German engineering giant Siemens has announced plans to triple its investments in Brazil. It said the new resources would mainly go into electrification, automation and digitalization projects across the nation.
German industrial group Siemens announced plans Wednesday to invest €1 billion ($1.24 billion) in Brazil over the next five years as Latin America's largest economy strengthens its recovery from a painful recession.
The German company said it had signed an accord with APEX, Brazil's Trade and Investment Promotion Agency, committing to a number of projects "to unleash a new cycle of sustainable growth" in the country of 207 million people.
Siemens added it would focus on electrification, automation and digitalization projects in the energy, healthcare and transportation sectors.
Business confidence returning
CEO Joe Kaeser said his company wanted to help Brazil respond to the technological changes shaking up industries worldwide.
"It's important to act quickly to build the necessary infrastructure in energy and mobility and create a well-trained workforce," Kaeser noted.
Brazilian President Michel Temer welcomed the German firm's investment plan, saying it was the latest sign "of the return of confidence to Brazil's economy."
Siemens has a long history in the Latin American nation where it owns 14 factories and seven centers for research and development, employing nearly 6,000 people.
hg/jd (AFP, dpa)