Money

Mexico City –  Mexican tycoon Carlos Slim, who is ranked by Forbes magazine as the wealthiest person in the world, said he planned to invest $8.3 billion ($101.18 billion pesos) in companies he owns in 19 countries.

A total of 44.65 billion pesos (about $3.66 billion) will be invested in Mexico, a figure that is up 13.6 percent from 2010, the honorary life chairman of Grupo Carso, Inbursa, America Movil and Telmex said.

Impulsora del Desarrollo y el Empleo en America Latina, or IDEAL, will get 13 billion pesos (about $1.06 billion), followed by Frisco, Telmex and Telcel, each of which will get slightly more than 10 billion pesos (about $820 million).

"We are going to invest where we are behind and in the big countries, where more resources are needed, like Brazil, Mexico, Colombia, Peru, Chile (and) Argentina," Slim said in a press conference on Monday.

The investments in Mexico will benefit more than 42,200 suppliers, the majority of them domestic, Slim said.

Even though there is still uncertainty in the global economy, countries such as Mexico and regions like Latin America and Asia, which have well-capitalized and sound financial systems, and have sufficient reserves, have great prospects for growth, the billionaire said.

Mexico is extremely attractive from an investment standpoint because of its large national market, Slim said, adding that "those who do not invest now due to fear or caution will be left behind."

"I thought we would grow 15 percent between 2010, 2011 and 2012, I am an optimist and see us continuing to grow in 2012 and 2013," Slim said.

The world faces uncertainty stemming from crime, violence and the budget deficits in many countries, the billionaire said.

The United States and Europe are dealing with budget deficits, unemployment and trade deficits, but they have only taken palliative measures that failed to address the problems and "just avoided an immediate catastrophe," Slim said.

The billionaire said his main concern in the global economy was the aggressive monetary policy in the United States, which devalued its currency to force other countries to adjust their trade surpluses.

The weak dollar has affected both commodity prices and capital flows in emerging economies, Slim said.

A rise in the price of gold or silver is not a concern, but a surge in the price of basic commodities, such as wheat, corn and other consumer staples, could lead to shortages and spark speculation, the billionaire said.

Mexican officials should focus on building a two-year stockpile of food reserves in case of a spike in global commodity prices instead of accumulating foreign reserves, Slim said.