MercoPress. South Atlantic News Agency

Mexican tycoon plans to invest 1.5 billion USD in Argentine telecommunications

Carlos Slim owns America Movil with 225 million wireless customers

Mexican telecom magnate Carlos Slim, ranked as the world's wealthiest man by Forbes magazine, plans to invest 1.5 billion US dollars over the next two years in Argentina's telecommunications sector, officials said.

During a Mexican-Argentine business gathering in Buenos Aires, Argentine Planning, Public Investment and Services Minister Julio de Vido said Slim will be investing in broadband, mobile telephony and fourth-generation networks.

The official added that Slim will travel to Argentina in May to provide specifics. The business tycoon has also expressed an interest in investing in energy and mining although no new announcements were made in that regard.

Slim has fixed-line and mobile interests in Argentina through his Telmex and America Movil groups, respectively.

Slim's America Movil is one of the world's biggest cell phone providers with 225 million wireless customers from countries stretching from the United States to Argentina.

America Movil said this week it would invest 2 billion US dollars in Chile over the next four years to boost its international voice and data networks. America Movil invested a total of 6.5 billion USD in 2010 and estimates it will invest 8.5 billion USD this year.