Interview
INTER
VIEW
INTER
VIEW
EDITORS’ NOTE
Carlos Slim Helú studied Civil
Engineering at the National Autonomous
University of Mexico School of Engineering, where
he also taught Algebra and Linear Programming
while studying for his degree. In 1965, at 25
years of age, he began to build the foundations
of Grupo Carso. Since the 1980s, Slim has been a
noted businessman in various industrial, real es-
tate, and commercial fi elds. He currently serves as
Chairman of the board of directors of Impulsora
del Desarrollo y el Empleo en América Latina, S.A.
de C.V. (IDEAL); Chairman of Fundación Telmex,
A.C.; Chairman of Fundación Carlos Slim Helú,
A.C.; Chairman of the Executive Committee of
Consejo Consultivo de Restauración del Centro
Histórico; and Chairman of Fundación del
Centro Histórico, A.C. Slim continues to be ac-
tive in business although his work is primarily
focused on education, health, and employment
in Mexico and Latin America through the foun-
dations he chairs and companies in the infra-
structure arena. His three sons have taken over
the reins of his businesses. Slim has lectured at
public and private institutions as well as at in-
ternational organizations such as the Economic
Commission for Latin America (ECLA). He was the
fi rst Chairman of the Latin American Committee
of the board of directors of the New York Stock
Exchange. In December 2008, Slim was nomi-
nated a member of Research and Development
Corporate Executive Board.
COMPANY BRIEF
Grupo Carso (www. gcarso.com.mx)
has operations in heavy industry, services, re-
tail, and consumer goods through CICSA,
Condumex, Hoteles Calinda (now OSTAR
Grupo Hotelero), Nacobre, Sears, Sanborns, and
Promotora Musical. Grupo Carso currently en-
compasses the following holding companies:
América Móvil, Grupo Financiero Inbursa,
Impulsora del Desarrollo y el Empleo en América
Latina (IDEAL), Inmuebles Cars, and Minera
Frisco.
FOUNDATION BRIEF
The Carlos Slim Foundation
(www. carlosslim.com) was created in 1986.
With strong social and high impact programs
focused on the most vulnerable population, the
foundation has directly benefi tted more than
29.7 million people. The foundation’s focus is
on the following areas: education, health, nutri-
tion, social justice, culture, human development,
aid in natural disasters, economic development,
protection and conservation of the environment,
and aid to Latin America and sister nations, as
well as to public and private institutions.
In light of economic challenges, is this
a time of opportunity or is your outlook
more reserved?
We have a long-term vision, resources, and
a healthy company so there are always oppor-
tunities to be found in diffi cult times.
With problems in many developed coun-
tries now, the private sector will seek out pos-
sibilities for investment.
In terms of what is going on in Europe and
the U.S., with big fi scal defi cits and so much
unemployment and lack of economic activity,
governments need to defer to private investors,
who can create the economic activity and jobs
that countries need.
Economic activity for the business commu-
nity is signifi cant, especially with such low inter-
est rates. The private sector can create a lot of
projects that have better returns. With very low-
cost fi nancing and substantial resources in the
banking system, a long-term vision is needed
for economic activity in many countries.
Is there a good understanding of the
opportunities for foreign investment in
Mexico?
Many people focus on the BRICs without
looking at the bigger picture. A country like
Mexico has strong potential and we have seen
a lot of national investment.
Mexico has a healthy banking system,
healthy macroeconomics, and a good labor pool –
our people have proven they can work hard and
effi ciently in all sectors of the economy.
So we have all the desired conditions to
be a very attractive place for investments, both
national and international.
When you look at countries that need to
grow significantly, they require investments
of 25 to 30 percent of gross national product.
Often, the foreign investments are not more
than 10 to 15 percent.
But in Mexico, foreign direct investments
in recent years have been very active, so the po-
tential for more in the near future is very strong.
For your businesses, do you see growth
coming mainly from within Mexico or from
international markets?
We have strong growth in Mexico. In the
mining business, there are many Canadian com-
panies and national Mexican companies in-
volved. We have to invest around $70 or $80
billion a year in infrastructure and that will cre-
ate a lot of opportunities.
There is also potential growth in housing
and real estate. Mexico is a place with millions
of people in many areas that have great poten-
tial for growth and development.
Is the government working closely
with the private sector to encourage pos-
itive economic activity?
Yes. Mexico has instituted a new law re-
garding public/private partnerships that has
been very successful. Many investments have
gone in this direction over the past 10 years
and, each time, with more intensity. In the fu-
ture, there will be even more growth of this
type of investment.
In all areas, public/private partnership is
the best way to use private investment for pub-
lic service.
In terms of these issues, what is the
public sector role?
The only way the public sector can cor-
rect a fi scal defi cit is by increasing revenues or
decreasing expenses.
