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Siemens scours south-east Asia for deals to diversify from China

German group considers adding factories in Indonesia, Vietnam and Thailand as it tries to reduce supply chain risks

Siemens is scouting for investments in south-east Asia to diversify away from China, as multinationals work to reduce supply chain risks against a backdrop of geopolitical tension between the west and Beijing.

The German group, one of the world’s biggest industrial conglomerates, is taking on staff and considering adding factories in fast-growing economies including Indonesia, Vietnam and Thailand, said Judith Wiese, Siemens’ chief people and sustainability officer, in an interview.

“It is a very varied region, but one that has a lot of potential and with the world talking very much about the US and China from a diversification perspective, it is very interesting for us,” Wiese, also a member of Siemens’ management board, said in Singapore.

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