Carlos Slim Urges Investment, Stronger US-China Trade Ties

In his annual press conference, Carlos Slim, Mexico’s wealthiest businessman and chairman emeritus of Grupo Carso, outlined key economic strategies, emphasizing increased investment, strengthening trade ties with China and the United States, and boosting domestic production.

“We need to reduce imports, especially in sectors like natural gas, where we rely heavily on external supply,” Slim said. He proposed raising Mexico’s annual investment to 25% of GDP to achieve this goal, aligning with President Claudia Sheinbaum’s proposed "Plan México", aimed at stimulating job creation and economic growth through infrastructure and energy projects.

Slim confirmed that his companies will participate in ‘Plan México,’ particularly in infrastructure initiatives. He highlighted Grupo Carso’s existing road concessions and expressed openness to developing new highway projects under the plan. Additionally, he showed interest in energy sector investments but stressed the importance of clear and consistent regulatory frameworks.

Addressing potential trade challenges, Slim downplayed the likelihood of broad 25% tariffs on Mexican exports, as proposed by former US President Donald Trump, but acknowledged that certain sectors, such as steel and aluminum, might be affected. “I do not believe there will be a 25% tariff on all exports, but for steel, it could be temporary,” he said. Slim suggested that instead of imposing tariffs, the United States should focus on fostering domestic investment to maintain its global economic leadership.

Slim praised President Sheinbaum’s handling of tariff threats, commending her preparedness and alternative economic strategies.

Despite global economic uncertainties, Slim expressed optimism about Mexico’s future, emphasizing the importance of maintaining macroeconomic stability, controlling inflation, and increasing investment. “If we focus on stable macroeconomic conditions and strong investment, Mexico has a very promising future,” he noted.

In Mexico's telecommunications sector, Slim defended Telmex and Telcel against allegations of monopolistic practices. He criticized restrictions preventing Telmex from offering pay-TV services despite its extensive fiber-optic infrastructure and questioned the independence of regulators like the Federal Telecommunications Institute (IFT), citing past challenges.

Slim reaffirmed his commitment to energy investments, including oil, gas, and renewables. Grupo Carso recently allocated US$1 billion to expand oil production and refining operations, including a stake in the Zama oil field and offshore projects in Campeche. He is also evaluating participation in Pemex’s Lakach deepwater gas project, though he acknowledged the technical complexities involved.

When asked about philanthropy among billionaires, Slim reiterated his belief that the best way to contribute to society is through job creation and economic development. “I would not take anything with me when I die. Entrepreneurs are temporary stewards of wealth, and our role is to create opportunities,” he stated.