Siemens announces investments in Russia of â‚¬1 billion - Expansion of technology partnership and presence in Russia
Moscow, Russia / Munich, Germany, 2011-Oct-17
Over the next three years, Siemens AG intends â€“ together with its partners â€“ to invest â‚¬1 billion in Russia. Peter LÃ¶scher, President and CEO of Siemens AG, announced this initiative in Moscow today at the annual meeting of the Foreign Investment Advisory Council chaired by Russian President Vladimir V. Putin. As a provider of innovative technologies for power generation and transmission, mobility and solutions for urban infrastructures, Siemens can play a key role in Russia's modernization. The company will therefore systematically expand its presence in the country. For example, plans call for the new construction or expansion of locations for production, research and development (R&D) and services in regions such as Yekaterinburg, Perm, St. Petersburg and Voronezh. About 4,000 specialist jobs will be created overall. "Our far-reaching investments underscore Russia's great importance as a strategic core market for Siemens. By entering into a technology partnership, we're supporting the country's ambitious modernization plans and placing our close cooperation with our Russian partners on a new, even broader basis," said Peter LÃ¶scher.