Mexican Senate Approves Telecom-Reform

I was just reading here before I ended up going to bed and I came across an interesting article regarding TelMex and Carlos Slim aka. the worlds richest man.  This article caught my interest due to researching Mexico and NAFTA and how certain industries in Mexico such as their energy and communication companies are monopolized by conglomerates of Mexican companies and their EXTREMELY wealthy owners.  This would be a great step if the Mexican senate was showing true signs to help their economy by removing this monopoly and creating a unique communication competition in Mexico.

According to Al Jazeera, Carlos Slim's fixed line company controls 80% of the industry while his wireless company controls 70% of the wireless industry.  This semi-monopoly has such a strong control over Mexico's communication industry very similar to their energy industry in which PEMEX controls virtually the entire industry and contributes a majority to the countries public spending.  The new reform is also attempting to break up Mexico's television giants in order to open up the mexican communication and television industry up to competition.  The Mexican senate hopes that this reform will also help draw in foreign companies and investment into these Mexican industries.  The new bill also will allow for foreign companies to own 100 percent of the capital of a telecom company in comparison with the previous 49%.  This step forward liberalizing their telecom industry is the first step of many that Mexico could make...Next step their energy industry.