­America Movil would increase its network investments in Colombia, but only if a regulatory decision barring it from the country's forthcoming 4G spectrum auctions is reversed.

The company invested US$940 million this year, and would invest a further US$1 billion next year on upgrades - if the auction conditions are amended. Preliminary proposals for the spectrum auction block the company from bidding due to its 60% market share.

There are separate plans to limit any single mobile network from having in excess of 30% of the local market share.

"Excessive regulation inhibits investment in the sector," Carlos Slim told local journalists. "It undermines legal certainty and delays the possibility of mobile broadband."

He did not comment on how much the company would shrink its network investment plans by if it is not permitted to bid in the spectrum auction.

 "I don't think that's an option, because I wouldn't understand how you could leave 26 million Claro clients without access to new technology," he added.