Siemens to invest 5 billion dollars in projects in Argentina

Buenos Aires, Dhu-AlHijjah 14, 1437, Sep 15, 2016, SPA — Siemens plans large scale investments in projects in Argentina in the coming five years, the company’s
chairman said Wednesday in Buenos Aires after meeting President Mauricio Macri, dpa reported.
Joe Kaeser, chief executive of the German engineering conglomerate, said after meeting Macri that the company has designated 5 billion euro (5.6 billion dollars) for investment in the South American country. German Economy Minister Sigmar Gabriel also took part in the meeting.
The investment would be in infrastructure, energy and transportation projects and would create 3,000 direct jobs and up to 7,000 indirect jobs, according to the company. A significant portion of the planned construction of electricity-generating plants for the delivery of 5 gigawatts is to be based on renewable energy sources. Few countries have the sun and wind resources that Argentina has, Siemens said.
Siemens will make available 3.1 billion euro for the project, Kaeser said. Macri, who took office in 2015, has put in place economic reforms that offer a good opportunity to invest in Argentina, the chief executive said.
— SPA
04:00 LOCAL TIME 01:00 GMT