024, as the U.S. presidential election cycle unfolded, companies across South Florida began racing against the clock. The threat of new tariffs – widely expected and soon realized – triggered a wave of front-loading across the Miami Customs District.

“Once the election happened, everyone knew this is going to be a tariff moment,” recalls Ancona. By early 2025, many importers had already adjusted their strategies, moving shipments forward and holding inventory in anticipation of an unsettling year. The move was not without precedent. “It’s kind of like COVID part two –

PROLOGIS

“When tariffs were announced, we weren’t [significantly] affected... ”

ESTEBAN MOCTEZUMA BARRAGÁN, SHOWN RIGHT, MEXICAN AMBASSADOR TO THE U.S.

without the pandemic,” Ancona says. “It’s a continuous shift toward more regionalization, and companies are adapting again.”

The current moment reflects a broader truth about global trade, that it is an organism, constantly responding to its environment. Tariff threats and political uncertainty have accelerated the shift from just-in-time to just-in-case logistics, driving new behaviors as companies rethink fundamental aspects of their supply chains.

It is a shift that plays to Miami’s natural strengths, with its deep connectivity to the Americas, its air and sea links, and its regional expertise. All make it an ideal place for companies seeking more predictable, tariff-resilient pathways. “We’re seeing a real opportunity now,” says Feldman. “A lot of importers and exporters are looking to divest from China – not just to Southeast Asia, but to Mexico, Central America, South America, and the Caribbean.”

Mexico, in particular, is poised to play an outsized role in this evolving landscape. “When tariffs were announced, we weren’t [significantly] affected,” Mexican Ambassador to the U.S. Esteban Moctezuma Barragán told Global Miami. “A car built in Mexico might contain 40 to 70 percent American components. That part cannot be subject to a tariff. So, if a 25 percent tariff is imposed and your content is 50 percent American, it effectively drops to 12.5 percent. We’re working to clarify that. But what’s most important is

how we approach the USMCA review. That will define the future of the bilateral – and the North American – relationship. We are the most competitive region in the world, and we share similar values.”

That regional competitiveness is fueling new trade corridors. “Our relationship with Florida has been growing,” Ambassador Moctezuma said. “Florida has important comparative advantages due to its location. As Mexico develops the interoceanic corridor, the state that will benefit most is Florida – because of its position and because of the new economic trends that will emerge.”

Even for companies that cannot easily shift supply chains, Miami offers tools to weather the current volatility. “A lot of companies [will] use first sale, duty drawback, and the Foreign Trade Zones,” says Ancona. “They just didn’t use them before because trade was good.” Now, she says, it’s about cost survival: “They’re asking, ‘What tools are available to me right now to make those cost-saving decisions?’”

She explains: “First sale is a way of pricing how goods get tariffed – it’s complicated, and it requires using professionals to help navigate that. Duty drawback is like getting a refund. A lot of companies never pursued those refunds, because it felt like extra work. Now they are going back to talk to the professionals to get the duty drawback, or adjust the first sale valuation, or finally activate an FTZ because they can save on the tariff.”

Notes PortMiami Director Hydi Webb: “Right now, I think we have over 100 active Foreign Trade Zones. Some of these zones are seeing an influx of cargo to hold while the tariff situation works out.”

Gary Goldfarb, chief strategy officer for Interport Logistics, and chair of the World Trade Center Miami, has seen demand explode.

“I’ve been doing tens of Foreign Trade Zones every week,” he says. “I think I’m now close to 900 FTZ activations either done or in

Photo

Rodolfo Benitez

process.” For companies using FTZs correctly, the benefits are clear: “You can receive products, not pay duties while they’re in the FTZ, and only pay duties if they enter U.S. commerce. If you export, you never pay the duty.”

This resurgence of interest in trade tools also reflects a structural shift. “Tariffs are really a return to businesses requiring professionals to help them move their merchandise,” Goldfarb explains. “It’s not as simple as it used to be. Now you need compliance experts, and tools like FTZs are at the forefront.”

The broader reality is that uncertainty will continue, and trade volatility will be passed through the entire economy. “We’re paying for it,” says Ancona. “Walmart’s going to have to raise prices, and other retailers will follow. The consumer is going to feel it.”

In that environment, South Florida’s logistics and compliance ecosystem will matter more than ever. As Goldfarb puts it: “Our community of somewhere around 1,900 [commercial and professional] entities is probably the most experienced, most knowledge-based anywhere in the country – potentially anywhere in the world.”

2025 OUTLOOK

As Miami Customs District enters 2025, trade leaders across the district are bracing for a year where political risk, evolving trade policies, and shifting consumer demand will require constant adjustment, not static strategy. The United Nations Center for Trade and Development [UNCTAD] outlook highlights key risks: escalating trade wars, potential U.S. policy shifts, and ripple effects across supply chains. “You can’t look at the trade data by itself,” Ancona says. “Consumer confidence, employment trends, and political decisions are now direct drivers of what moves through Miami.”

Companies will likely continue pursuing regionalization and supply chain agility – but with greater urgency. The Miami market

“You can receive products, not pay duties while they’re in the Foreign Trade Zone, and only pay duties if they enter U.S. commerce... ”

GARY

GOLDFARB, LEFT, CHIEF STRATEGY OFFICER FOR INTERPORT LOGISTICS

LEFT: AVIANCA CARGO AT MIA

is already seeing an uptick in Mexican and Latin American trade volumes, and new East-West air cargo links are building a more diversified network. A new Guangzhou-Miami route, for example, coupled with pending talks for Middle Eastern and Eastern European service, points to Miami’s growing role as a global transshipment and e-commerce center.

At the same time, services trade will continue to act as a stabilizer in an otherwise volatile goods environment. Certainly risks remain. U.S. tariff policy under the new administration could trigger rapid shifts in sourcing patterns and consumer prices. Retailers are already signaling potential price increases, which may dampen discretionary demand – a critical issue for Miami, given its exposure to tourism, luxury goods, and consumer-driven trade.

2025 will likely be a year of fragmented but high-value opportunities, where agility will trump volume. Companies that can move fast, hedge risk, and tap Miami’s deep multi-modal and services ecosystem will gain an edge. As MIA’s Ralph Cutié put it: “Miami always adapts.” l

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South Florida’s Trade with the World

NORTH AMERICA & THE CARIBBEAN $44.85 BILLION (32 COUNTRIES) SOUTH

$54.42 BILLION (12 COUNTRIES)

$27.86 BILLION (44 COUNTRIES) OCEANIA: $1.38 BILLION (11 COUNTRIES) EUROPE: $29.49 BILLION (133 COUNTRIES)

Top 10 Miami Customs District Trading Partners 2024

THE AMERICAS ADVANTAGE: MIAMI’S ENVIABLE TRADE POSITION

Even though Canada and Mexico are the top trading partners of the U.S., their combined trade with the Miami Customs District (Miami-Dade, Broward, and Palm Beach counties) – even with Central America and the Caribbean included – still falls $10 billion short of the trade with South America. Of the top 10 trading partners, the four from South America amount to $40 billion in trade, twice the four from Central America and the Caribbean, and more than five times the trade with China.

These strong trade ties with South America, Central America and the Caribbean, Miami is well positioned to survive the current turbulence in tariffs, since these areas are facing far lower increases than Asia or Europe. While particular commodities and products – such as steel and building supplies – face high tariffs regardless of origin, as a region the Americas (excluding Mexico and Canada) are facing the less stringent trade winds of 10% tariffs. The rest of the world faces far higher jumps.

In the general de-coupling from China and other Asian sources of production,

the Americas offer an attractive alternative for offshoring of low-cost manufacturing. Already, Central American nations such as El Salvador and Guatemala are seeing new factories geared in particular to the production of clothing; in the Caribbean, the Dominican Republic is making a concerted push to become a manufacturing center.

For offshore production as well as for perishable imports, the shorter shipping distances to the Americas (versus Asia or Europe) further reduce costs, and result in shorter lead times for “just-in-time” manufacturing. Miami also enjoys a pivotal position as a distribution hub for the Americas, where, for example, European goods can be transshipped from Free Zone warehouses in Miami for distribution points across the hemisphere.

And, as far as balance of trade goes, Miami holds the advantage, at least amount its top 10 trading partners, with $42 billion in exports versus $30 billion in imports. And this does not include the city’s vast surplus in service exports, in everything from professional talent to entertainment and tourism.

$3.31B

World Trade Statistics

16. TURKS & CAICOS (TOTAL TRADE: $418.8M) EXPORT

17. ARUBA (TOTAL TRADE: $386.5M) EXPORT VALUE: $383.0M IMPORT VALUE: $3.5M

18. SAINT MAARTEN (TOTAL TRADE: $339.5M) EXPORT VALUE: $324.0M IMPORT VALUE: $15.5M

19. CUBA (TOTAL TRADE: $305.0M) EXPORT VALUE: $304.0M IMPORT VALUE: $1.0M

20. BELIZE (TOTAL TRADE: $303.6M) EXPORT VALUE: $279.0M IMPORT VALUE: $24.6M

21. CURAÇAO (TOTAL TRADE: $229.8M) EXPORT VALUE: $225.0M IMPORT VALUE: $4.8M

22. ANTIGUA & BARBUDA (TOTAL TRADE: $212.3M) EXPORT VALUE: $210.0M IMPORT VALUE: $2.3M

23. BRITISH VIRGIN ISLANDS (TOTAL TRADE: $163.5M) EXPORT VALUE: $157.0M IMPORT VALUE: $6.5M

24. SAINT LUCIA (TOTAL TRADE: $159.9M) EXPORT VALUE: $157.0M IMPORT VALUE: $2.9M

25.ST KITTS & NEVIS (TOTAL TRADE: $107.8M)