To increase revenues, you can increase
taxes, which is tough for people because taxes
are already high and further increases crunch
a society.
Part of the solution is also selling assets
and inviting the private sector to make the in-
vestments necessary to increase the economic
activity of the country.
In this technological society with its free-
dom, diversity, and morality, the social society
is most important. There are many things to be
done, not only by entrepreneurs but also by
investors. They will do it better and more effec-
tively than governments that often spend to the
extreme and are not solvent.
You are known as one of the most phil-
anthropic people in the world. Where did
that focus stem from?
It was due to my father’s thinking that we
don’t take anything when we pass away. He
Carlos Slim Helú
A Conversation
with Carlos Slim
considered us to be temporary managers of our
businesses. We work to reinvest because the
experience of the businessman is so important
to solving social problems.
In 1986, we created a foundation to focus
on our philanthropic activities. It’s clear we can
and should do many things. I don’t see this as
an option; I see it as a social responsibility.
With so much need, how do you de-
cide which areas to support?
Our focus is on health and education.
Many years ago, when we were analyzing what
we should do, we decided to begin with the
nutrition and health of a pregnant mother. We
looked to reduce mother and child mortality by
making sure the baby is born in the best pos-
sible conditions. There are many lifelong issues
for the child that can be prevented by having a
proper birth experience.
Our focus is also on the nutrition of the
baby in the fi rst two years of life, which is an
important time in the child’s development.
I spoke with Mexico’s President at the
time, Ernesto Zedillo, informing him that we
had already worked with a public children’s
hospital to create nutrition programs in two cit-
ies. These programs increased the baby’s birth
weight by 15 percent. President Zedillo en-
dorsed the program in 1996 and it was taken on
by the government as public policy.
In terms of education, we need to move from
traditional methods to education of the 21st cen-
tury using today’s technology. We’re working with
the Khan Academy to fi gure out how to give free
education to everyone in Mexico, no matter where
they live. Khan Academy offers many programs
that we are looking to translate into Spanish. We
are also working to create new programs not only
for academic purposes but also for labor retrain-
ing. We are focused on the jobs that will be in
demand over the next 10 years and on educating
people in the skill sets that will be required for
these jobs in fi elds such as information technol-
ogy, tourism, health care, and education. Some of
these programs can also be taken to other coun-
tries in Latin America and elsewhere.
In areas like education, we can have a na-
tional impact. A few years ago, we developed
digital libraries. Instead of lending books, we
lend laptops; instead of going to the library to
read, patrons go to navigate. We have locations
with high-speed Internet access and laptops
and PCs that we lend out, which people can take
home for 15 days at a time.
We also have digital
classrooms and through
this work, we can give
universal access to edu-
cation and the Internet
to many people.
In health care, we
are trying to innovate.
During the last fi ve years
of life, 80 percent of the
total lifetime health care
cost of an individual is
expended. We need to
fi nd new solutions, which
we believe lie in genom-
ics, so we are doing basic
research in this fi eld.
Also, in schools,
there are many children
who can’t see the black-
board and yet it is often
not recognized. We have a
program that offers glasses
called “ver para aprender” –
see to learn.
Another issue we
focus on is contamination
in rural areas – families
cook with open fl ames
using wood in the same
space they sleep in, so
rooms are contaminated with dangerous gases
and contaminants. We support a program called
Healthy Home to teach people how to build better
stoves that vent gases out of the house.
We also conduct something called Outdoor
Surgery, where we provide surgery in rural areas
that do not have access to traditional hospitals. We
work with the Mexican Academy of Surgery; they
give free time and teach doctors in rural areas and,
with the health center of the government, we mo-
bilize to make it happen. The program currently
provides more than 150,000 surgeries a year in
Mexico. We also support this program in Peru with
the Clinton Global Initiative and have vowed to do
50,000 surgeries there within three years; in the fi rst
two years, we have completed more than 40,000.
We are always looking at programs that
have national impact and do not duplicate ac-
tivities that others are already undertaking.
We have an art museum, for instance, that
we make accessible at no charge to young peo-
ple and families of any income to enjoy. We
have already had 1.2 million visitors there.
We don’t put any limitations on the pro-
grams we support. Our approach is that all we
can do, we will do.
We have another program called Help Me
To Arrive. In rural schools, it takes many chil-
dren as much as two hours to get to school.
By providing bicycles through this program, it
takes them only 20 minutes.
While you’re making major impact, it
takes time to see results. Is it tough to be
patient?
We move fast, but we are only at around 25
percent of what we can do – so we can do more.
Those of us in business have the responsi-
bility that comes with great wealth. We should
look to create jobs and pay taxes. Eliminating
poverty is an economic need as well as a moral
one. We need to help people out of poverty,
train and educate them and put them in the
labor market, and they will improve the econ-
omy and society.
