(Yicai Global) June 8 -- German industrial manufacturer Siemens AG has signed more than 10 cooperation agreements to help Chinese companies enter foreign markets under the framework of the Belt and Road initiative.
The list of 10 includes units of Chinese state-owned firms such as China National Chemical Engineering Group, China Railway Construction International Group, and China Civil Engineering Construction Group, reported the Economic Information Daily which runs under the auspices of state-backed Xinhua News Agency. The firms plan to partner in fields such as power generation, energy management, construction technology, and smart manufacturing in countries and regions including South America, Indonesia, the Philippines, Nigeria, and Mozambique. The agreements were signed at The Belt and Road Forum for International Cooperation held in Beijing from June 6-7.
The Belt and Road initiative involves about 90 countries and regions, said Joe Kaeser, president and chief executive officer of Siemens, adding that the total infrastructure investment is expected to reach EUR1 trillion. Thus, Belt and Road will generate new opportunities in almost all industries and can improve the lives of more than 70 percent of the world's population, Kaeser added.
Introduced by Chinese President Xi Jinping in 2013, Belt and Road is an investment strategy which includes road, railway, and pipelines from Asia to Europe, Africa, and South America.
Siemens has a comprehensive technology portfolio and a long history of operations in these regions, said Kaeser. Therefore, the firm can accurately grasp the needs of local markets and create value for local communities.
Siemens, founded in 1847, has teamed up with hundreds of engineering outsourcing companies in China to develop markets in more than 100 regions. With more than 32,000 employees in China, Siemens' total revenue reached EUR7.2 billion last fiscal year.
Editor: Emmi Laine