EXPORT VALUE: $99.2M IMPORT VALUE: $8.6M

26. GRENADA (TOTAL TRADE: $92.5M) EXPORT VALUE: $81.2M IMPORT VALUE: $11.3M

27. ST VINCENT & THE GRENADINES (TRADE: $85.1M) EXPORT VALUE: $82.4M IMPORT VALUE: $2.7M

28. ANGUILLA (TOTAL TRADE: $40.6M) EXPORT

$2.01B

17. CZECHIA (TOTAL TRADE: $120.6M)

18. FINLAND (TOTAL TRADE: $112.0M) EXPORT VALUE: $36.9M IMPORT VALUE: $75.1M

19. UKRAINE (TOTAL TRADE: $102.1M) EXPORT VALUE: $72.1M IMPORT VALUE: $30.0M

20. GREECE (TOTAL TRADE: $94.3M) EXPORT VALUE: $48.6M IMPORT VALUE: $45.7M

21. LITHUANIA (TOTAL TRADE: $90.8M) EXPORT VALUE: $60.9M IMPORT VALUE: $29.9M

22. BULGARIA (TOTAL TRADE: $46.3M) EXPORT VALUE: $14.9M IMPORT VALUE: $31.4M

23. ROMANIA (TOTAL TRADE: $44.3M) EXPORT VALUE: $23.2M IMPORT VALUE: $21.1M

24. LUXEMBOURG (TOTAL TRADE: $42.2M) EXPORT VALUE: $17.8M IMPORT VALUE: $24.4M

25. SERBIA (TOTAL TRADE: $38.4M) EXPORT VALUE: $5.2M IMPORT VALUE: $33.2M

26. SLOVENIA (TOTAL TRADE: $34.8M) EXPORT VALUE: $15.5M IMPORT VALUE: $19.3M

27. LATVIA (TOTAL TRADE: $32.7M) EXPORT VALUE: $8.0M IMPORT VALUE: $24.7M

28. SLOVAKIA (TOTAL TRADE: $25.4M) EXPORT VALUE: $4.3M IMPORT VALUE: $21.1M

29. ESTONIA (TOTAL TRADE: $23.5M) EXPORT VALUE: $12.4M IMPORT VALUE: $11.1M

30. CROATIA (TOTAL TRADE: $14.7M)

31. RUSSIA (TOTAL TRADE: $10M)

25. OMAN (TOTAL TRADE: $41M)

Value: $16.3M Import Value: $24.7M

26. KAZAKHSTAN (TOTAL TRADE: $31.2M) Export Value: $25.8M Import Value: $5.4M

27. MALDIVES (TOTAL TRADE: $30.4M) Export Value: $18.0M Import Value: $12.4M

28. SRI LANKA (TOTAL TRADE: $22.3M) Export Value: $2.8M Import Value: $19.5M

29. BAHRAIN (TOTAL TRADE: $20.1M)

Export Value: $15.6M Import Value: $4.5M

30. LEBANON (TOTAL TRADE: $19.8M)

Export Value: $15.6M Import Value: $4.2M

31. AZERBAIJAN (TOTAL TRADE: $19.1M)

Export Value: $15.9M Import Value: $3.2M

32. IRAQ (TOTAL TRADE: $17M)

Export Value: $14.2M Import Value: $2.8M

33. FAROE ISLANDS (TOTAL TRADE: $11M)

Export Value: $4.5K Import Value: $11.0M

34. ARMENIA (TOTAL TRADE: $9M) Export Value: $8.7M Import Value: $230.0K

35. NEPAL (TOTAL TRADE: $6.5M) Export Value: $4.2M Import Value: $2.3M

36. UZBEKISTAN (TOTAL TRADE: $5.4M) Export Value: $4.7M Import Value: $716.0K

37. YEMEN (TOTAL TRADE: $5.2M)

Value: $5.1M Import Value: $43.8K

38. KYRGYZSTAN (TOTAL TRADE: $4.7M)

From Inception to Exit From Israel to the World

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I think this is gearing up to be a very positive set of circumstances, tailwinds for the growing U.S.-Israeli trade relationship...

DAVID BLUMBERG, FOUNDER OF BLUMBERG CAPITAL

THE MIAMI-ISRAEL CONNECTION

All over South Florida, from Brickell and Wynwood to Broward and West Palm, Israeli-Americans have both elevated and invigorated the business landscape

BY DREW LIMSKY

Aubiquitous Miami architect who has put his stamp on residential towers, hotels, private homes, and commercial buildings from South Beach to Abu Dhabi. An inventor who rang the opening bell at the NASDAQ when his company completed its IPO. An unstoppable techie who helped put Wynwood on the map with one of the most dynamic tech ecosystem accelerators and workspaces in South Florida. A local chef who was the winner of the Netflix show “Best Leftovers Ever!” An upscale health café chain that has proven so popular that it seems to open a new location every year (there are two dozen in South Florida alone). That’s just a snapshot of the thriving Israeli entrepreneur scene in Greater Miami.

Most surveys of the Miami-Israel connection focus on technology, firms such as Momentis, Insightech, BioBeat, Wix, and Zim, which is no surprise, given Israel’s exceptional prowess in the tech space; this year

the inaugural Israeli Tech Week took place in Miami. But here we widen the frame to look at a variety of sectors, from real estate to law to hospitality to banking – and yes, tech is also in the mix.

AN INVESTMENT PARADIGM

With a portfolio of 70 companies, Blumberg Capital – now headquartered in Miami - is among the most successful early and growthstage venture capital firms in the country. Founder David Blumberg says he has always had a penchant for investing in Israeli companies. “We’ve invested in them in Israel, we’ve invested in them and they moved to the U.S., and we’ve invested in them when they’ve already come here to the U.S.,” he says. “It depends on the circumstances of each company. I think in most cases, the structure of taxation and everything is more favorable here… some of them choose to be Israeli companies with an Israeli American subsidiary. Most of them choose to be an American company with an Israeli subsidiary.”

More than a third of the companies in the Blumberg portfolio are active Israeli-founded companies – including now Miami-based Imagene and Theator – for what he calls the obvious reason that Israeli firms tend to be highly advanced in technology and software. Just as importantly, Israeli entrepreneurs find that Greater Miami provides a welcoming culture. “They want a warm, sunny, friendly place [and] the Jewish community is very strong here,” he says. Blumberg also sees a natural alliance between the U.S. and Israel, especially in light of the recent U.S. defense of Israel vis-à-vis Iran.

“I think this is gearing up to be a very positive set of circumstances, tailwinds for the growing U.S.-Israeli trade relationship,” says Blumberg. “Think about what businesses are important today from Israel in the U.S. – cybersecurity, defense, healthcare, software, AI, quantum – all of those are addressed very well by this alliance that we have, essentially between Israeli tech, American tech, American investors, and mostly American and Western European customers.”

While technology is the cutting edge, however, Miami is also enjoying a broad range of Israeli investments and startups across the entire economic spectrum.

HARD DATA

“I deal with creating the setting and atmosphere for Israeli companies to operate here in Miami-Dade County and South Florida, and vice-versa, for South Florida companies to expand their economic relationship with Israel,” says Maor Elbaz-Starinsky, Consul General of Israel in Miami. “We are invested here at the Consulate in creating the parameters, the ecosystem, and the climate for all this to be possible. South Florida in general – and Miami-Dade County, in particular – is probably the best place in the United States of America for Israeli companies to break into the American market, for various reasons.”

For perhaps the first time, there exists a wealth of statistics to back up that claim. The just-released 2025 Florida-Israel Economic Impact Report, developed by the United States-Israel Business Alliance, notes that “Florida and Israel share a multifaceted relationship that is built on deep economic ties and cultural affinities. This bond is particularly strong in South Florida, a region that anchors the bilateral relationship with a thriving business community, large Jewish population, and robust trade networks.”

The report observes that anecdotal evidence of this strong bond is plainly apparent, in everything from Israeli restaurants to Israeli real estate developers. But the numbers tell a more concrete story; its numbers reflect the state of the state, so to speak, in 2024.

The report concludes that there are 429 Israeli-founded

I deal with creating the setting and atmosphere for Israeli companies to operate here in Miami-Dade County and South Florida...

MAOR ELBAZ-STARINSKY, CONSUL GENERAL OF ISRAEL IN MIAMI

THE ISRAELI IMPACT IN FLORIDA & MIAMI

Source: 2025 Florida-Israel Economic Impact Report

companies in Florida, which add $3.5 billion to the state’s economy, produce $7.3 billion in total gross economic output, and employ 25,510 people. The study also finds that these 429 companies significantly outperform Florida companies in general, with 12% higher earnings. The report reveals a thriving Israeli expat business community that encompasses technology (including medical technology), banking, manufacturing, professional services, real estate, hospitality, and just about every other sector that defines Florida and helps keep the state domestically and globally competitive.

Of Florida’s counties, Miami-Dade is far and away the leader, followed by Broward, Orange, and Palm Beach. According to the report, “Miami-Dade County is the hub of the Florida-Israel commercial relationship. Miami-Dade’s infrastructure, cultural support,

What

I love about Miami is that everybody’s

different, in a good way. You don’t feel different, because everybody’s different – everybody’s from somewhere else...

AYAL STERN, COFOUNDER , THE MIAMI ISRAELI COLLECTIVE

and resources provide a soft landing for Israeli entrepreneurs looking to establish a U.S. beachhead.”

Israel-founded companies have flocked to Miami-Dade, accounting for more than $6 billion in gross output, while two-thirds of Florida’s jobs directly generated by Israeli companies – 21,680 positions – are found in the county. And the salaries attached to these jobs are 18% higher than the average in Miami-Dade. Israeli-founded businesses account for 2.78% of the county’s $219 billion GDP.

MIND MELD

Ayal Stern graduated Reichman University, Israel’s sole private university, with a degree in law and business. After working as CMO, then as the deputy CEO for HackerU – for a time commuting between Israel and Miami for the IT and cybersecurity education provider – Stern settled in Miami with his family in 2019. When HackerU evolved into Thrive DX (the University of Miami was the company’s first client), he became global COO.

Stern’s last few years have seen rapid change, as he cofounded the Miami Israeli Collective, a community to foster the tech entrepreneur ecosystem, left his role at Thrive DX, and then came onboard as a partner at The Lab – which Stern describes as “an ecosystem accelerator and information hub” with a very active coworking space called The Dock. The Lab’s other partners include Scott Srebnick, CEO of Goldman Properties.

Stern is quick to point out that the Dock is not an all-purpose business workspace. “It is for entrepreneurship and tech talent,” he says. The 16,000 sq. ft. Lab is in Wynwood, which has outgrown its former identity as a bohemian arts and entertainment district to become a sought-after live-work-play neighborhood for startup

SPOTLIGHT: ISRAELI MEDTECH

As Israel continues to strengthen its position as a major global tech hub, one subset of technology stands out: Medtech. The dynamic sector has particular relevance to South Florida, given the region’s many retirees and fast-growing hospital systems, including the University of Miami Health System and Baptist Health. That reality may have been on Miami Mayor Francis Suarez’s mind when he addressed the attendees at the Israel Tech Week conference last spring: He said the opportunities to disrupt U.S. health care are “huge.” Medtech is so important to Israel’s technology dominance that the country has held a designated BioMed conference for more than 20 years, and many of Greater Miami’s most innovative medtech companies have an Israeli connection.

