Mexican Tycoon Slim Urges Major Infrastructure Investments

Mexican Magnate Slim Calls for Big Investments in Infrastructure

Mexican business magnate Carlos Slim, owner of Carso conglomerate and telco group América Móvil, called for large investments in infrastructure to support nearshoring demands.

Speaking at the forum ‘Perspectives on efficient implementation of Mexican engineering to improve investment conditions in the country,’ Slim highlighted pending infrastructure projects.

"The investments that Mexico needs should account for 28% of the country's GDP," he said. We must start immediately on all required infrastructure, multiplying efforts to catch up.

Slim noted Mexico's increased exports to the US and emphasized the need for warehouses, production plants, and housing.

He also expressed concern about the overexploitation of the aquifer serving the Mexico City metropolitan area, which is causing collapses and landslides.

Regarding airport infrastructure, Slim criticized the government's decision to replace Mexico City airport with Felipe Ángeles international airport (AIFA). He suggested AIFA should complement, not replace, the existing airport network.

Slim expressed confidence in the future construction of a passenger rail project from Mexico City to Querétaro, after the initial project, worth over 50bn pesos (US$2.7bn), was canceled in 2015.

“I believe it will be built eventually, unlike the Mexico City-Toluca train, which was four times more expensive than expected,” he said.