UPDATE 1-Mexico's Slim eyes $7.7 billion investment in Brazil in coming years

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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) (Reporting by Lisandra Paraguassu; Editing by Kylie Madry)