Siemens sees the light of India

10 Feb 2005

German manufacturer Siemens AG says it plans to invest up to USD500 million over the next three years in bolstering its presence in India. The company sees the country as its main regional export hub in coming years and will expand R&D activities and increase production there to meet latent demand. The announcement comes hard on the heels of a similar statement from Swiss/Swedish rival ABB which is strengthening its presence in India to meet demand for automation technology and control systems across the Indian sub-continent and Middle East regions. With the Indian economy forecast to grow by around 6.25% in 2005, the country is fast becoming a more appealing option for manufacturing companies than China.