Carlos Slim To Boost Investments In Colombia

According to Bloomberg, the world's richest man is looking to increase his investments in Colombia because of the country's liberal oil exploration policies along with its mineral assets and expanding middle class. Mexico's Carlos Slim told Bloomberg that he is looking to expand the drilling and oil-platform services he provides Petroleos Mexicanos through exploration opportunities in the South American country. Slim is worth around $70 billion. "The government is actively looking at the development of the oil industry and is promoting other investments,” he said. “We're looking at what to do beyond the telecommunications business that we've been doing for 10 years in Colombia.” Slim noted the sharp rise in commodity prices in recent months and said that the trend is being driven by demand from emerging markets such as China and India as well as a weak U.S. Dollar. Speaking about creditor nations, Slim said “They don't want to have Treasuries,” Slim said. “The dollar is weak and there's no interest, and also with commodities they have reserves for internal consumption.”