Mexico has a
healthy banking system,
healthy macroeconomics,
and a good labor pool – our
people have proven they
can work hard and
effi ciently in all
sectors of the
economy.
Carlos Slim Helú during the Carlos Slim Awards in Health ceremony
POSTED WITH PERMISSION. COPYRIGHT © 2012 LEADERS MAGAZINE, INC.
LEADERS
10
VOLUME 35, NUMBER 4
considered us to be temporary managers of our
businesses. We work to reinvest because the
experience of the businessman is so important
to solving social problems.
In 1986, we created a foundation to focus
on our philanthropic activities. It’s clear we can
and should do many things. I don’t see this as
an option; I see it as a social responsibility.
With so much need, how do you de-
cide which areas to support?
Our focus is on health and education.
Many years ago, when we were analyzing what
we should do, we decided to begin with the
nutrition and health of a pregnant mother. We
looked to reduce mother and child mortality by
making sure the baby is born in the best pos-
sible conditions. There are many lifelong issues
for the child that can be prevented by having a
proper birth experience.
Our focus is also on the nutrition of the
baby in the fi rst two years of life, which is an
important time in the child’s development.
I spoke with Mexico’s President at the
time, Ernesto Zedillo, informing him that we
had already worked with a public children’s
hospital to create nutrition programs in two cit-
ies. These programs increased the baby’s birth
weight by 15 percent. President Zedillo en-
dorsed the program in 1996 and it was taken on
by the government as public policy.
In terms of education, we need to move from
traditional methods to education of the 21st cen-
tury using today’s technology. We’re working with
the Khan Academy to fi gure out how to give free
education to everyone in Mexico, no matter where
they live. Khan Academy offers many programs
that we are looking to translate into Spanish. We
are also working to create new programs not only
for academic purposes but also for labor retrain-
ing. We are focused on the jobs that will be in
demand over the next 10 years and on educating
people in the skill sets that will be required for
these jobs in fi elds such as information technol-
ogy, tourism, health care, and education. Some of
these programs can also be taken to other coun-
tries in Latin America and elsewhere.
In areas like education, we can have a na-
tional impact. A few years ago, we developed
digital libraries. Instead of lending books, we
lend laptops; instead of going to the library to
read, patrons go to navigate. We have locations
with high-speed Internet access and laptops
and PCs that we lend out, which people can take
home for 15 days at a time.
We also have digital
classrooms and through
this work, we can give
universal access to edu-
cation and the Internet
to many people.
In health care, we
are trying to innovate.
During the last fi ve years
of life, 80 percent of the
total lifetime health care
cost of an individual is
expended. We need to
fi nd new solutions, which
we believe lie in genom-
ics, so we are doing basic
research in this fi eld.
Also, in schools,
there are many children
who can’t see the black-
board and yet it is often
not recognized. We have a
program that offers glasses
called “ver para aprender” –
see to learn.
Another issue we
focus on is contamination
in rural areas – families
cook with open fl ames
using wood in the same
space they sleep in, so
rooms are contaminated with dangerous gases
and contaminants. We support a program called
Healthy Home to teach people how to build better
stoves that vent gases out of the house.
We also conduct something called Outdoor
Surgery, where we provide surgery in rural areas
that do not have access to traditional hospitals. We
work with the Mexican Academy of Surgery; they
give free time and teach doctors in rural areas and,
with the health center of the government, we mo-
bilize to make it happen. The program currently
provides more than 150,000 surgeries a year in
Mexico. We also support this program in Peru with
the Clinton Global Initiative and have vowed to do
50,000 surgeries there within three years; in the fi rst
two years, we have completed more than 40,000.
We are always looking at programs that
have national impact and do not duplicate ac-
tivities that others are already undertaking.
We have an art museum, for instance, that
we make accessible at no charge to young peo-
ple and families of any income to enjoy. We
have already had 1.2 million visitors there.
We don’t put any limitations on the pro-
grams we support. Our approach is that all we
can do, we will do.
We have another program called Help Me
To Arrive. In rural schools, it takes many chil-
dren as much as two hours to get to school.
By providing bicycles through this program, it
takes them only 20 minutes.
While you’re making major impact, it
takes time to see results. Is it tough to be
patient?
We move fast, but we are only at around 25
percent of what we can do – so we can do more.
Those of us in business have the responsi-
bility that comes with great wealth. We should
look to create jobs and pay taxes. Eliminating
poverty is an economic need as well as a moral
one. We need to help people out of poverty,
train and educate them and put them in the
labor market, and they will improve the econ-
omy and society.
Mexico has a
healthy banking system,
healthy macroeconomics,
and a good labor pool – our
people have proven they
can work hard and
effi ciently in all
sectors of the
economy.
Carlos Slim Helú during the Carlos Slim Awards in Health ceremony
POSTED WITH PERMISSION. COPYRIGHT © 2012 LEADERS MAGAZINE, INC.
