German-based Siemens declared its future plans of investing 1 Billion Euros in Brazil. The investment will last for coming five years. Brazil which is considered as the biggest economy in Latin America is heading up from the atrocious recession.
Siemens stated that it had inked an agreement with Brazil’s Trade and Investment Promotion Agency, Apex Brazil’s Trade and Investment Promotion Agency.
According to the deal, the company is also in plan triple the investment amount in Brazil. The investment will be focused on the major sector such as digitalization, electrification, education programs, energy, transport, healthcare, and automation.
While the signing ceremony held in Sao Paulo, Brazilian President Michel Temer and Joe Kaeser CEO of were present Siemens. Kaeser stated that the motive behind the investment is to help Brazil to adopt the technological changes that are evolving global industries.
He also mentioned in his statement that Brazil can reap maximum benefits from these opportunities. Owing to which it is critical to respond instantly to construct the required infrastructure in mobility and energy as well as create a compliant workforce.
President of Brazil hailed the plans of Siemens and considered as sign confidence returning back in Brazil’s economy. He in his tweet said, “We’ve been working furiously over this since last 22 Months, developing a complementary environment for investment and business.”
Siemens has a great history with Brazil in terms of business. It has seven research and development centers and 14 factories employing nearly 6,000 people.
The country has recently declared the rise in the economic growth compared to the constant contraction of two years. The rise in economic figures was driven by strong growth in the agro sector.
For 2018, the government is projecting growth of 3%.
To spur Brazil’s economy, Temer has also organized privatization program, austerity cuts, and loose labor and proposals that are profoundly infamous among Brazilian population but are known by investors.