Mexican Election Creating Lots of Friction
CBJ — Mexican billionaire Carlos Slim has made it quite clear he is not supporting Mexico’s presidential frontrunner, saying recently he is “concerned and afraid” about what leftist Andres Manuel Lopez Obrador might do if he gains power after the upcoming election.
However, some believe that a victory by Lopez Obrador could actually help Slim’s telecom company, America Movil.
Slim has been concerned about government intervention and what he feels has been an attempt to limit his company’s profits and expansion.
However, America Movil is by far the largest, most technically advanced telecom company in Mexico and would most assuredly be called upon if the government moves ahead with plans to provide better internet connectivity for the country’s poor farmers and and indigenous people, who are some of Lopez Obrador’s strongest supporters.
Changes to Mexico’s telecom laws and regulations would come with high stakes, especially for Slim’s company. Adding to Slim’s concerns is that U.S.-based AT&T has invested heavily to take a significant market-share of an estimated 115 million cell subscriptions.