LEADERS 11
VOLUME 35, NUMBER 4
We must recognize
that the welfare of oth-
ers is good for everyone.
Over the past 15 years,
in addition to my focus
on philanthropy, I have
also worked on activities
that create jobs.
With all of your
successes, did you ex-
perience tough times
as well?
Actually, I expected
it to get easier over time
because with growth you
have more alternatives in-
cluding private participa-
tion. Economic activity is
greater with globalization
and we are just begin-
ning to encounter world-
wide opportunities that
are emerging. There is no
limit to what is coming.
What impact did
your father have on
your life?
My father was a spe-
cial person. He came to
Mexico in 1902 when he
was only 14 years of age.
He worked very hard and was very successful.
He gave jobs to me and my two brothers so that
he could teach us. He opened a store mainly to
train us on how to work.
Do you take interest in the recognition
you receive on various lists, like those for
wealthiest individuals?
Not at all. In terms of wealth, one can have
wealth because he owns a company that has a
big valuation or one can have wealth because of
his investments. There is a difference between
being an investor and being an entrepreneur.
An entrepreneur actively creates and an investor
passively invests.
In all big companies, there are entrepre-
neurs and investors, and then there is the
CEO – these three comprise the business. In
small- and mid-sized businesses, the investor,
the entrepreneur, and the CEO are often the
same person.
What we should do is manage our business
and create wealth. Beyond that, we should also
work on social problems. It’s important that our
talents and experience are utilized in addressing
social problems because we have the training to
work effectively with human and fi nancial capital
and to address complicated environments with
different conditions. When we use our knowl-
edge and experience to work on social prob-
lems, we can fi nd solutions.
I believe that philanthropy is about more
than writing a check. It is about giving your
time, knowledge, commitment, and dedication;
Mother Theresa gave her life for others – peo-
ple like that are the real philanthropists.
The business community should get in-
volved, not just in terms of monetary donations
but with issue solutions. It’s about thinking
through problems and giving your time and
your talent to fi nding solutions. I don’t see it as
a think tank, but rather like an action tank.
Do you refl ect on how much you have
achieved?
My challenge in life is not to just build a
bigger business but also to help our country in
terms of development.
An example of how a local problem can
be addressed is a program we have had for 18
years called Social Justice. We take people out
of jail who are there principally because they’re
poor, not because of a crime they have com-
mitted. If they receive a small amount of
money, they can get out of jail.
Many years ago, I
recall a politician estimat-
ing that 20 percent of the
people in jail were inno-
cent. That is a big problem
for society. While these
people are in jail, they are
basically attending a “uni-
versity” of crime and in the
end, not only is it expen-
sive for the state to keep
them there, but when they
get out, they know more
about criminality and are
caught up in a bad cycle.
So we provide bail
bonds to the government
to get these unfortunate
people, who are often
our indigenous citizens,
out of jail.
The difference be-
tween the U.S. and Mexico
is that in Mexico, trials are
held when the accused
are jailed. In the U.S., you
are judged prior to being
sentenced to jail.
Our program takes
8,000 people out of jail
each year. To get one of
these people out of jail costs only $8 because
of an agreement we made with a bail bond
company. There are conditions that need to
be met: the crime charged must be non-violent
and the accused must be a fi rst-time offender.
Additionally, the decision of the judge also re-
quires the accused to pay $500 to get out of jail.
Is slowing down just not in your
nature?
In my opinion, we are doing 25 percent
of what we could do. Maybe when we get to
doing 95 percent, I will slow down. But my
country is only at $10,000 per capita so we have
a lot of poor people and we have not created
the middle class that we need. A lot of people
remain without education.
Technology has made things different to-
day. When work was mainly of a physical na-
ture, one would need to retire at 65. But with
technological developments, people can con-
tinue to work and utilize their knowledge and
experience without being limited by age.
In my case, my work is to think through
problems and issues and fi nd solutions.
We are living in a changed world. Society
now moves at the speed of the Internet and
technology can increase the speed with which
change can happen.
When the economy declines, the big prob-
lem is that people don’t have jobs and lose
hope. They can’t see how things will end up
and they are unable to make any necessary
changes. The things that governments do
are to reduce expenses and increase taxes; this
slows economic activity.
If we had a longer term vision, the govern-
ment would have created budget surpluses
when the economy was doing well so that
it can spend and improve the economy when
things are challenging. That’s the balance we
need.
•
Carlos Slim with LEADERS President, David Schner, just prior to
this September 22nd interview
Economic activity is
greater with globalization and we are
just beginning to encounter worldwide
opportunities that are emerging.
There is no limit to
what is coming.
POSTED WITH PERMISSION. COPYRIGHT © 2012 LEADERS MAGAZINE, INC.
LEADERS
12
VOLUME 35, NUMBER 4
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