The German industrial conglomerate Siemens has announced significant investments in factories in China and Singapore, as it pursues a strategy of diversifying in Asia while expanding in the Chinese market despite growing geopolitical tensions.
Chief executive Roland Busch told a news conference in Singapore on Thursday that Siemens would invest €2bn globally this year to increase its manufacturing capacity, starting with a factory expansion in China and the opening of a high-tech plant in the city-state.
The doubling down on China comes after Busch had described it as a driver of technological innovation, but Siemens is also hedging against overreliance on a country where US restrictions have been making it difficult to operate — by choosing Singapore as a hub for exports into south and south-east Asia.