Case in point: Insightec, co-headquartered in Miami, which uses focused ultrasound to treat tremors and other disorders, with no incisions. It employs 400 people, and its annual revenue has topped $100 million. Impressed by Israeli innovation, Maurice R. Ferre, the physician and serial medtech entrepreneur (and the son of six-term Miami mayor), leads the Israeli company. Previously, Ferre co-founded South Florida’s robotic surgery pioneer Mako Surgical, which sold for $1.65 billion in 2013. Another example – one that seems futuristic, but the future is here – is Miami-based Momentis Surgical, which launched in 2013. Founded by Professor Nir Shvalb and CEO Dvir Cohen (the latter formerly worked for Israel’s government in robotics), Momentis has developed a cutting-edge robotics platform that has been used in more than 500 surgeries. Its tiny human-like arms can hold different tools, such as graspers, hooks, and needle drivers.

“With our Momentis system, when you enter the body, you can reach every organ inside,” says Michael Conditt, the company’s senior vice president. Doing procedures less invasively, with fewer incisions, means less trauma and faster recovery. “Our movements are inside the body, instead of working through portals with straight-stick motions,” says Conditt. Investors have already funded Momentis to the tune of $140 million. And the chairman of the company? None other than Maurice R. Ferre.

MICHAEL CONDITT, SENIOR VICE PRESIDENT, MOMENTIS SURGICAL

WHO HE IS: Born in Israel, Halabi came to the U.S. in 2014 and launched Share Media Agency, a branding and marketing firm, in Miami in 2016. Halabi is also a cofounder of Israel Tech Week and the Miami-Israel Collective. Before emigrating, he was instrumental in building the H&M brand in Israel and was a political and communications adviser for the Israeli Knesset.

HIS MISSION: “I can take every brand, product, or person and build a strategy around them, and figure out their audience,” he says of his Share Media work. Its services include branding, marketing, advertising, website design, and event production. Halabi’s clients are small and medium-sized businesses that earn $10 million to $20 million a year. One early client was The Miami Design Preservation League’s Art Deco Weekend.

TECH CONNECTOR: Halabi helped build a team of more than 25 people for the inaugural Israeli Tech Week in March 2025, which involved more than 70 organizations and 170 speakers that he helped recruit from Israel last summer. “It was a new brand, and we started from zero,” he recalls. He led the branding, production, and marketing efforts, working with web developers, graphic designers, PR, and advertising. “Most of it I did myself, or I hired vendors to do it,” he says. Meanwhile, his efforts for the Miami-Israel Collective involve community work – forging and strengthening the shared bonds between Israel’s and Miami’s top-tier entrepreneurs, tech executives, and investors.

WHAT MIAMI NEEDS: “I can see a positive change in the last two years,” Halabi says, but he feels that Miami needs additional high-paying jobs, human capital, and economic diversification to create a business environment more in line with Tel Aviv’s. But, he says, “both cities have the immigrant mindset and a welcoming environment – a similar character.”

technology. Transforming Wynwood into a desirable Miami neighborhood was the handiwork of Goldman Properties, which acquired more than 25 Wynwood properties between 2004 and 2006. Tel Aviv-born Moishe Mana, the billionaire developer whose company Mana Group owns 45 acres of land in Wynwood, is a major force involved in further development.

“What I love about Miami is that everybody’s different, in a good way,” Stern says. “You don’t feel different, because everybody’s different – everybody’s from somewhere else.” For him, there’s no better place to be. “Wynwood is a neighborhood for the creative class,” he says – plus Zak the Baker, a popular Israeli café, buzzes a few blocks away. “You’re able to have a kosher bakery, in the middle of Wynwood, that is the pride of the neighborhood,” Stern says. I talked with Stern as he left the Lab – where a hackathon was in full force – to meet up with his friend Michael Assraf, at Zak. Over a generous plate of labne yogurt and grilled bread, Stern and Assraf – a tech entrepreneur who was born in Jerusalem – mull over what makes Israel such an entrepreneurial generator and how this population of expats helped nurture Miami’s startup scene.

Assraf formerly worked in San Francisco but found the Bay Area “quite challenging for an Israeli guy, a straight shooter like me.

SPOTLIGHT: LIOR HALABI

THE DOCK, A WYNWOOD COWORKING SPACE AT THE LAB

FLORIDA ROOTS GLOBAL REACH

Founded nearly 60 years ago in Miami, Greenberg Traurig understands what it takes for businesses of all types and sizes to grow locally and worldwide. Today, Greenberg Traurig is the only major international law firm with a multidisciplinary, registered office in Israel^. We offer more than two decades of experience supporting clients doing business in and from Israel, always with a global perspective.

Whether in Miami, Israel, or beyond, Greenberg Traurig is dedicated to helping businesses thrive.

SPOTLIGHT: BOB GROSSMAN

WHO HE IS: Miami attorney and principal shareholder at Greenberg Traurig who chairs the firm’s Israeli practice. In addition to representing Israeli companies, the firm’s Israel practice group provides assistance to Israeli and U.S. companies through introductions to strategic partners. The international law firm’s founding office is in Miami, while staffing an office of nearly 20 people in Israel. Born in Cleveland, Grossman estimates he has been to Israel 200 times. “I had Zionistic tendencies growing up,” through his family and community, he recalls.

AN EARLY LESSON: Grossman remembers being struck when he learned that “Israel has the most research- and science-trained people per capita of any country, many of them Holocaust survivors, and that began in 1948,” the year of the country’s founding.

HIS EXPERTISE: “My practice is M&A and securities,” he says. “I’ve done pretty much every industry. I’d say about half of my practice is Israeli-related. I get involved in pretty much anything that I can that’s Israel-related. We were the main sponsor of Israel Tech Week [in Miami in 2025].” Greenberg Traurig was also a sponsor of April’s technology conference and exposition eMerge, which drew more than 20,000 attendees to Miami. Grossman tends to downplay his own contribution to the firm’s Israel work and is gratified that others in the firm share in the mission.

THE FIRM’S ISRAELI CONNECTION: Greenberg Traurig’s efforts began around the time of the Second Intifada, the Palestinian uprising that occurred from 2000 to 2005. “Another partner, [now retired] Gary Epstein, and I talked to the firm about going to Israel and trying to introduce Israeli companies to our clients without charging for the intro, and without requiring them to hire us,” Grossman says. “The idea was to be helpful but also to bring in business, but not have it be forced business. We also didn’t want to compete with the Israeli law firms, so that’s one of the reasons we don’t do Israel law.” They started going to Israel once per quarter for a week, then more frequently, as this part of the firm’s business grew and developed.

Israelis talk in a way that is passionate, sort of confrontational – it makes us more efficient in the way we work ...

MICHAEL ASSRAF, TECH ENTREPRENEUR

Israelis talk in a way that is passionate, sort of confrontational – it makes us more efficient in the way we work.” He says Miami was an instant fit, where he met Stern when the two were executives at cybersecurity startups. Ten years ago, Assraf was the CEO and cofounder of Vicarius, a cybersecurity firm in Tel Aviv that he and his cofounders bootstrapped with their own money plus funds from friends and family. The company moved to the U.S. and Assraf left after raising Series B funding, remaining a shareholder. He is now starting a new company that will provide AI technicians for small and medium businesses.

As for the Israeli mindset, Assraf says that Israelis have always needed to invent themselves, “because nothing is really stable. One day you can get kicked out of your country. Jews are entrepreneurial because of all the persecution; it’s probably in our DNA. But you also have the Israeli mentality. When I was in the Israeli Defense Force at 18, I was running budgets of millions of dollars. When you’re very young, you take on huge responsibilities. Plus, education is extremely important to Judaism.”

From Miami to Tel Aviv and Beyond.

Sagy Aseraf

EVP, Head of Israeli Banking Group & International Private Banking

305-682-3725

SAseraf@idbny.com

Gal Ben-Naim, SVP

SVP, Head of Private Banking Group, California

310-860-6334

Gbennaim@idbny.com

IDB

Zahi Levy

SVP, Head of Israeli Business Group 212-551-8162

Zlevy@idbny.com

Mazal Yehezkely FVP, Private Banking Group Florida 305-682-3703

Myehezkely@idbny.com

New York | Miami | Los Angeles | LATAM | Tel Aviv

Learn more at idbny.com

Limor Biran FVP, Head of Israeli Private Banking Group 212-551-8746

Lbiran-bayor@idbny.com

Shimi Barazany Head of Israel Representative Office

SBarazany@idbny.com

Shahar Ben-David VP, IDB Tech 212-551-8091

Sben-david@idbny.com

“Look, Israel is a startup of its own,” Stern says. “We came into the desert 100 years ago – it’s a 6,000-year-old startup, at the end of the day – then had to create a country from nothing, with no natural resources… Risk-taking is inherently there.”

BUILDING BLOCKS

It’s virtually impossible to drive around Greater Miami and not see a Kobi Karp-designed building or his name on a project site. The Israeli-born architect who landed in Miami in 1988 (and never left) is not just prolific; the award-winning member of the American Institute of Architects and the American Society of Interior Designers is ubiquitous. And he’s global. Karp’s projects span the world from Panama to Dubai.

Karp worked with the famed architect Richard Meier to restore and recreate the Four Seasons Hotel at The Surf Club and Residences on Miami Beach. He collaborated with Italy-based Antonio Citterio and Patricia Viel on the exclusive 16-residence Arte in Surfside. Miami Beach’s 1 Hotel shows off his vision. The Thomson, the Astor, the Lennox – Art Deco treasures on Miami Beach – all have Karp’s restoration stamp on them. His work is also represented at TD Bank, WeWork, and Marshall’s on Lincoln Road.

Next up: The 15-story, 30-unit Ritz Carlton Residences South Beach, due to open in 2028. “I’m [also] working on the renovation and restoration of a Morris Lapidus-designed building, with an Albert Anis building next door – the Sagamore Hotel,” Karp says. “And I’m bringing back the residences on the ocean, bringing back the residential component that used to exist 100 years ago on Lincoln Road and Collins Ave.” Eventually the site will be one sprawling Ritz-Carlton compound. Karp says the residences are 50% sold.

Bauhaus is very similar to Miami Modernism. The mix of cultures and mix of societies in both cities make for fertile ground for Israelis in Miami

KOBI KARP, ISRAELI-BORN ARCHITECT, ON THE TEL AVIVMIAMI ARCHITECTURAL CONNECTION

THE RITZ CARLTON RESIDENCES SOUTH BEACH, (LEFT) WILL BRING RESIDENCES BACK ON THE OCEAN, SAYS KARP

Meanwhile, Witkoff Group and PPG Development have officially broken ground on the Kobi Karp-designed The Residences at Shell Bay, a new 108-residence condominium tower in Hallandale Beach. Several stellar brands are attached to the high-profile project: Auberge Resorts Collection will provide the service, with food and beverage led by Michelin-starred Chef Julien Jouhannaud. A championship golf course by Greg Norman will be adjacent to the property. Construction is slated for completion in 2027.

