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Mexico to Revamp Telecoms Regulator to Break Up Monopoly Markets
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Mexico's telecommunications market is about to receive a long delayed shake-up after all three main political parties agreed to support proposals for a much stronger regulatory regime.
The market is dominated by the Mexican billionaire, Carlos Slim who controls America Movil, and around 70% of the local telecoms market. His control over the market has made him the worlds richest man.
We want to "strengthen the state's role as a guiding force, the legal framework for these businesses and regulatory capacity, to encourage growth in a context of fair competition", the Transport and Communications Minister Gerardo Ruiz Esparza announced at a press conference.
A new Federal Telecommunications Institute will be granted sweeping powers to regulate competition in the telephone and broadcasting industries -- both of which are marked by monopolies.
Attempts in the past to break up the monopoly situation have broken down due to legal and political challenges, but the new proposals are being supported by politicians from all sides and seem likely to be passed into law.
The new law will also loosing restrictions on foreign ownership of telecoms operators allowing majority control of landline networks for the first time.
Tags: [Mexico]
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