UPDATE 1-Mexican tycoon Slim to spend $4 bln in telecoms

(Releads, adds America Movil investment plan)

MEXICO CITY, Dec 8 (Reuters) - Mexican tycoon Carlos Slim, one of the world's richest men, plans to invest nearly $4 billion next year to keep growing his phone business in Mexico and expand his cell phone operations across Latin America.

Slim, who has built a name for investing in tough economic conditions, said Mexico's leading fixed-phone services operator Telmex (TMX.N) (TELMEXL.MX) could invest up to $950 million to expand its operations in the country next year.

"Telmex will invest nearly $900 million, $950 million (next year)," Slim told a conference in Mexico City.

The company, whose full name is Telefonos de Mexico, could increase that investment if conditions to offer so-called triple play services -- cable, Internet, and phone services using a single broadband connection -- are granted in Mexico, he said.

Additionally, Slim's America Movil (AMX.N) (AMXL.MX) plans to use $3 billion in investment in 2009 to expand its cell phone empire across Latin America, where it competes against Spain's Telefonica (TEF.MC). (Reporting by Tomas Sarmiento; editing by Gunna Dickson)