What Karp appreciates about the Miami-Israel connection is a shared architectural style. Tel Aviv is home to some of the world’s best-preserved Bauhaus buildings, and the greatest number of Bauhaus buildings anywhere (i.e. Tel Aviv’s 4,000-building “White City”). With the Bauhaus period (1919 to 1933) overlapping Art Deco (1919 to 1939) and just predating MiMo – Miami Modernism (1945 to the late 1960s) – and with Jewish architects so heavily involved in all three styles, Karp is quick to point out the nexus between the two cities by the sea. Miami Beach is home to more than 800 Art Deco buildings, and MiMo can be found all over Greater Miami. “Bauhaus is very similar to Miami Modernism,” Karp says. “The mix of cultures and mix of societies in both cities make for fertile ground for Israelis in Miami.”

SPOTLIGHT: SAGY ASERAF

WHAT IT IS: What started as a tiny banking staff in New York in 1949 has evolved into a multinational bank with nearly $14 billion in assets in 2024 (a year-over-year increase of 13.4%), vastly outgrowing its earlier designation as Israel Discount Bank of New York. Headquartered in New York City’s landmark Grace Building, IDB Bank is the only Israeli-owned bank in the U.S.

WHO HE IS: Based in Miami since 2019, Sagy Aseraf serves as executive VP and head of the Florida Region. He was born in the south of Israel near the Dead Sea; his parents were immigrants from Spain. After serving in the army and graduating college in Israel, he attained his master’s degree from New York University’s Polytechnic School of Engineering. For the past decade and a half, he’s held major positions at IDB Bank in Tel Aviv, New York, and Miami. Today, in addition to his regional leadership, Aseraf notably serves as the Head of IDB Bank’s Israeli Business Program, a specialized business segment catering to the unique needs of Israeli and Israeli-Americans.

WHY THE BANK IS FOCUSED ON MIAMI: “Miami is both the gateway to South America and a growing hotspot for technology and international business,” Aseraf says, noting that since the pandemic, the Israeli and Jewish communities have grown tremendously. “South Florida is turning into both a tech hub and as center of Israeli life, and this has not gone unnoticed in Israel.” For example, says Aseraf, “Nearly every day, we see Israeli business owners and delegations looking to establish a presence in Florida.” He also notes that the prestigious Ben-Gurion University in Israel, where he earned his undergrad degree, is currently planning to sponsor an AI Center in the area. “BGU is a tremendous academic institution in Israel – training nearly one third of the engineers in the country,” says Aseraf. “They want to be the center of AI knowledge; they understand that AI is the future. They want to do it in the U.S., and they want to do it in Miami.”

This expansion allows us to share the vibrant flavors of Tel Aviv street food with the local Jewish community...

CHARLIE AND TESSA LEVY, MOTEK OWNERS, ON EXPANDING THE MIAMI-BASED KOSHER-STYLE CHAIN TO BOCA RATON

GREATER GASTRONOMY

Zak the Baker is, of course, just one example of Israeli cuisine in South Florida. One name that pops up all over Greater Miami is Motek, which is owned by Charlie and Tessa Levy. Charlie was born in Israel to a Syrian father and a Yemenite mother, Tessa into a Jewish French-Moroccan home in Los Angeles. Given that the first location of this Kosher-style restaurant opened just five years ago, its multiplication is impressive. A new 220-seat Motek – the chain’s seventh – recently debuted on Restaurant Row in Boca Raton, joining sister restaurants in Brickell, Coral Gables, South Beach, Miami Beach, Aventura, and the original location in Downtown Miami. “Opening Motek in Boca Raton is a deeply personal milestone

for us,” Charlie says. “This expansion allows us to share the vibrant flavors of Tel Aviv street food with the local Jewish community and introduce them to a culinary journey that reflects our heritage.” Charlie says that Motek was inspired by his childhood in Israel: “From our signature chicken shawarma, reminiscent of my youth, to our Moroccan fish, which evokes memories of Friday night family dinners, every dish tells a story. We’ve even sourced spices from my grandmother’s supplier in Israel.”

Another husband-and-wife team are behind Pura Vida, a health food café that enjoys a cult-like following, with a couple dozen locations from Kendall to West Palm, with two see-and-be-seen venues in Brickell, as well as hotspots all over Miami Beach. Founder Omer Horev emigrated from Tel Aviv when he was 21, and lightning struck when he met his wife Jen, a Fort Lauderdale girl. His goal was to create “a third place” – not home or the office, but an airy, inviting space where people could meet deliberately or spontaneously.

With the recent debut of a café in Coconut Grove, Pura Vida unveiled a new gluten-free gelato brand, made fresh daily, that comes in salted pistachio, chocolate hazelnut, and “Welcome to Miami” flavors – the last inspired by one of Pura Vida’s popular smoothie recipes. “Our 34th and most stunning location yet, our Coconut Grove flagship, brings an elevated design and the exclusive debut of our better-for-you gelato,” says Jen, who designed the organic-inflected shop that features a large Banyan tree at its center.

And then there’s Yaniv Cohen, a Miami fixture who parlayed his experience as a caterer into a brand identity as The Spice Detective, a cookbook author, restauranteur (Jaffa Miami in the

Our 34th and most stunning location yet, is our Coconut Grove flagship...

HEALTH FOOD CAFÉ PURA VIDA OWNERS, OMER HOREV AND WIFE JEN, LEFT, ON THE CHAIN'S EXPANSION ACROSS MIAMI

BELOW: CHEF YANIV COHEN, AKA THE SPICE DETECTIVE, IS AN ISRAELI BORN AUTHOR AND RESTAURANTEUR IN MIAMI

Design District), and telegenic personality who was the winner of the Netflix show “Best Leftovers Ever!” in 2020. Born and raised in Rehoboth, Israel, Cohen moved to New York City in 1996, and then to Miami in 2005.

“The idea for The Spice Detective started brewing in 2010,” he recalls, “when my daughter Rachel was born. I’ve always been passionate about the healing power of spices and flavors from the Middle East and wanted Rachel to learn and appreciate it as well. In 2019, I published my first cookbook and spice guide, My Spiced Kitchen: A Middle Eastern Cookbook.” The book offer came because of Cohen’s cooking demo videos on social media. “By 2020,” he recalls, “I made The Spice Detective and Jaffa Miami [opened in 2018] my full-time focus – sharing knowledge, recipes, and spice stories.”

Cohen says that one of his favorite gathering spots is the recently opened Club Allenby, a Jewish-Israeli social venue in Wynwood. “We come together for Shabbat dinners, live music, and culturally rooted events,” he says. “It became a little pocket of Tel Aviv right in Miami and really helped foster that sense of community.”

Miami is a cool city. Tel Aviv is a cool city. There’s a natural link...

SIMON NEWTON-SMITH, SENIOR VP FOR EL AL AMERICAS, WITH MIRYAM GREENE, REGIONAL MARKETING DIRECTOR

BELOW: EL AL PASSENGERS BEING WELCOMED

ESSENTIAL EL AL

Little of this cultural connectivity would be possible without El Al, Israel’s major carrier, and at present the only airline that serves the country’s international routes (though Delta, Virgin Atlantic, and Alaska Airlines all maintain codeshare agreements with El Al). El Al relocated its U.S. financial, administrative, and marketing operations from New York to Margate, in Broward County, in 2022.

Simon Newton-Smith, senior vice president for the Americas at El Al, emphasizes the golden flight triangle that exists between New York, Miami, and Israel, which constitutes the airline’s major market (though El Al does not fly between New York and Miami). He attributes the move to Broward to high real estate prices in New York and “far better weather” in South Florida, which recalls Israel’s sultry climate, making it easy for Israelis to adapt. Miryam Greene, El Al’s regional marketing director for the Americas, sees it this way: “If you combine Miami and New York, you get Tel Aviv.” Newton-Smith’s take: “Miami is a cool city. Tel Aviv is a cool city. There’s a natural link. If you’re based in Tel Aviv, you’re going to like Miami, and if you’re based in Miami, you’re going to like Tel Aviv.”

Newton-Smith says that Miami has reached “a critical mass” of Israeli American households, acknowledging that the pandemic acted as “an accelerant” to the Jewish and Israeli populations in South Florida. According to a study by the Greater Miami Jewish Federation, the Jewish population of Miami-Dade County grew by 7% in the decade that ended in 2024. “People understand that you don’t have to be in New York to make it in the U.S.,” Newton-Smith says, and repeats the oft-cited observation that South Florida is like

the sixth borough of New York City. “Israeli entrepreneurs are as comfortable in Miami as they are in New York,” he says.

As such, El Al has seen “a huge swell in demand” for flights between Israel and the U.S., accelerated by the lifting of visa restrictions in 2023. Israelis can travel to the U.S. for business or pleasure for up to 90 days without a visa. El Al offers six flights a week from South Florida to Tel Aviv – four from Miami and two from Fort Lauderdale – but the airline is cutting service from Fort Lauderdale starting in October, with plans to drop its last remaining Fort Lauderdale flight in April 2026. The reasons for the shift include a longer runway at Miami International Airport, Miami’s robust air access to Latin America, and the city’s growing market for the route to Tel Aviv.

Newton-Smith acknowledges that Israel is experiencing a period of unprecedented challenge but says that El Al is unwavering in its mission: “We have only one job – to keep Israel connected.” Beyond that, El Al has a model of safety and security that is unrivaled in the airline industry, and in recent years the airline has made a significant investment in new aircraft. “The El Al of 2025 is quite different from the El Al of 2018,” he says.

Newton-Smith says that passengers who haven’t flown the airline in a while are impressed by the premium economy section and the suite-like business class seating. The plaudits and initiatives keep coming: In 2024, El Al received the highest award from the Airline Passenger Experience Association (APEX) for the fourth year in a row; Michelin-starred chef Assaf Granit oversees the airline’s cuisine; and El Al just took delivery of a new Boeing 787-9, the fleet’s 17th Dreamliner.

While El Al’s aircraft are typically named after cities and towns in Israel, the new aircraft bears the motto “Acheinu Kol Beit Yisrael” – a Jewish prayer for the return of all the hostages. “This name symbolizes unity and hope,” the airline said in a statement, “reflecting the spirit that guides El Al and the people of Israel during this time.” l

From Taiwan to Florida

The Growing Investment & Trade Links

FOREWORD: THE TAIWANESE PRESENCE

by Director General Charles Chou, Taipei Economic and Cultural Office in Miami

One of the questions I hear most often as Director General of the Taipei Economic and Cultural Office in Miami is: what industries are Taiwanese people in Florida working in today?

Given the vast geographic distance between Taiwan and Miami, it may be hard to imagine a significant Taiwanese business presence in this region – especially when it isn’t always visible in the public eye. Yet Taiwan has long enjoyed a mutually beneficial economic relationship with both the United States and the state of Florida.

