Siemens has announced that it intends to increase its investment in China by an additional €150m (£138m) over the next three years.
The investment will include the expansion of alternative energy production capacities and will be in addition to the €1bn that the company has already committed to investing in the country by 2010.
The Chinese government is currently initiating environmental protection, water industry and technological innovation projects in order to stimulate its economy. Siemens sees this as an ideal market to increase its €19bn revenue from green technologies.
Peter Löscher, president and chief executive of Siemens, said: ‘China is our largest market after Germany and the US, and a key driver of our worldwide business. With the planned investments, we want to further expand our presence in this vital market.’
Richard Hausmann, president and chief executive of Siemens’ Chinese subsidiary, said: ‘Although the overall energy consumption in China is slowing down in the course of the economic downturn, the need for environmental friendly and efficient technologies is unchanged in order to replace old and environmentally critical technologies, and to secure a safe power distribution.’