Siemens AG said it had signed a range of new orders worth about CNY2 billion with Chinese firms and its environmental business accounted for a significant proportion of those deals.
Peter Loscher, president and CEO of Siemens AG, told local media that economic stimulus programs have been adding momentum to the green technology market, especially in new emerging markets like China. Peter said that green products and solutions have stabilized Siemens' business during the global economic recession.
Richard Hausmann, chief executive of Siemens Northeast Asia, said with its combined services that can meet the demand of China's economic stimulus programs, Siemens will further expand its businesses in China. Hausmann added that Siemens is fully on track to reaching its target of generating CNY20 billion from China's stimulus programs until 2012. According to Hausmann, Siemens has signed deals in airport logistics, signaling and rolling stock with a total value of about CNY1.3 billion in China.
It is learned that in addition to a CNY1.35 billion investment in green businesses it pledged earlier this year, Siemens will invest CNY500 million more in its operating companies in Tianjin over the next three to five years. Most of the investment will be used on expanding wind power facilities to meet the ever increasing demand in China's wind power market.