América Móvil touts Puerto Rico US$250mn investments

Mexico's América Móvil will end the year having invested over US$250mn in Puerto Rico's ravaged telecommunications infrastructure and the firm plans to continue developing its network in the us territory to handle growing data demand, the company's CEO was reported as saying by local media.

During a meeting with Puerto Rico's governor, Daniel Hajj said that the company has invested over US$2bn in the island since it entered the market over a decade ago.

"Telecommunications are the nervous system of this new era, where faster networks and coverage will bring economic and social benefits," Hajj was quoted as saying by daily El Vocero. "We want Puerto Rico to benefit from this technological revolution," he added.

Hajj recently announced investments of around US$1bn for América Móvil operations in neighboring Dominican Republic over the next three years.

Last year Puerto Rico was hit by devastating storms that left its telecommunications and power networks in tatters. Telecommunications companies have been investing heavily in restoring and upgrading their networks in the island of 3mn inhabitants.

The executive also announced continued, double-digit expansion of the firm's tower network in the country, as well as upcoming tests of state-of-the-art 5G connectivity.

América Móvil's Caribbean operations, which include Puerto Rico and the Dominican Republic, ended Q2 with revenues of US$472mn and 5.7mn wireless subscribers.