By the end of 2017 a majority of Mexicans will have access to a faster network thanks to the country’s telecom giant America Movil SAB de CV (ADR)(NYSE:AMX). The company’s CEO Daniel Hajj confirmed the news at a certain conference in Mexico and the same was also highlighted in a Mexican newspaper, Reforma.

There has been a notable increase in internet usage in Mexico. Mexico’s National Institute of Statistics and Geography says that between 2015 and 2016 the demand has shot up by 5%. This is perhaps what has triggered the telecom to introduce the new roll out of an enhanced network.

America Movil has been making huge investments in upgrade the network

The company’s investment in Mexico’s telecom sector alone is in the range of $52 billion to date. However, it seems like this is not enough given Hajj’s words who says, “We are going to move from a 4G network to a 4.5G network and then 5G… the 4.5G network will be 7 times faster than the current 4G.”

The current internet speed is at 1,000 megabits per second. This may not be ideal for the 65.5 million Mexican regular Internet users. However, even though the company will start with the 4.5G it is expecting to obtain a 5G network by 2020. This will boost the current speed to 10,000 megabits per second

Competition among telecom companies

America Movil’s move comes at a time when the Mexican internet market is spurring in the competition. The likes of Mexican pay-TV and telecom operator Ultravision have been named as some of the competitors, which are also planning to hit the country with a 4.5G network.

However, the telecom giant, which is owned by Mexican billionaire Carlos Slim Helú has been on the market longer. Hence it is unlikely that it will be shaken by the looming competition. The 70-year-olf tycoon, who runs more than 200 businesses in different industries has spent close to 50years building a business empire.

He owns extensive property interests in the US, Argentina, Brazil, and Chile among other places in Latin America. The Forbes lists names Slim the sixth richest man in the world. Meanwhile, America Movil’s stock closed at $15.89 witnessing an increase of $0.03 or 0.19%.