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Business

Siemens banks on Mexico for business

The German industrial conglomerate has announced a multi-million euro investment in Mexico, saying it is one of the 'most interesting markets' despite recent anti-Mexican rhetoric by the new US president Donald Trump.

After talks with Mexico's Economics Minister Ildefonso Guarjardo on Tuesday, Siemens chief executive (CEO) Joe Kaeser said his company would invest $200 million (189 million euros) in the Central American country over the next ten years, creating about 1,000 jobs.

The two sides signed a memorandum of understanding for the delivery of oil sector equipment to be sold by Siemens to state-owned Mexican company Pemex. Last year, Mexico began to deregulate its oil industry allowing foreign companies to invest.

"[With the investment] we underscore our commitment to Mexico," CEO Kaeser said, adding that the country could "count on Siemens."

US-Mexican spat

Mexico has been under pressure from the Trump administration who blames the country for de-industrializing America by attracting US companies by offering low wages and poor working standards. Washington has vowed to curb massive imports from the country by slapping a border tax on products made in Mexico.

CEO Kaeser was critical of the moves planned in Washington, noting that "trade brings freedom and well-being for all."

The German engineering giant looks back at more than 100 years of doing business in Mexico and currently runs nine plants, two logistics centers and a research division in the country. Its business there grew by 41 percent and 32 percent in 2015 and 2015 respectively.

Siemens' Mexico chief Louise Goeser said the country was "one of the most interesting markets" because Mexico was "competitive, with a huge potential for growth."

Apart from Mexico's oil industry, Siemens eyes additional contracts from the renewables sector as the country aims to generate half of its electricity from wind and solar energy by 2050.

Watch video 01:52

Engineering giant Siemens on the cusp of a new era

uhe/jd (dpa, AFP)

 

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