Siemens to spend over US$1b in nation over next four years
By Wang Xu (China Daily)Updated: 2006-12-14 09:08
"We will focus on key growth enablers, including R&D, sourcing, production, and regionalization to secure sustainable profitable growth," said Hausmann.
The company will add 30 regional offices from its current 60 to stay close to local clients. Meanwhile, it expects to double its R&D staff in the nation.
Siemens opened its technology centre in 2006 and increased its R&D workforce by 40 per cent. The company will invest 800 million yuan (US$101.27 million) within five years to enhance its R&D capacity.
"The investment is a very conservative figure, though we don't have a specific time-table," said Jill Lee, chief financial officer of Siemens China.
The company committed a 10 billion yuan (US$1.27 billion) investment in May 2004 as international industrial giants piled into China for new growth opportunities.
ABB, a Swiss-headquartered industrial giant, said earlier this year it would gear up its investments in China to maintain 20 per cent annual growth.
(China Daily 12/14/2006 page10)
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