As of 2024, Taiwan is the United States’ 7th largest trading partner and the United States is Taiwan’s 2nd largest trading partner, with two-way trade totaling an impressive $158.6 billion. Moreover, over 40% of Taiwan’s outbound investments go to the United States.

Minister of Foreign Affairs of Taiwan Lin Chia-Lung further expanded on this relationship in a recent editorial article titled “Strategic opportunities for Taiwan-US relations following US President Trump’s first 100 days in office.” On the topic of increased investments in the United States, he emphasizes that Taiwan “must actively seize the enormous business opportunities created by the development of AI and advance two-way investment between Taiwan and the US.” He states that this will allow Taiwan to “utilize US advantages in technology, capital, and talent to strengthen Taiwan and integrate its businesses into the US innovation ecosystem.”

These remarks from our Minister of Foreign Affairs truly underscore the commitment Taiwan is making to increase its investments and further integrate into the

United States’ economic landscape. On a more local scale, Taiwan ranks as Florida’s 9th largest merchandise trade partner in the Indo-Pacific region, underscoring the strength of our commercial ties. Still, for many, Taiwan’s presence in South Florida – particularly in Miami – remains relatively under recognized.

Many are surprised to learn that Taiwanese businesses have had a presence in Miami since the early 1990s. At that time, a wave of companies in the computer and electronics sectors viewed Miami as a strategic gateway to Latin America, establishing operations to access broader markets. However, as the global technology landscape evolved, many of those businesses relocated or shifted their strategies.

Today, the Taiwanese community in South Florida is more diverse and widespread than ever. No longer limited to the tech sector, Taiwanese professionals and entrepreneurs can now be found across a range of sectors. This report highlights just a few success stories: from BioTissue and OPKO Health advancing biomedical innovation, to inspiring entrepreneurial ventures such as Lee Fisher Fishing Supply. Their adaptability and dedication have allowed them to become deeply embedded in the local economy while maintaining strong cultural connections to their home country of Taiwan.

This report shines a light on a community that is laying the groundwork for further cooperation between our two regions and enriching the multicultural identity of Miami and Florida through the meaningful contributions of Taiwanese businesses to the region’s growth. l

The View from Taiwan

Innovation, ingenuity and resolve reign in this remote but crucial democracy despite the ongoing threat from the People’s Republic of China

BY DREW LIMSKY

Representing the scale of ambition and innovation of Taiwan, Taipei 101, a marvel of a skyscraper, rises above this capital city of 2.5 million people. Taipei 101 held the title of the world’s tallest building for five years, starting with its completion on New Year’s Eve in 2004, and today remains the tallest building in Taiwan and the 11th tallest in the world.

Taipei 101 is easily Taiwan’s most iconic landmark, with a sharp silhouette identifiable around the world. Wrapped in aluminum and heat-reducing, blue-green glass curtain walls, the C.Y. Lee and C.P. Wang-designed tower is named for its 101 stories. At the time of its debut, it also ranked as the world’s tallest LEED Platinum-certified building. At its unveiling, the tower boasted the world’s fastest elevators, and it still contains the largest damper ball in the world – an internal steel pendulum that counterbalances typhoon-force winds.

Decoratively, this elegant yet fanciful stack of 3D trapezoids is among the finest examples of postmodern Asian skyscraper architecture, with traditional motifs inventively reimagined: Nods to pagodas, bamboo shoots, and a Chinese ceremonial scepter called a ruyi are all discernable in its design.

At its opening, Taipei 101 seemed designed to make a defiant statement to PRC (People’s Republic of China), which is what Taiwan-

ese officials call mainland China. (For its part, Taiwan’s official name is the Republic of China – ROC). But the shadow of the PRC is long, and between 2015 and 2019, China saw the construction of five super-towers – all of them taller than Taipei 101 – to make its own statement.

After a tumultuous history, culminating in a 50-year period (1895 to 1945) when it was under Japanese rule, this island nation of just under 14,000 square miles was established in 1949 by Gen. Chiang Kaishek, the Chinese leader who lost the civil war against Mao Zedong’s communists. With a series of reforms beginning in the 1970s, Taiwan in the 1990s emerged as a Western-friendly democracy.

The ROC is not officially recognized by the United Nations, but the U.S. has maintained friendly “unofficial” commercial and cultural ties with Taiwan since the Taiwan Relations Act was enacted in 1979 – the same year that the U.S. established diplomatic relations with China, recognizing Beijing as China’s sole legitimate government (i.e. the “One China” policy).

The U.S. has since cultivated a delicate balance in the region, not wanting to provoke aggression from its adversary, the PRC – avoiding recognizing Taiwan as a separate nation or supporting its independence – but suggesting, courtesy of former President Joe Biden, that the U.S. would assist the tiny democracy in its military defense.

TAIPEI 101 DOMINATES THE TAIPEI SKYLINE

ABOVE: TAIWAN’S FOREIGN MINISTER LIN CHIA-LUNG TALKS OF THE CHINA RELATIONSHIP AT A PRESS BRIEFING ABOVE & BELOW: STREET SCENES AND PARKS IN TAIPEI

That balance may be due for an upset: Chinese President Xi Jinping has ordered the People’s Liberation Army to be ready to invade Taiwan by 2027, and that year, 2027, is a ubiquitous utterance in Taipei, repeated at every briefing and news conference. PRC, with its escalation of war games around Taiwan, regards ROC as one of its provinces; what Taiwan and the West view as war, Beijing regards as reunification, while both governments see themselves as the “real” China.

DIPLOMATIC DANCE

At a press briefing in May, Taiwan’s foreign minister Foreign Minister Lin Chia-lung was candid: “What the nature is of cross-Taiwan Strait relations can be discussed, but we are all human. First, extend the hand of friendship. If [my counterpart] shook my hand, that would be a good start. If he takes his hand back, that’s his problem.”

Given that dynamic, building up the country’s defenses and emergency response has become a common theme among Taiwan’s diplomats. Complicating matters is the unpredictability of the Trump Administration. However, Deputy Minister Liang Wen-chieh believes that Taiwan has “allies in the Republican party,” including U.S. Secretary of State of Marco Rubio and U.S. Secretary of Defense Pete Hegseth.

Densely populated Taiwan has around 24 million inhabitants. Mainland China, which sprawls over 3,700,000 square miles, has a population of more than 1.4 billion. The two are separated by only 112 miles, little more than the distance between New York City and Philadelphia.

But Xi Jinping’s ominous threat is not apparent on Taipei 101’s 89th-floor observation deck, where visitors nibble on egg cakes formed in the shape of the skyscraper and stare at the city’s other

architectural stars, such as the twisting Tao Zhu Yin Yuan residential tower that mimics DNA’s double helix, and the Sky Taipei, a new supertall entry by Antonio Citterio and Patricia Viel. The threat from Beijing is also nowhere apparent in the city’s vibrant night market or its alleyway kitchens. With 2027 less than two years away, life goes on in Taipei’s all-you-can-eat hot-pot joints and on its thronged streets buzzing with mopeds.

IN PARTNERSHIP: TAIWAN AND FLORIDA

Florida and Taiwan have enjoyed a trade relationship that goes back decades, and the two have picked up the pace in recent years. By 2022, the total bilateral merchandise trade between Florida and Taiwan was $1.3 billion, making Taiwan Florida’s 4th-largest bilateral merchandise trading partner in the Asia-Pacific region, and 35th largest partner overall, according to FloridaCommerce.

In Miami in January, Florida Department of Commerce Secretary J. Alex Kelly and Taiwan International Trade Administration Director General Cynthia Kiang signed a Memorandum of Understanding to facilitate mutual trade and investment expansion and industrial cooperation between Florida and Taiwan. The focus: the semiconductor (computer chip) manufacturing industry. While Taiwan technically does not have a consular office in Greater Miami, General Director Charles Chi-Yu Chou spearheads the bilateral relationship in his role at the Taipei Economic and Cultural Office, located in Coral Gables.

Nationwide, total goods trade with Taiwan represented an estimated $158.6 billion in 2024, according to the Office of the U.S. Trade Representative. This activity makes Taiwan the 9th-largest trading partner of the U.S., though Taiwan exports far more than it imports from the U.S. The simplest explanation: Taiwan produces

more than 80% of the world’s semiconductors and more than 90% of the most high-performance chips.

That output is so important to the ROC that President Lai Ching-te made an appearance as marquee speaker at the Global Semiconductor Supply Chain Partnership Forum. The May gathering brought together more than 700 government officials and industry figures to Taipei’s Industrial Technology Research Institute to hear President Lai stress his view that global democracies – represented at the event by officials from Great Britain, the European Union, Japan, the Netherlands, and the U.S. – must work together, leveraging their respective strengths to ensure a resilient semiconductor supply chain.

When it was his turn to take the stage, Jeremy Cornforth, then-deputy director at the American Institute in Taiwan, emphasized the benefits of the U.S. working with Taiwan, noting their shared commitment to building an “unparalleled” global semiconductor ecosystem. “The United States and Taiwan share a long-standing, symbiotic relationship in the high-tech sector, with semiconductors at its core,” he said. (Cornforth has been a career member of the Senior Foreign Service since 1998; two months after the semiconductor forum, he moved onto a different Asia-Pacific role, as U.S. Consul General Sydney.)

The specter of China lingered over the forum; the PRC casts a shadow over global trade just as it colors perceptions of national security, not just in Taiwan, but around the world. Key speakers addressed the importance of protecting trusted supply chains despite the challenge of China dumping products on the global market at cut-rate prices. “Countries should unite and cooperate as partners in the global semiconductor supply chain to ease the impact of dumping from China,” Lai said. “Otherwise, innovation cannot continue, and industrial development would be affected.”

THE CHIP MAKER

One can see why Lai is protective of Taiwan’s innovation initiatives and its dominance of the global semiconductor market. Its chips, produced mostly through the Taiwan Semiconductor Manufacturing Co. (TSMC), power products from Apple to Nvidia.

TSMC’s achievement is made palpable at the company’s signature Museum of Innovation, which showcases the ways in which TSMC’s increasingly advanced chips become smaller and smaller while still performing the same tasks, thereby bolstering efficiency and reducing energy consumption. The museum displays a Bluetooth headset (which requires an estimated four chips), a webcam (est. five chips), and an automatic coffee machine (est. three chips).

A gallery is dedicated to Dr. Morris Chang, the billionaire founder of TSMC and the father of the global semiconductor industry. Given that chips are used in everything from phones, cars, jets and kitchen appliances to TVs, computers, pacemakers and MRI scanners, his contribution is inestimable.

