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Carlos Slim Increases his investment in Mexico

13 September, 2012

Carlos Slim,Mexican business tycoon and Forbes Magazine’s wealthiest person in the world,has announced his plans to invest $8.3 billion in his companies,which are located in nineteen different countries. The total sum,which equals $101.18 billion pesos,will include 44.65 billion pesos (equal to $3.66 billion) solely for Mexico investment.

The 2011 investment is up 13.6 percent from the previous year,reported Fox News. The investments will be split up as follows:

The Impulsora del Desarrollo y el Empleo en America Latina (IDEAL) will receive 13 billion pesos,Minera Frisco mining company will get approximately $820 billion pesos,Telmex the telecommunications company will receive $820 billion pesos as well,and Telcel mobile phone carrier will also receive $820 billion pesos.

In a press conference on January 31st,Slim gave insight into his investment choices.

“We are going to invest where we are behind and in the big countries,where more resources are needed,like Brazil,Mexico,Colombia,Peru,Chile and Argentina,” he stated during the press conference.

All in all Slim’s investments in Mexico will have a direct and beneficial effect on 42,200 suppliers. The vast majority of them will be domestic suppliers. Slim cited that regions like Latin America and Asia are perfect choices for growth investments.

“Those who do not invest now for fear of caution will be left behind,” he said,“I thought we would grow 15 percent between 2010,2011 and 2012 – I see us continuing to grow in 2013.”

During the press conference he also criticized the Unites States and Europe for their handling of the financial crisis in those regions. The actions they took weren’t enough and “just avoided an immediate catastrophe.” As a result,Slim is concentrating interest in other areas of the world that have sound financial systems,like Mexico.