BRASILIA, April 19 (Reuters) - Mexican magnate Carlos

Slim is considering investing more than 40 billion reais ($7.70

billion) in Brazil in the coming years, he said on Friday, after

meeting with President Luiz Inacio Lula da Silva in Brasilia.

Slim, whose family controls telecommunications giant America

Movil, said the investments would be made in Brazil's

5G and fiber-optic networks. America Movil-owned Claro is a huge

player in the South American country's telecom sector.

"In the past five years we've invested more than 50 billion

(reais), and we are now thinking about more than 40 billion

reais for the next four or five years," Slim told reporters at

Brazil's presidential palace.

Asked if he would mull buying embattled Brazilian

telecom firm Oi, which is in bankruptcy protection,

Slim said he was not considering purchasing any company in Latin

America's largest economy.

Instead, "we are thinking about investing more and

competing more," he said.

($1 = 5.1969 reais)