The Mexican Senate looks set to postpone a decision on removing existing limitations on foreign investment in fixed line telecom companies, Bloomberg reports. It is understood that parties in Congress have failed to reach an agreement on some aspects to the proposed legislation, and with the current session of Congress is due to close on 15 December, reopening again on 1 February. Commenting on the status of the proposed rule changes, Tomas Torres, a member of the Senate’s communications and transportation committee, said: ‘The political agreement between the groups in the Senate hasn’t concluded, and this session is almost complete, which makes it difficult to approve.’
The proposal to eliminate the foreign investment limit, which is currently set at 49%, is under discussion in the Senate’s communications committee and legislative studies committee. If the legislation is approved, it will pass on to the Senate for approval, while it will also need the go-ahead from the lower house before being finalised and officially introduced.