Mexican telecom magnate Carlos Slim , ranked as the world's wealthiest man by Forbes magazine, plans to invest $1.5 billion over the next two years in Argentina's telecommunications sector, officials said.

During a Mexican-Argentine business gathering Friday here, Argentine Planning, Public Investment and Services Minister Julio de Vido said Slim will be investing in broadband , mobile telephony and fourth-generation networks.

The official added that Slim will travel to Argentina in May to provide specifics. The business tycoon has also expressed an interest in investing in energy and mining although no new announcements were made in that regard.

Slim has fixed-line and mobile interests in Argentina through his Telmex and America Movil groups, respectively.