Carlos Slim Urges Bold Investment to Drive Mexico’s Economic Growth

Carlos Slim, Mexico’s richest man and one of the world’s wealthiest individuals, called for a significant increase in investment to boost the country’s economic growth.

Speaking at his annual press conference in Mexico City on Monday, Slim emphasized the need to raise investment levels to at least 25% of GDP, compared to the current 22%, to achieve sustainable development and higher growth rates.

He also stressed the importance of creating well-paying jobs as a cornerstone for economic progress. Slim expressed optimism about Mexico’s economic trajectory under President Claudia Sheinbaum, who took office in October 2024.

He praised her administration for avoiding disruptive fiscal reforms and focusing on stability. Slim noted that Sheinbaum’s government has sent clear signals of fostering collaboration with private investors.

He believes this will be critical for achieving long-term growth. The billionaire highlighted nearshoring—relocating supply chains closer to North America—as a transformative opportunity for Mexico.

With the United States reducing its reliance on Chinese imports, Slim argued that Mexico is uniquely positioned to attract manufacturing investments due to its competitive labor costs and proximity to the U.S. market.

Carlos Slim’s Vision

He predicted that nearshoring could elevate annual GDP growth to 6%, nearly double the current rate of 1.5%. Despite his optimism, Slim acknowledged challenges such as inflation control, fiscal deficits, and global economic uncertainties.

He also addressed concerns over potential U.S. tariffs under Donald Trump’s administration but dismissed them as ineffective in solving trade issues. Instead, he advocated for policies that prioritize investment and infrastructure development.

Slim’s remarks align with Sheinbaum’s ambitious “Plan México,” which aims to increase investment to 28% of GDP by 2030. The plan also focuses on fostering industrialization and regional equity.

The plan includes creating 1.5 million specialized jobs and reducing reliance on Chinese imports. Slim’s companies are expected to play a key role in these initiatives, particularly in infrastructure and energy projects.