MEXICO CITY, MEXICO: President Enrique Pena Nieto enacted a law that aims to open up Mexico's telecommunications industry to competition.
Mexico's President Enrique Pena Nieto has opened up Mexico's telecommunications to other companies that may want to compete in a market dominated by two companies. Image: Wikipedia
The Congress approved the enabling legislation just hours after telecommunication company America Movil, owned by billionaire Carlos Slim, announced plans to shed its dominant share of the country's telephone phone market.
At a ceremony at the national palace, Pena Nieto said the new law fosters competition, productivity and innovation.
America Movil currently has an 80% of the traditional telephone market, and holds 70% of the mobile phone market.
Its market share must drop below 50% to meet the requirements of the new law.
Televisa, the other major telecommunications company affected by the law, has a 70% share of the broadcast TV market and 60% of the cable TV market in Mexico.
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