Miami is once again the center of attention for Latin American investors and entrepreneurs, but this time it goes beyond the traditional appeal of its real estate market.
Now it is the region’s wealthy families, founders of companies with well-known names such as Ecuador’s Bonita Banana, Guatemala’s Pollo Campero and Panama’s Copa Airlines, who will meet at a summit to promote business, investment, sustainability, and technological development in Latin American countries while strengthening ties with financial institutions in the United States.
The LATAM Investment Convergence Summit will be held on Oct. 8-9 at the JW Marriott Miami, organized by Opal Group, in conjunction with the LATAM Family Office Society, a Miami-based organization that brings together family-owned companies that oversee the capital of businesses founded by families in Latin America.
The summit will explore investment opportunities by identifying the sectors with the greatest growth and potential in Latin America; address the impact of technology in transforming opportunities; and analyze the real estate sector to encourage investments in both Miami and Latin America, among other financial and commercial topics
Miami’s family office society
A family office is a private entity that manages a family’s financial and personal assets. The main goal of a family office is to help a family’s wealth grow and continue through generations.
Business summits that gather American billionaire families are held frequently, but this is the first time that an event brings together Latin American families with such large capital.
“The LATAM Investment Convergence Summit 2024 is key to boosting business development in Latin America,” said Ecuadorian businessman Luis Noboa, board member of the LATAM Family Office Society.
“By bringing together investors, entrepreneurs, and political leaders, the event creates an enabling environment for companies in the region, from startups to large corporations, to access new investment opportunities, strategic alliances, and emerging technologies,” said Noboa, from the founding family of Bonita Banana, which by 1994 reached a value of more than $1 billion.
Lourdes Castillo, co-founder of the LATAM Family Office Society and chairwoman of the board, describes the summit as a platform for these families to network and compare experiences.
“It is a way to bring together families who are at the same economic level and in the same dynamic, who are not only interested in improving their portfolio, but in investing in their country,” said the Cuban-American executive and publicist, one of the founders of the Economic Club of Miami.
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This is a trend that is also present in family offices in the United States, where with the rise of millennials and young people from Generation Z to management positions in these families there is a growing interest in supporting investments and projects with social impact, Forbes reported.
Strengthening trade ties with Latin America
South Florida has always been a gateway for companies seeking to access markets in Latin America, and Miami has traditionally relied on Latin Americans to strengthen its real estate market. However, during the lockdown due to the COVID-19 pandemic, trade ties between Miami and the region weakened and that void in Latin America was filled by other powers.
“You can no longer look the other way. The United States is not paying attention to Latin America while China, Russia, and terrorist groups from the Middle East have entered,” said Castillo, indicating that the next US administration must focus on that region.
“It is not just about addressing the economic part and investments but about bringing important voices from those countries, to reestablish cooperation and give them the opportunity to express their opinion,” said Castillo, who moderates the panel that opens the summit, “Bridging Opportunities: Latin Family Offices and US Investment Landscape.”
The panel includes Luis Noboa, CEO of Art Mate; Rosemary Sagar, Investment Director of Sagar Family Office, and co-founder of LATAM Family Office Society; Felipe Bosch Gutiérrez, CEO of Losa Group, and member of the founding family of Pollo Campero; and Joseph DaGrosa, Chairman and Founder of Miami private equity firm DaGrosa Capital Partners LLC.
Noboa highlighted Miami’s role as a strategic hub for doing business in the region, and the advantages it offers to Latin American entrepreneurs who, like him, reside in South Florida and run their family businesses in their countries of origin.
“Miami facilitates the consolidation of industries, allowing us to find synergies and efficiencies in production, while reducing costs, which is crucial in a globalized and competitive business environment. This city is not only a gateway to the region, but also an ideal platform to grow and optimize our business throughout Latin America,” said Noboa, who also created a technology company.
For investors focusing on Latin America, the region offers opportunities in the infrastructure, technology, renewable energy, and agriculture sectors.
“These investors can benefit from high returns in emerging markets, with projects that have favorable tax incentives and strategic alliances that help mitigate risks,” concluded the Ecuadorian businessman.
The LATAM Family Office Society is an exclusive group that is accessed by invitation. Entrepreneurs and investors interested in the LATAM Investment Convergence Summit can register on its website and pay a fee to attend the event.
LATAM Investment Convergence Summit, October 8-9, JW Marriott Miami, 1109 Brickell Ave. Register for the conference at opalgroup.net/conference/latam-investment- convergence-summit-2024/
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Publish date : 2024-10-07 05:19:00
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