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Business

Siemens Calls for More Investment in Asia

The head of engineering giant Siemens called on fellow German industrialists to increase their investment in the hot markets of Asia or risk falling farther behind. In an interview with the business daily Handelsblatt, Heinrich von Pierer acknowledged there were risks involved in doing business in Asia, but few major German companies could afford not to. "The risks are even larger in not being there and not profiting from the growth activities," he said. The chief of one of Germany's most active companies in China said that although Germany was focused on western industrialized markets, Asia was growing in importance for exporters, especially in the engineering and automotive fields. German-US carmaker DaimlerChrysler announced Sunday it was planning to launch a new sales offensive in China. Volkswagen also has stepped up its presence in the region.