Grupo Carso Chairman of the Board Carlos Slim Domit Addresses Growth and Changes in Mexico and Latin America Telecommunications Market
America Movil Co-Chair and Co-Chair of the ICT Taskforce of the B20 Leads Conversation with Woodrow Wilson Center's Mexico Institute and U.S.-Mexico Chamber of Commerce
WASHINGTON, Sept. 13, 2012 /PRNewswire-USNewswire/ -- During a trip to Washington, DC, Carlos Slim Domit met with experts and industry stakeholders to address the current state and the future of Mexico and Latin American telecommunications. Slim Domit's discussion was co-hosted today by the Woodrow Wilson Center's Mexico Institute and the U.S.-Mexico Chamber of Commerce.
As the Chairman of the Board of Directors for Grupo Carso and Telmex and the Co-Chairman of America Movil, Latin America's largest telecommunications company, as well as a member of the Telmex and Carlos Slim Foundations, Slim Domit offered unique insight into Mexico and Latin America's competitive telecommunications industry, as well as the unique opportunities that greater broadband adoption and universal access can provide.
During the meeting, Slim Domit laid out the historical growth of mobile penetration in Mexico over the past 10 years, detailing the competitive climate in which America Movil competes in, highlighting the importance of opening up voice, data, and video delivery in order to reach universal access. Additionally, he highlighted the philanthropic work of the Carlos Slim Foundation, including partnerships with the government like Connect2Compete in the U.S., aimed at increasing broadband adoption. Slim Domit provided hard numbers and historical data to contextualize global declining rate trends, consistent with Mexico's sector. He ended by offering his perspective on how currently underserved regions in Mexico can benefit by allowing telecommunications providers to carry the full capabilities of their networks to users, emphasizing that the telecommunications sector requires ongoing large investment.
"Innovations in Mexico and Latin American telecommunications can lead to important growth in mobile and broadband adoption. That growth fundamentally changes the economic landscape and opens up worldwide opportunities for citizens. America Movil has already invested $105 billion in telecommunications infrastructure, building the platform for the next wave of innovation. Today's meeting offered an opportunity to share those innovations and the lessons we've learned at this time of growth with key stakeholders and look forward to building our relationships moving forward," Slim Domit said.
In 1991, Telcel had 35 thousand customers, one third of the cell phone market in Mexico. The development of the prepaid model and heavy investment in coverage, capacity and adoption of new technologies allowed for faster growth than the competition. America Movil provides service in 180,000 communities while the closest competitor serves 80,000. America Movil is the 3rd largest operator in the world by market cap.
Slim Domit will also attend the Congressional Hispanic Caucus Institute gala dinner, Keeping the Founders' Promise.
About America Movil
America Movil is a leading wireless services provider in Latin America and the world's fourth largest mobile network operator in terms of equity subscribers. A venture of Carlos Slim, America Movil provides services to 310 million mobile subscribers in 30 countries.
A subsidiary of America Movil, Telmex is a Latin American telecommunications company and the dominant fixed-line phone carrier in Mexico, owning 90 percent of the telephone lines in Mexico City. In addition to traditional fixed-line telephone service, Telmex also offers Internet access, data, hosted services and IPTV.
SOURCE America Movil