Chang, a Taiwanese-American, is now 94. Nearly 40 years ago, by returning to Taiwan and founding TSMC, Chang arguably did more than anyone else to forge the enduring technology and trade bonds that connect the U.S. to the ROC. Educated at MIT, Harvard, and Stanford, he revolutionized technology itself. Few know his name, but the impact of Chang’s work figures in virtually every geopolitical decision the U.S. makes with regard to Taiwan. The next few years will determine the urgency and scope of those decisions in an unprecedented way. l

ABOVE: THE ANNUAL SEMICON TAIWAN SHOW, WHERE FOCUS IS ON THE INDUSTRY’S MOST CRITICAL TOPICS, INCLUDING AI CHIPS LEFT: TAIWAN SEMICONDUCTOR MANUFACTURING CO. SHOWCASES A COFFEE MAKER USING THREE CHIPS FOR MORE EFFICIENCY

The Taiwan Equation

Miami-Taiwan trade deepens as supply chains shift and strategic industries take center stage

BY YOUSRA BENKIRANE

The trade relationship between the Miami Customs District and Taiwan reflects the deepening economic interdependence between the United States and this strategically vital Asian economy. Often referred to as the “Silicon Island,” Taiwan’s role as a global hub for high-tech manufacturing – especially semiconductors, advanced electronics, and marine equipment – has positioned it as a steadily growing partner in Miami’s trade landscape and the broader global supply chain.

Miami’s exports to Taiwan have experienced moderate yet consistent growth, totaling $252 million in 2024 – a 6.51% increase from the previous year. The export profile is dominated by high-value, knowledge-intensive goods, reflecting Miami’s position as a hightech distribution and logistics hub and Taiwan’s expanding demand for advanced technologies and industrial components.

Leading the way are shipments of vaccines, blood, antisera, toxins, and cultures, valued at $144 million – a sign of Taiwan’s growing investments in healthcare infrastructure and biotech manufacturing. Aircraft parts followed at $16.8 million, while scrap iron shipments reached $15.2 million, continuing a long-standing industrial trade channel.

The momentum accelerated into the first quarter of 2025, with exports surging to $45.6 million – a 113 percent year-over-year increase. Aircraft parts led the surge at $20.6 million, reaffirming Miami’s prominence as a node in the global aerospace supply chain. Medical instruments and pharmaceutical goods also saw notable gains.This uptick in exports comes as U.S. tariffs on Chinese medical and tech goods push global buyers toward non-mainland sources. Taiwan, seen as both reliable and strategically aligned, is benefiting from this pivot.

On the import side, Taiwan continues to anchor Miami’s trans-Pacific trade flows in both consumer and industrial categories. Imports into the Miami Customs District reached $717 million in 2024 – up 3.63% from the previous year. Recreational boats led at $259 million, followed by broadcasting equipment ($43.7 million) and motor vehicle parts ($42.8 million), reflecting Taiwan’s strength in niche manufacturing. Yet in the first quarter of 2025, imports fell to $185 million, a 12.1% decline

compared to the same period last year. While global supply chain normalization played a role, analysts also point to sourcing adjustments related to ongoing U.S. tariff policy, which is encouraging shifts in inventory planning and trade routing across Asia.

Integrated circuits – long considered the linchpin of Taiwan’s export economy – accounted for $38.8 million in Q1 imports, while boat and vehicle parts remained stable.

The Miami-Taiwan economic relationship cannot be viewed in isolation from the broader reconfiguration of U.S. trade in the Indo-Pacific. As multinationals reduce exposure to mainland China, Taiwan has emerged as a preferred alternative for high-tech sourcing. This realignment has been amplified by recent U.S. tariff hikes on Chinese goods, particularly in strategic sectors such as semiconductors and EVs. With Taiwan avoiding direct penalties, the redirection of global supply chains is pushing more trade – and trust – toward Taipei. l

From Drugstore Birth to Biotech Leader

The Journey of a Pharmaceutical Pioneer

BY J.P. FABER

When Dr. Jane Hsiao reflects on her career in pharmaceuticals, it’s hard not to marvel at the symmetry of her life. “I was born in a drugstore,” she laughs. “My father was a pharmacist and my mother a midwife. That night, she felt the baby was coming, closed the shop, went to the back kitchen, boiled water, and delivered me herself.” That scene – so intimate, so industrious – foreshadowed a life defined by science, grit, and resolve.

Today, Dr. Hsiao is a co-founder and executive at Opko Health, a multinational pharmaceutical and diagnostics company. Her journey from a small village in Taiwan to the helm of a global operation is a story of vision and perseverance – and a vivid example of the American Dream realized through science.

Born in 1940s Taiwan, Dr. Hsiao came of age in a country where academic opportunities, particularly for advanced pharmaceutical study, were limited. “In the 1960s, Taiwan didn’t have a good graduate program,” she says. So she applied to three American universities, was accepted to two, and chose the University of Illinois in Chicago for her PhD in medicinal chemistry.

She arrived alone, without family or friends, but with an unshakable sense of purpose. “It was a big culture shock,” she recalls. “But pharmacy was something I really loved.”

At the University of Illinois, she met her future husband, a fellow Taiwanese scientist whose focus was pharmaceutical formulation. “I actually got my Ph.D. before him,” she smiles. “I even helped him with his thesis.” After their marriage and the birth of their first child, she chose to stay home while her husband joined Key Pharmaceuticals, a company where his innovation in drug delivery – formulating sustained-release tablets and the first nitroglycerin patch – helped it flourish. Those inventions eventually propelled Key to a $300 million acquisition by Schering-Plough in 1986.

Dr. Hsiao, meanwhile, built her own path. While her husband

advanced through corporate R&D, she launched an analytical services lab in a 1,000-square-foot warehouse in Davie, Florida. The lab quickly positioned her as a regulatory and technical expert. So, when her husband was approached his previous boss at Key Pharmaceuticals, Phillip Frost, to co-found a new venture – Ivax Corporation – Dr. Hsiao’s analytical lab formed the technical foundation of the new company.

By 1991, their first major generic product had earned FDA approval. “Sales in the first year were over $120 million,” she recalls. The product, a once-daily version of verapamil for hypertension, highlighted Dr. Hsiao’s insistence on regulatory excellence. “I pushed the FDA. I knew everything was in place. I went to Washington myself. Within two weeks, we had the approval letter.”

Ivax grew into an international generic drug powerhouse, operating in 29 countries, before being sold to Teva Pharmaceuticals in 2006 for $7.4 billion. “I told Phil I was done,” Dr. Hsiao laughs. “But he had new ideas.” So, in 2007, she co-founded Opko Health, this time with a focus on proprietary drug development and diagnostics. Today, Opko’s portfolio spans biologics, diagnostics, and long-acting therapies, with labs and offices from New Jersey to Israel, and over 3,000 employees worldwide. But the headquarters in Miami remains lean. “Just about 100 people are here,” Dr. Hsiao says. “This building is brains only – strategy, finance, legal.”

Despite her success, Dr. Hsiao remains driven by the same spirit that brought her to Chicago decades ago. “In Taiwan, there are too many barriers. Here, $100 and a good idea can start a company. But it’s not about money – it’s about what you can build.” l

DR. JANE HSIAO, CO-FOUNDER OF OPKO HEALTH, HELPED DEVELOP IVAX CORPORATION INTO A GLOBAL DRUG POWERHOUSE

Healing Beyond the Eye

How a Miami-Based Biotech is Revolutionizing Regenerative Medicine

BY J.P. FABER

In a quiet office just off the runway at Miami International Airport, Dr. Scheffer Tseng speaks humbly about his decades-long mission: to bring regenerative medicine from the lab bench to the bedside. At 72, the ophthalmologist-turned-biotech pioneer remains at the forefront of innovation, focused not on accolades, but on healing what many believed could not be healed.

Tseng is the co-founder and Chief Scientific Officer of Bio-Tissue, a company he and his wife launched in 1997 to translate decades of research into practical therapies. Their breakthrough? Using amniotic tissue, donated after childbirth, to treat everything from chronic eye disease to diabetic foot ulcers.

Originally trained as a physician in Taiwan, Dr. Tseng moved to the United States in 1978 with no plans to become a scientist. “I never thought I had talent in research,” he recalls. That changed during his Ph.D. at UCSF, followed by clinical training at Johns Hopkins and Harvard. By the time he joined Bascom Palmer Eye Institute in Miami in 1986, he had already begun to explore the regenerative potential of the human amniotic membrane.

What began as an experimental approach for treating severe chemical burns of the eye has since evolved into a platform technology. “The mechanism is the same across many diseases,” Dr. Tseng explains. “Chronic inflammation leads to scarring and tissue loss. Our goal is to interrupt that process and restore function.”

In 2002, Dr. Tseng left his faculty post to focus full-time on Bio-Tissue. The Miami-based company now has more than 330 employees and multiple facilities, including a 20,000-square-foot R&D lab and a nearby cleanroom manufacturing site in Doral. Roughly 100 employees are based in Miami, the remainder dispersed across the U.S.

Though no longer involved in day-to-day commercial operations, Dr. Tseng still oversees research. That focus has paid off. Dr. Tseng held continuous NIH funding for more than three decades – an almost unheard-of feat in modern academia. “One year, I counted over $15 million in total support,” he says. In 2015, the U.S. Small Business Administration awarded Bio-Tissue the Tibbetts Award, which honors firms that turn federal research grants into impactful innovations.

Much of Dr. Tseng’s success comes from a deep-rooted curiosity. In the early 1980s, he pioneered the transplantation of corneal stem cells from one eye to another, restoring vision in patients once considered untreatable. Yet it was the outliers – the 5% for whom the treatment didn’t work – that pushed him to explore amniotic membrane therapies.

His first paper on the ophthalmic use of amniotic tissue has since become one of the most cited studies in the field – and it was requests from fellow researchers for the amniotic tissue that led to the founding of Bio-Tissue. Since then, the use of the firm’s tissue pipe-

Chronic inflammation leads to scarring and tissue loss. Our goal is to interrupt that process and restore function.

DR. SCHEFFER TSENG, CO-FOUNDER AND CHIEF SCIENTIFIC OFFICER OF BIO-TISSUE, BRINGING REGENERATIVE MEDICINE FROM THE LAB BENCH TO THE BEDSIDE

line has expanded far beyond ophthalmology. In addition to treating dry eye and glaucoma, the company is conducting trials for chronic wound care, particularly non-healing diabetic ulcers. “We’re not curing diabetes,” Dr. Tseng says. “But we are preventing amputations.”

While the company’s identity is firmly American, its roots remain proudly Taiwanese. Dr. Tseng maintains collaborative research relationships in Taiwan and is exploring the island as a future manufacturing site. “We are an American company, but many of us are Taiwanese descendants. That heritage matters,” he says. l

Fishing for Success

An interview with San Fu Lee, founder and owner of Tampa-based Lee Fisher Sports

Why did you first come to the U.S. from Taiwan?

