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Siemens to allocate $3 bln to fund projects in Argentina

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Siemens to allocate $3 bln to fund projects in Argentina

Siemens AG, a German industrial group, signed a memorandum of intentions with the authorities of Argentina on the participation in energy, transportation and infrastructure projects of a total volume of $5,6 bln, Siemens CEO, Joe Kaeser, announced over the course of a business forum in Buenos Aires.

According to Joe Kaeser, President of Argentina Mauricio Macri intends to intensively develop infrastructure, what will create favorable environment for investments into the country.

“Today I’m happy, because we can help in rebuilding the country,” said Joe Kaeser. He noted that Siemens would allocated approximately $3 bln to the projects providing for the creation of 3,000 jobs and 7,000 indirect employment.

One of the projects, which is to be implemented with the participation of Siemens, is the construction of an energy unit with the capacity of 5 GW of power energy.

“Argentina has an excellent potential in the field of renewable sources of energy, including solar and wind energy,” he added. According to Joe Kaeser, Siemens plans to double the volume of its business in Argentina by 2020.

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