Mexican magnate Slim calls for big investments in infrastructure

Mexican business magnate Carlos Slim, owner of the Carso conglomerate as well as telco group América Móvil, called for a large investment in infrastructure to meet the demands of nearshoring. 

During a speech in the forum ‘Perspectives on efficient implementation of Mexican engineering to improve investment conditions in the country’ on Tuesday, Slim said the infrastructure sector has several pending projects.

"The investments that Mexico needs should account for 28% of the country's GDP," he said. “It is clear that we have to start immediately the construction of all the infrastructure the country requires... We will have an enormous need for infrastructure and, considering that we are overdue for it, we will have to multiply efforts.”

He added: “Mexico is already exporting more to the United States and what we lack is infrastructure, engineering… Mexico will require [the construction of] warehouses, production plants, and other facilities as well as housing.”  

Slim also expressed concern about the overexploitation of the aquifer that serves the Mexico City metropolitan area, causing a reduction in the clay contained in the soil which results in collapses and landslides.

Regarding airport infrastructure, Slim said the government is making a mistake trying to replace Mexico City airport with Felipe Ángeles international airport (AIFA). 

“There is a mistake on behalf of the government. I believe that it’s good that the Santa Lucía [AIFA] airport was built but it should be an addition [to the capital’s airport network] rather than instead of,” he said. “Under this premise they are neglecting it [Mexico City airport] to push the airlines to move [to AIFA].  

Slim also said he is confident about the construction of a passenger rail project from Mexico City to Querétaro in the future – after the first project, worth more than 50bn pesos (currently US$2.7bn), was cancelled in February 2015. 

“I believe in the end it will be built, compared to the Mexico City-Toluca one which makes no sense and was four times more expensive than what was initially expected,” he said.