Carlos Slim to Invest $4.7 Billion in Mexico

The Carso Group of the Mexican tycoon of Lebanese origin Carlos Slim, who is considered to be the world's richest man, said Tuesday it plans to invest nearly $4.7 billion in Mexico this year.

"During 2012, our investments in Mexico will be $4.66 billion, generating more than 100,000 jobs," according to the conglomerate. The projects include telecoms, construction, entertainment and health companies.

Telecoms made up half of the total investments, including the construction of 18,600 miles (29,930 kilometers) of fiber optic cables, adding to an existing 76,000 miles (122,310 kilometers).

Among the building projects is the continued construction of a water treatment plant in Atotonilco, in Hidalgo state, north of Mexico City. The plant is set to treat 60 percent of residual water from the Valley of Mexico, which includes the capital.

Investments also include road building and shopping centers.

Carlos Slim was rated by Forbes magazine last year as the world's richest man, with a fortune estimated at $74 billion.

Slim, who is of Lebanese descent, earned his wealth building up the telephone monopoly Telmex after acquiring it from the Mexican government in 1990.

Telmex and cell phone company Telcel, also the country's largest, are currently fighting disputes with Mexican cable and telephone companies seeking more access to their telephone infrastructure, as Slim eyes the television market.