Siemens unveils EUR1 billion Chinese investment

17 May 2004

German equipment manufacturer Siemens says it plans to invest EUR1 billion (USD1.19 billion) in China over the next few years and double its sales there within five. The company also hopes to increase its mobile phone production capacity from 14 million units to 20 million by 2005. It is ramping up its Asian investment to counteract declines in its traditional European markets. Earlier this month it inked a mobile-phone distribution deal with the country’s largest handset producer, Ningbo Bird. Siemens employs 30,000 people in China and currently generates annual revenues of EUR4 billion from its Chinese operations.