Siemens to Invest $5 Million

German electronics giant Sie­mens plans a minimum investment of $5 million in Cam­bodia over the next three years, and that figure may grow, the company’s Cambodia managing director said Monday.

“The opportunities for Siemens here are enormous,” Wolfgang Kitz said at a press conference at the Hotel Inter-Continental.

The opening of the Phnom Penh office on Monday, less than two weeks before the July 26 elections, is no coincidence, he said.

“We’re opening now before the elections to show our confidence in the country,” he said. “We be­lieve the election will run very smoothly and nothing will happen.”

Christian Urbanke, managing director of Siemens in Malaysia, would not mention any specific projects, but said the company is active in the power, transportation, information technology, lighting, and health care industries.

Urbanke noted that Siemens’ Mal­aysian office started out six years ago with a staff of five and $1 million in turnover. Last fiscal year, he said, the firm employed 700 and had a turnover of $300 million. “We’re really convinced that Cambodia has a growing economy,” Urbanke said.

One potential project could be solar power for remote villages, said Christophe Inglin, managing director of Siemens Showa Solar Pte Ltd, based in Singapore.

“Solar power is one of the ideal sources for power for telecommunications and transportation,” Inglin said, adding that it can be used for water pumps.

The Asian economic slowdown does not concern the manufacturing giant. It is not interested in short-term profits, Urbanke said.

“Asia is the business place of the future, and it will overcome the current crisis,” he said.

There are no current plans to open any factories, he said, be­cause of concerns about the country’s lack of infrastructure.

He added that the company will reinvest the bulk of any profits garnered in Cambodia. The company plans to open technology schools similar to the ones it operates in Malaysia, Urbanke said.

 

Related Stories

Latest News