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Billionaire Carlos Slim Invests in Panama
SLIM INVESTMENTS IN PANAMA By Steven Rich, Marketing Manager for Panama Offshore Legal Services
Bill Gates once said that nothing good came from being the richest man in the world. The money was fine, but the attention was awful. Lucky for him, Bill Gates may no longer be the richest man in the world. Fortune magazine recently claimed Mexican tycoon Carlos Slim as the wealthiest man in the world worth $59 Billion. His wealth jumped $12 Billion in the past year surpassing Bill Gates and Warren Buffett. He partially owns America Movil wireless company, Carso Global Telecom, and Saks, Inc. the American retailer company. The 67-year-old son of a Mexico City shopkeeper of Lebanese descent has made it to the top. He became super rich in the 1990’s when he bought state controlled businesses from the Mexican government at basement level prices. Now he provides telephone services, restaurants, car parts, roads, cd’s, books, and plastic goods throughout Mexico. The Organisation for Economic Co-operation and Development recently reported that Mexican small businesses paid among the highest telephone fees in the world, around $132 per month versus $60 per month in the United States. Carlos Slim controls 90 per cent of the Mexican landline business and 70 per cent of the mobile phone industry. Business Week magazine proclaimed that Carlos Slim, “For the past two decades, he has shown an uncanny ability to spot undervalued companies and turn them into lean, profitable machines.” Carlos Slim is investing heavily into Panama. Slim intends to invest in Panama’s infrastructure, energy and telecommunications industries. Eventually, $7.47 Billion will be invested in Panama’s infrastructure through his company Impulsora del Desarrolloy Empleo en America Latina (IDEAL). One of IDEAL’s subsidiaries, Cicsa Panama, won the bid to build hydroelectric projects in Bajo Mina and Baitun in Chiriqui province worth $250 million. The Bajo de Mina project on the Chiriqui Viejo river near Costa Rica will construct two 27-megawatt generators. The Baitun project located on the same river includes two 35-megawatt generators. Another IDEAL subsidiary, Cilsa Panama-Minera Maria, won part of the bid to excavate the first phase of the Panama Canal expansion worth $44.4 million. Slim also intends to invest in Panama mobile phone services. Panama currently only has two such services with Cable & Wireless and Telefonica Moviles Panama. Slim’s 30% ownership in the giant wireless company, America Movil, is worth $31 Billion. Carlos Slim is also reportedly interested in building a tourism resort on Isla Colon in Bocas del Toro. Philanthropist Carlos Slim just launched a $500 million nonprofit health institute in Mexico aimed at helping the Latin American poor. Panamanian first lady Vivian de Torrijos attended the groundbreaking ceremony in late September. This is an unusual event since unlike Bill Gates, he has avoided charitable giving, saying he is in the business of fixing problems, not "going around like Santa Claus".
President Torrijos even got a helping hand from Carlos Slim who lent our president a private jet to attend the pope’s funeral in 2005 when all flights were booked. Other famous people are also investing in Panama. Sean Connery, Mick Jagger, and Mel Gibson own properties in the interior. Angelina Jolie and Brad Pitt bought the penthouse in Donald Trump’s Ocean Club in Punta Pacifica. Of course, movie legend John Wayne used to own an island in Panama many years ago. Invest with the rich and famous in Panama!
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Contributor's Note
Steven Rich is the marketing manager for Panama Offshore Legal Service whose website is:
www.panama-offshore-services.com
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I live in Costa Rica and agreed with all you say. Panama is in, Costa Rica is out!
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