When I was studying at university in Taiwan, I had the plan to pursue further studies in the United States. I admired the freedom and democracy of the U.S. – and was deeply inspired by its advanced achievements in science and technology at the time, such as the moon landing. My parents were farmers, but I’ve always been someone who enjoys taking on new challenges and exploring opportunities beyond the familiar. That’s why I made the decision to come to the U.S.

Why did you decide to come to Florida? And why Tampa?

I had a chance to visit Florida in 1977, so to fulfill my plan I applied to the University of Florida (UF) at Gainesville and was accepted. Tampa was my first settlement after school.

Why did you start your business here?

I’ve always wanted to have my own business. In 1982, I founded my first company, Lee Fisher International Inc., in Tampa. Tampa is conveniently located not far from Gainesville so it made sense geographically. Later, in 2010, Lee Fisher Sports was launched as a [retail] expansion of the original business. Florida is well known as a top tourist destination with a large population and a pleasant climate, a promising location for my business.

Did you get help from the Taiwanese community here?

No, as there were only a few Taiwanese families here at that time, less than ten. However, as more Taiwanese have settled in Tampa, we now have a community that connects and organizes events. We hope to raise Taiwan’s visibility and let the world know Taiwan’s strength.

With 70,000 products, how is your company organized?

My company is divided into five major divisions: commercial fishing, sports nets, fishing tackle supplies, retail tackle stores, and online sales. We offer an extensive range of fishing-related products. For example, our rods are designed specifically for different types of waters – saltwater, freshwater, and fly fishing. Our bait selection includes thousands of variations, tailored by species, color, size, and type – including live bait. We even offer custom bait options to meet specific angler needs.

What is your competitive advantage?

Our products are of higher quality than the market average, and we offer them at very competitive prices. Currently, I operate four retail stores in Tampa, each employing about 10 to 15 staff members. Our team members are well-versed in fishing sports and can offer honest and professional advice tailored to our customers’ needs. In addition, we own our own factory and warehouse, employing around 100 to 120 people for production and logistics.This ensures a stable supply chain and strict quality control, while also contributing to local job creation.

Are any of your techniques or products from Taiwan?

I studied fisheries at the Taiwan Ocean University, where I learned how to operate boats, catch fish, design nets, and process fishery products. So, my cast net brand is primarily sourced from Taiwan. l

By any measure, choreographer and dance educator Rafi Maldonado-López is a man in motion. As the principal managing director of Sanctuary of the Arts in the tony Miami suburb of Coral Gables, his work bridges continents, cultures, and creative disciplines. In recent years, he’s taken his original choreography and professional training model to Mexico, Brazil, Paraguay, and beyond, not only showcasing his signature productions but helping to redefine the cultural and economic potential of dance across the Americas. “Sanctuary is everywhere,” he says with a laugh. “We don’t stop.”

That ambition, coupled with a disciplined approach to talent development and international partnership, has made Rafi –who is also director of the Inter-American Choreographic Institute – a sought-after artistic collaborator and cultural strategist. His flagship production, Carnival of the Animals-The Swansong, has become a regional phenomenon, captivating audiences from Miami to Mexico City. The Inter-American Choreographic Institute also produces the largest all-male dance festival in the U.S., bringing each year over 45 professional dancers from over 20 countries.

BUILDING AN INTERNATIONAL PLATFORM

The cornerstone of Rafi’s global reputation is his reimagined Carnival of the Animals-The Swansong, a full-length ballet originally commissioned by Miami’s Arsht Center in 2009. “They asked for a family ballet, not a kids ballet,” he recalls. “We created something with teeth – something meaningful.”

What began as a local success has grown into an international export. “From 2009 to 2017, about 70,000 people saw the show,” he says. “Then we took it to Brazil, and we realized we’ve got a hit on our hands.” In October 2024, the production premiered at the National Dance Company of Mexico, the country’s top ballet institution. “It sold out in a single weekend,” Rafi recalls. “They were like, ‘What is this? The story, the choreography – it all connects.’” The demand was so strong the company extended the run through seven weekends in March and April.

What sets Rafi’s version apart isn’t just the choreography, it’s the storytelling. “We incorporated themes of environmental responsibility and gun violence, which people thought might be too heavy. But it resonated,” he says. “It turned into a cultural moment.”

Rafi’s leadership extends to logistics and

Rafi’s Global Stage

BY J.P. FABER

production. For the Mexican production of Carnival, he partnered with a small costume atelier in Paraguay to outfit 55 dancers for a fraction of U.S. production costs. “Here, it would have cost a quarter of a million dollars,” he says. “They did the whole thing for under $15,000.” This manufacturing partnership has now become a vital part of Rafi’s global production network, along with a satellite training program in Rio de Janeiro. “We’re trying to create a connected international dance ecosystem,” he says.

Each summer, Rafi’s international training program draws 35–40 dancers from across the Americas – from Canada to Chile – for intensive instruction. The most promising 22 are invited to stay for a full year of pre-professional training as part of Sanctuary’s Choreographic Ensemble. “We’re not a school,” Rafi says. “We’re a professional

experience. Our dancers have to show up on time, handle the pressure, work through pain. If they’re not ready, we send them home.”

The results speak for themselves.

Rafi's current and past alumni have landed contracts with major companies such as the Milwaukee Ballet, Richmond Ballet, San Diego Ballet, Kansas City Ballet, Dance Theatre of Harlem, Miami City Ballet, and companies in Europe and South Africa.

“We’re an economic stimulator,” Rafi says. “We’re putting dancers into jobs all over the world.”

Rafi and Mike Eidson, founder of the Sanctuary, are unapologetically pragmatic about the intersection of art and commerce. “We brought in about $150,000 in parking revenue alone last year,” Eidson notes, referring to Sanctuary’s impact on Coral Gables’ downtown core. And that is just part of art’s

BRINGING LATIN AMERICAN DANCE FROM MIAMI TO THE WORLD

OPPOSITE: RAFI MALDONADO-LÓPEZ, AND WITH MIKE EIDSON, FOUNDER OF THE SANCTUARY BELOW: CARNIVAL OF THE ANIMALS-THE SWANSONG, BY THE NATIONAL DANCE COMPANY OF MEXICO, HAS BECOME A REGIONAL PHENOMENON BOTTOM: THE NATIONAL DANCE COMPANY OF MEXICO WITH RAFI

economic impact, which extends to patrons spending on local retailers and restaurateurs, to hotel stays, and even to real estate values. “Our job is to deliver impact, culturally and economically,” says Eidson.

ELEVATING A CULTURAL HUB

Sanctuary of the Arts, located in a historic church property, is now home to multiple resident companies and hosts more than 70 events annually. But Rafi’s vision goes further: to establish Coral Gables as a destination for global performing arts.

“If we can say to someone arriving at MIA, ‘You’re 10 minutes from world-class culture,’ that’s the dream,” he says. He’s currently working to bring the National Dance Company of Mexico to perform in Coral Gables this September, a culmination of the same Carnival of the Animals-The Swansong production that succeeded so well in Latin America. The project is also supported in part by an International Cultural Partnership Grant of Miami-Dade County Cultural Affairs, and the City of Coral Gables.

Rafi’s impact is already evident in other ways: hosting Grammy Award winning and -nominated artists, collaborating with foreign consulates, and providing low-cost performance space for international artists looking to enter the U.S. market. “We’re a first stop for artists from Spain, Italy, Brazil – places where they can’t afford to rent a stage,” he says.

Rafi’s schedule, meanwhile, is dizzying: coordinating shows, mentoring dancers, forging international partnerships, managing production logistics – and still choreographing. That drive stems from decades in the industry. A former professional dancer with more than 40 years of experience, he understands both the art and the grind. “Audiences don’t care if you broke up or had a bad day. They want to forget their lives for an hour. That’s your job.”

This August, a new class of dancers will arrive in Coral Gables to begin their professional experience. In September, if all goes according to plan, the Carnival of the Animals will arrive. But it’s not just about dance, Rafi says. “It’s about what culture can do when you treat it with the seriousness – and the strategy – of any other global industry.” l

Pure Luxury in Costa Rica

PENINSULA PAPAGAYO IS ON EVERYONE’S TRAVEL LIST...

The 1,400-acre Papagayo Peninsula is located in the Guanacaste province in Costa Rica’s northwest, where spider monkeys swing overhead and the province’s namesake umbrella-like trees create a lush canopy. There has clearly been no rush to build up Costa Rica’s peninsula on the Pacific, as overdevelopment would go against the grain of this eco-friendly Central American nation. That kind of mindfulness befits the country’s well-publicized identity, where “Pura Vida” (pure life) is not simply a motto, but a way of life that is also used as a hearty greeting, right along with “Buenos días.” Papagayo Peninsula didn’t register on the tourism radar until the Four Seasons chain opened a resort more than 20 years ago. The upscale Andaz followed in 2013, and in early 2025 the Ritz-Carl-

ton Reserve and the Waldorf Astoria appeared within months of each other, all a fairly short drive from Liberia Airport (aka Daniel Oduber Quirós International Airport).

As the major hotel brands were laying out their project plans, freestanding villas of various sizes were springing up along paved roads to accommodate an even more discerning, private clientele. At the top of its class is Villa Avellana, completed in 2023 by Sarco Architects, one of Costa Rica’s leading sustainable architectural firms. (Sarco has completed more than 350 homes in the country.)

Villa Avellana stands alone for the elan of its tropical modern aesthetic. A departure from the cold, whitewashed geometric architecture that marked the Miami Vice era, tropical modernism retains modernism’s clean lines but takes its cues from nature. Deep overhangs, as well as exteriors and soffits clad in wood (often teak, ipe, or cedar) help a home like Villa Avellana blend into its surroundings. Bladed walls – brise-soleil, which means a surface that breaks the sunlight without totally blocking the outdoors – are utilized for passive sustainability, and they look exquisite. Indirect LED lighting lends the villa’s interiors a tranquil, floaty quality.

Villa Avellana also stands alone in terms of uber-luxury. Its design restraint should not obscure the fact that this expansive villa provides a private beachfront experience fit for celebrities, with 10 ensuite bedrooms that can be shared with up to 23 guests: 18 adults

WORDS & PHOTOS BY DREW LIMSKY

OPPOSITE: VILLA AVELLANA IS A SUSTAINABLE MODERN STYLE LUXURY VILLA THAT ATTRACTS ELITE GUESTS, WITH PRIVATE OCEAN VIEWS, THREE POOLS AND AN EXPERIENCED STAFF TO SERVE THEM

THIS PAGE: PAPAGAYO PENINSULA OFFERS FISHING FOR SERIOUS ENTHUSIASTS, GLORIOUS SUNSETS AND A NEARBY PRIVATE CLUB WITH SOUTHEAST ASIAN CUISINE

and five children. It’s perfect for intergenerational families and groups of friends who crave a (Season 3) White Lotus-style experience. Once inside (or hanging out in its vast outdoor living room, with daybeds for days), the villa’s shapeliness never stops being visually enchanting – even awe-inspiring. To stay at Villa Avellana is to wander its 33,000 square feet of indoor and outdoor spaces, experiencing its seemingly unlimited, stimulating sightlines. And whereas a night at the nearby Ritz Carlton will cost you $1,400 to $1,840, Villa Avellana’s nightly rates are $26,000 during regular season and $32,000 during high season (Nov. 19 to Dec. 19). The week of Christmas or New Year’s climbs to $40,000 nightly.

