Multinational Corporations In Latin America – The international manufacturing footprint of digital multinational enterprises (MNEs), which was already expanding, grew even faster during the COVID-19 pandemic.
The Global Investment Trends Monitor report, released April 27, revealed a new ranking of the top 100 multinational digital companies whose total revenue in 2021 was nearly 160% higher than in 2021. 2016, with an average annual growth rate of 21%.
Multinational Corporations In Latin America
Its net income grew more than 60% in 2020-2021, contrary to the steady trend of the traditional top 100 multinationals, excluding the technology sector.
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“Digital MNEs can enhance competitiveness in all sectors, new business and start-up opportunities, and new ways of doing things,” said James Jean, Chief Investment and Business Development Officer. to access the market and participate in the global value chain”.
Companies like Uber, Twitter and Meta are large, publicly traded global companies with core operations in one of four segments of the digital economy: platforms, solutions, content or e-commerce.
The inherent dynamism of digital companies, combined with the accelerated adoption of digital solutions caused by the pandemic, has led to significant changes in the Top 100.
Over the past five years, 39 new companies have joined the rankings, replacing others that were acquired or dropped.
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During this time, the number of Internet platforms on the list increased from 11 to 15, with 9 new names.
The digital solutions segment, which has the most companies – 34 – on the list, followed by digital content, will account for 31% of total Top 100 revenue in 2021.
E-commerce is the segment with the largest revenue market share, with only two giants, Amazon of the US and Alibaba of China, accounting for 34% of the total revenue of the top 100.
But geographical diversity has improved, with companies from China, Southeast Asia and Latin America making the top 100.
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In the e-commerce segment, local knowledge is an important factor, as evidenced by the higher proportion of non-US multinationals on the list.
Since 2016, its foreign asset footprint has decreased while its overseas sales have increased. The ratio of the latter to the former is 11%, and most of the growth occurred in 2021 due to increased sales during the COVID-19 pandemic.
In particular, multinational e-commerce companies increased their greenfield investments – mainly in logistics and distribution projects – by 120% in 2020 and another 10% in 2021.
“Digital is a very dynamic group of companies that, based on the company’s specific strengths in intangible assets, network effects and digital assets, can grow in a short period of time and continuous expansion abroad”.
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“Therefore, the global expansion of digital multinationals is highly related to the development strategy of the host economy,” he added. If Latin America has a commercial capital, it is Miami. Although not in Latin America, it brings money, connections and creativity. land
For Joan Didion, an American essayist, Miami in the 1980s “was not so much an American city…but a tropical capital: long rumored, out of memory, overbuilt level based on the illusion of runaway money.” Nearly 40 years later, the place Didon describes still resembles a tropical Latin American capital more than a typical American city. But the money in it is not an illusion.
Miami became the commercial center of the hemisphere. Miami-Dade County, which includes the city of Miami and about three dozen municipalities, is home to 1,200 multinational corporations headquartered with operations in Latin America. The country’s GDP in 2019 was approximately $172 billion, making it the 14th largest economy in the United States and as large as the GDP of Ecuador and Uruguay combined. Miami Airport handles 43% of all flights from the United States to South America. It is “the meeting point of the hemispheres,” said Alejandro Portes of Princeton University. “It’s easier to travel from Latin American capitals to Miami than it is to travel between Latin American capitals,” he said.
With more than half of its residents born outside the United States, Miami has the highest proportion of immigrants of any metropolitan area in the country. About 70% of the country’s 2.7 million residents are Hispanic, a number that has nearly doubled since 1980. The population is increasingly diverse (see diagram).
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Mauricio Claver-Carone, president of the Inter-American Development Bank (IDB), who is from the city, said recent geopolitical shocks, such as the war in Ukraine and frostier relations between the United States Ky and China, have made Miami more important. . . He saw the trend of “regionalization” harming “globalization”. This plays to Miami’s strengths as a Latin American hub. “There is no greater city with greater heterogeneity between Latin America and the Caribbean,” he said.
