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Carlos Slim Sees No Threat to Mexican Business From Leftist's Election

by Reuters

   MADRID --

   Mexican tycoon Carlos Slim said on Tuesday he sees no risks to his
   telecoms-to-banking empire from the new left-wing government of Andres
   Manuel Lopez Obrador, a self-styled radical who clashed with business
   leaders before his election this month.

   Slim, whose America Movil owns Mexico's largest telecommunications
   network, said he had not met with Lopez Obrador, whose landslide
   victory put him on a path to take office on Dec. 1.

   Asked at an event in Madrid whether he thought Lopez Obrador, a social
   activist and economic nationalist, posed a risk to his business, Slim
   said, "No, risks, no."

   "He is proposing, planning important investments before he has even
   started, which is unusual," Slim said, singling out expected projects
   in trains, roads and energy.

   "Maybe he is looking to have a more sober and austere government,
   reducing costs substantially and focusing on the internal sector of the
   economy more."

   Slim played down a tussle over plans to build a $13-billion airport for
   Mexico City, a project for which Slim's companies hold lucrative
   contracts but which Lopez Obrador has rejected as a waste of taxpayer
   money.

   "It was a relative disagreement," Slim said, adding the president-elect
   had proposed that the best option to finance the project might be
   through a concession.

   The group overseeing the airport's construction said last week that
   four contract tenders had been suspended while Lopez Obrador decides on
   the project's future.

   Slim called for more investment in Mexico and other Central American
   countries, suggesting that trade deals - such as the North American
   Free Trade Agreement (NAFTA), due for re-negotiation between the United
   States, Canada and Mexico - should include an investment pact.

   A lack of investment and job opportunities was the reason for migration
   from Mexico, which has prompted U.S. President Donald Trump to call for
   a border wall, Slim said.

   "The best wall is investment and creating opportunities in Mexico,"
   Slim said. "Mexicans don't leave because they go to Disneyland or
   because they visit New York, they leave because they don't find
   opportunities."