Billionaire to invest in Brazil
Date added: 2nd February, 2011 at 09:58
(view all articles from February, 2011)
Categories: Economy
Mexican billionaire Carlos Slim Helu is to invest $2.5 billion (£1.55 billion) in Brazil's telecoms industry.
He told a news conference in Mexico City he would be ploughing cash into 19 countries, mostly in Latin American nations, into which he has poured over $60 billion in the past ten years, according to AFP.
The billionaire's investment in Brazil is part of an $8.3 billion fund he has designated for speculation in the country, as well as Colombia, Argentina, Peru, Mexico and Chile.
"In Brazil, we're behind, which means we need to accelerate investments to compete with the [former] state monopolies," AFP quoted him as saying.
"Whoever doesn't invest will get left behind," Mr Slim added.
The 71-year-old, thought to be the world's richest man, already owns Brazilian telecoms company Embratel, the news provider stated.
Another investor wishing to speculate in the country is former chief executive of film production company Metro-Goldwyn-Mayer Harry Sloan, who the Financial Times reported was hoping to purchase two television networks in Latin America's largest economy.
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