Turmoil in Latin America often boosts Miami’s fortunes. When the Communists took control of Cuba in 1959, Cubans with money or resources fled the island and entered Miami. Next came the Nicaraguans who survived the socialist revolution of the 1970s and the civil war that followed. Since the mid-1990s, Colombians have flocked here to escape drug-related violence. All of these groups thrive and contribute to Miami’s prosperity.
Jorge Perez, head of a real estate company, said the city benefits from good times and bad times. People from unstable areas are buying homes in Miami as a “safe investment,” he said. After the election of leftist leaders in Peru and Chile last year, the number of people displaced from those countries increased, said Paulo Bacci of furniture store Artefacto. And when the Latin American economy is doing well, people buy second homes.
Belen Jesuit Preparatory School was founded in Havana, but was closed in 1961 by its most famous boy, Fidel Castro. Terrified, he moved to Miami. The school’s staff, many of whom are Catholic priests, now teach children whose families come from all over the region. “Latin America’s loss is our gain,” said Father Guillermo García-Tunon, the school’s principal. And recently, Americans moving to Florida for the sunshine and low taxes have also been filing in large numbers.
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The political excitement that draws people to Miami shows no signs of abating. Many desperate Haitians and Cubans – fleeing gang violence, poverty or socialism – tried to take the ship to South Florida. As of October 2021, the U.S. Coast Guard had arrested 3,519 Haitians, more than the past four years total.
And if more leftists are elected in Latin America, more conservatives will be able to vote with their feet. Some Colombians are worried about the prospect of Gustavo Petro, a former guerrilla, winning this month’s presidential election. Paul Angelo of the Council on Foreign Relations, a think tank, said the withdrawal of capital from Colombia was obvious. People fear that Mr. Petro will turn the country into “another Venezuela,” he said. In March, Colombia was the largest source of international searches on real estate website MiamiRealtors.com, accounting for about 11% of international traffic. Members of Colombia’s armed forces questioned Mr. Angelo about the U.S. asylum process, fearing they could become targets of leftist guerrilla groups if Mr. Petro was elected.
Miami also attracts tech youth. Its startup scene is growing. Entrepreneurs can find safety and plenty of capital there, so Miami has become “the brainchild,” said Shu Nyata, head of Latin America funds at SoftBank, a major technology investment firm. of the post-Covid world”. Today, there are about 2,500 fintech companies in Latin America. According to IDB data, that number is twice as high as the region in 2018. Many Latin American founders choose to be based in Miami or work there for part of the year.
Members of Miami’s Latino community are increasingly active in regional issues. Analysts generally agree that Latin America is not a foreign policy priority for President Joe Biden. Eight Latin American countries, including Brazil and Chile, still do not have ambassadors from the United States. Chile hasn’t had one in three years. But American politicians pay attention to their constituents, and that includes many with ties to both hemispheres.
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After Hurricane Maria hit Puerto Rico in 2017 and brought about 50,000 Puerto Ricans to Florida, Republicans worried that those immigrants would vote for Democrats. It is perhaps for this reason that Donald Trump has tightened sanctions on Venezuela’s dictatorship and supported the opposition, knowing that this would appeal to Venezuelans in South Florida who have fled the country. their.
Eric Bethel, a former World Bank director who grew up in Miami, said Venezuelans living in the US are actually “parallel” to Mr. Trump’s move. They voted overwhelmingly for Mr. Trump. Colombian voters are also becoming increasingly important, said Annette Tadeo, a Florida state senator who is running for governor.
“Miami is a city informed more by migrants than by immigrants,” said Alberto Ibarguen, the publication’s former editor.
. While most new immigrants try to assimilate, expats in Miami often hope to return to their hometown. This may change. As Miami leans more to the right, Latin America leans more to the left. ■
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