Siemens says to invest 10 bln yuan in China

Beijing, Dec 13: German industrial conglomerate Siemens A.G. said it plans to invest an additional 10 billion yuan ($1.28 billion) in China and double its sales volume by 2010, Xinhua reported on Wednesday.

''The company has fulfilled its previous 10 billion yuan investment commitment made in May 2004,'' the news agency quoted Siemens' China chief executive Richard Hausmann as saying.

Sales of Siemens China rose 37 percent year on year to 50.4 billion yuan in the 2006 fiscal year, which ended on Sept. 30, while new orders rose 15 percent to 56 billion yuan, Xinhua said.

The growth was mainly fuelled by new investments and business expansion, Hausmann said.

Siemens China saw the number of its research and development personnel rise 40 percent compared with 2005.

Siemens China now has 70 operating companies and 60 regional offices across the country, said Xinhua.

REUTERS