The staff demonstrates an almost telepathic ability to bring you what you want before you know you want it, like thirst-quenching coconut water still in its coconuts. The hands-on and unfailingly charming general manager Thomas Freitag – a true Swiss Army knife-type – has a culinary background, and the gastronomy is notably flavorful. With a penchant for clean cuisine, the chef makes a seemingly simple bowl of tuna, grilled shrimp, diced avocado and mango feel deliciously new. And then its time to put down fork,

coconut, and iPhone and swim for hours, alternating between the ocean view lap pool and the villa’s sandy, salt-and-pepper cove.

Want a change of scene? Villa owners and guests have access to the fanciful Club at Peninsula Papagayo, which features a restaurant that evokes Southeast Asia, a state-of-the-art fitness room (with TechnoGym equipment), and its own beach facilities. You can walk down the shoreline from the villa to get in a workout, and swim in every pool (there’s a beautifully tiled lap pool, as well as a freeform recreation pool divided by a wooden catwalk).

It’s all about the water at Villa Avellana, because in addition to the villa’s lengthy swimming pool, the ample heated whirlpool, the cold plunge (you’ll last around two seconds but love it), and the club’s aqueous attractions, the villa offers a personal yacht for snorkeling expeditions, fishing, and sunset cruises. (It goes without saying that the villa can deliver a totally customized experience, from activities on water or land, to meals and entertainment.)

With Thomas and his expert team guiding the boating expeditions, you can spend your afternoons paddleboarding, jet skiing, or diving off the bow to freestyle to the nearest shoreline. Being on the yacht will convince you that despite the arrival of new high-profile resorts, the peninsula is maintaining its unspoiled, forested character. You barely see another person, or another boat, though you may spot a bottlenose dolphin or two. l

Understated Elegance

THE THESIS HOTEL IN CORAL GABLES: A QUIET JEWEL

BY YOUSRA BENKIRANE

There’s something unassuming about THesis Hotel when you first pull up – no towering entrance or grand valet drive, just a simple arch overhung by a handsome awning, leading to an elegantly modern, yet ultimately modest, lobby. The restraint is intentional. This hotel across from the University of Miami, which recently joined Hilton’s exclusive Curio Collection, doesn’t announce itself with spectacle. It unfolds slowly, offering more the longer you stay. Check-in is quick. No scripted welcome, just a room key and a quiet suggestion to catch “golden hour” from the rooftop – which turned out to be a fine recommendation. Upstairs, our room was airy and uncluttered, with warm wood accents, a spacious bathroom, and oversized windows that framed the famous Coral Gables canopy (it is a recognized Tree City USA). Everything – from the Bluetooth speaker to the blackout shades – worked without fuss. It felt more like a thoughtfully designed apartment than a hotel room.

That sense of unpretentious ease carries throughout the property. But that does not mean an absence of amenities. There is a 3rd floor “rooftop” pool smartly laid out, with cushioned loungers, skyline views, and food and drink service from the nearby Ivy Lounge, also open to the sky. Open daily, Ivy transforms from casual daytime retreat to social cocktail spot by early evening, with a 5 pm to 7 pm Happy Hour. There is also an extraordinary wellness spa on the ground floor of the hotel, Hydrology, far more advanced than what you’d expect. While it offers massages on par with any haute hotel, it also offers cutting-edge regenerative treatments such as a cryogenic tank (a super freeze that jumpstarts circulation), two hyperbaric chambers (which infuse the body with oxygen), and vitamin drips (for restorative infusions).

My session was booked same day: A full body massage fol-

TOP:

AND

ABOVE: VIKASH MAHARAJ, MANAGING DIRECTOR

OPPOSITE: THE COLLAB AT THESIS HOTEL, RUN BY CHEF NICOLAS MAZIER, OFFERS AN INTIMATE DINING EXPERIENCE IN WHICH TO EXPLORE THE MEDITERRANEAN AND ASIAN INFLUENCED MENU

THE THESIS HOTEL IS UNASSUMING,

UNFOLDS SLOWLY DURING YOUR STAY. THE HOTEL

LOBBY IS MODEST YET ELEGANT

THESIS HOTEL, CURIO

BY HILTON

lowed by thirty minutes of red-light therapy and a sauna session left me feeling unusually clearheaded. It’s the kind of amenity that appeals to both health-conscious travelers and locals who treat it as their regular recovery spot.

Dining at THesis is another area where the hotel punches way above its body weight. Mamey, launched by James Beard finalist Niven Patel, is the hotel’s signature tropical-Caribbean restaurant. Patel has departed, but chef Nicolas Mazier has filled in admirably as executive chef, while running the hotel’s other dinner spot – the Collab – very much hands on. Known for his refined, globally inspired cuisine, Mazier brings experience from such renowned spots as Mila, Nobu Miami, and Kuro at the Seminole Hard Rock.

At Mamey, which also serves breakfast and lunch, I had their quinoa sushi bowl with grilled shrimp, utterly refreshing. The vibe felt local – families, professors, couples – the food quietly ambitious. Highlights include the braised short rib taquitos with aji amarillo and pickled red onions, and crispy calamari with cilantro-jalapeño aioli. The “DND” cocktail – a blend of Atian Rose Gin, Ramazotti, and Vermentino – play nicely against the spice and citrus blend in the dishes. And I’d be remiss not to mention the Sticky Toffee Pudding – a decadent finish of candied pecans, caramel, and vanilla ice cream – which I would order every night if I could. You can also sit outside at Mamey, in the pleasant breezeway between the hotel and its adjacent apartment tower.

The Collab is THesis Hotel’s full-service fine-dining restaurant, where Chef Mazier deftly blends Mediterranean and Asian influences. Dishes like beef carpaccio with truffle aioli, blue crab croquettes, and Australian lamb chops are refined yet grounded – rich in flavor, light on ego. Cocktails by Vincent Fabris, THesis’ French-born beverage director, are tailored to each venue. At The Collab, I opted for the “Sweet Papa,” a brown butter and fig fatwashed BHAKTA 1928 (rye whisky blended with French Armagnac and Calvados) with enough depth to anchor the meal, and “Hey Now!”, a citrusy tequila-and-tea cocktail that was easy to linger over.

What also defines THesis is its location, just across U.S. 1 from the University of Miami and all that it has to offer – concerts by its Frost School of Music, live theater, the brilliant Lowe Art Museum, sporting events, and so forth. “A significant portion of our traffic comes from the University of Miami, but we also attract

international business travelers, particularly from Latin America,” says Vikash Maharaj, the hotel’s managing director. “The hotel is unique in Coral Gables due to its commitment to both hospitality and community connection.”

THesis is a hotel designed not to impress by being over the top, but rather by serving its guests in a chic, easy yet surprisingly affordable fashion – a rare quality in a city that often confuses comfort with extravagance. c

Miami’s Fountain of Youth

HOW MIAMI IS ATTRACTING THE WORLD’S TOP LONGEVITY COMPANIES

BY MICHAELJOHN A. GREEN

By Michaeljohn A. Green, Chief of Economic Development, Miami Downtown Development Authority

Downtown Miami is quickly emerging as a hub for international investment in the booming global longevity and wellness sector. Long known for its vibrant lifestyle, diverse population, and health-conscious culture, the city is now drawing companies focused on biohacking, preventative healthcare, and age-related disease mitigation. This marks a transformative shift beyond Miami’s traditional embrace of beauty and vitality, as wellness brands and longevity startups increasingly choose the city for its strategic location, supportive community, and expanding healthcare infrastructure.

Among the most significant developments in this space is the relocation of the previously Switzerland-based Longevity Science Foundation (LSF) to Miami. This organization, which accelerates research into the prevention of age-related diseases, selected Miami as its headquarters due to the city’s strong momentum in wellness and its collaborative spirit. Since moving to the area, LSF has organized high-level roundtables and conferences to foster innovation and partnerships, and a major global longevity conference is currently in development.

The foundation’s presence underscores a growing conviction among leaders in the space that Miami can serve as a global case study for how urban communities can embrace and scale longevity science. The region’s natural beauty, access to capital, and increasingly health-focused population are seen as powerful assets.

Also, city-led initiatives, including business incentive grants from the Miami Downtown Development Authority (DDA), are helping attract longevity-focused organizations. The Miami DDA’s support directly enabled companies like Spain-based Reto Health and local Bella Vida Aesthetics to establish or expand their presence in Miami. To further enhance the wellness ecosystem, the Miami DDA launched a new food and

beverage grant of up to $75,000 to draw world-class, health-driven dining to Downtown and offers grants for retail and midsized businesses creating even more opportunities for businesses in the longevity space.

Miami’s momentum in the longevity sector is no accident. Several unique factors are converging to make the city, especially the Downtown district, an ideal environment for this industry. The area’s demographic diversity, health-conscious residents, and booming medical tourism market provide a ready-made audience for innovative wellness services.

This broader shift reflects national and global trends, but Miami is poised to lead. The increasing popularity of the Blue Zones lifestyle, which emphasizes community health, plant-based diets, and stress reduction, is gaining traction. The author, Dan Buettner, behind the popular Blue Zones lifestyle now resides in Miami, and the first Blue Zones Center, a 13-story, 200,000-square-foot facility, is currently under construction at Miami Worldcenter in Downtown Miami. Miami Beach is also actively integrating these principles into community health initiatives, working with civic leaders to build healthier environments from the ground up.

What sets Miami apart is not just demand, but a shared mindset across public, private, and nonprofit sectors. There’s a collective ambition to bring in the right kinds of longevity-driven businesses, those that are not only advancing science but also committed to creating access and meaningful impact.

The LSF estimates the longevity market to be worth more than $1 trillion and as the global longevity economy continues to accelerate, cities around the world are vying for leadership in this space. Miami is uniquely positioned to fill that role: blending a growing population of health-conscious residents, easy access to Latin American and European markets, and an entrepreneurial mindset. It’s a place where research meets real-world application, where global investors find opportunity, and where wellness is not just a luxury, but a shared aspiration.

Miami’s evolution from a destination for aesthetic wellness to a hub for scientific longevity marks a defining moment for the city to lead the U.S. in this rapidly expanding field. It’s becoming a center not just for looking younger, but for living longer, better, and with purpose. l