Siemens AG (SI) said Friday it wants to make an additional investment of roughly EUR200 million in Africa within the next two years to strengthen its sales in the continent.
Siemens AG (SI) said Friday it wants to make an additional investment of
roughly EUR200 million in
Africa
within the next two years to strengthen its sales in the continent.
"Renewable energies, in particular, have a huge potential in
Africa
,"
said Siemens' Chief Executive Officer Peter Loescher at a press conference
Friday in
Johannesburg
,
marking Siemens' 150th anniversary in
South
Africa
.
According to the German industrial conglomerate, the first large-scale wind and
solar projects in
Africa
will probably be announced
later this year. Siemens also said it will tap additional African business
fields by introducing medium-priced products that have been especially
developed for emerging countries.
Last year Siemens said it wanted to triple new orders received from
Africa
to
EUR3 billion by fiscal 2012, compared with a EUR1 billion order intake from
Africa
in
fiscal 2009, which ended Sept. 30.
Siemens said it is targeting a 10% market share in
Africa
by
2012, adding the overall volume of the African market served by products from
the company is a little less than EUR30 billion per year.
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