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Source: Reuters

Mexican magnate Carlos Slim plans to invest about $1.5 billion in Argentina's telecoms sector, a newspaper reported on Saturday, citing the government.

Slim's America Movil is one of the world's biggest cell phone providers with 225 million wireless customers from countries stretching from the United States to Argentina.

"Carlos Slim will visit President Cristina Fernandez mid-month to announce an investment in our country, which we estimate will be in the order of $1.5 billion, fundamentally in telecoms," newspaper Pagina 12 quoted Planning Minister Julio de Vido as saying.

He said the investment would be focused on developing cellular, broad brand and fourth generation technologies.

America Movil said this week it would invest $2 billion in Chile over the next four years to boost its international voice and data networks.

America Movil invested a total of $6.5 billion in 2010 and estimates it will invest $8.5 billion this year.

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