German industrial giant Siemens said it would build a new high-tech factory in Singapore and expand another in China as part of a two billion euros (S$2.9 billion) investment plan to build up its manufacturing capacity.
Siemens said it would invest around 200 million euros in the Singapore factory that would focus on industrial automation, and"set a new standard for connectivity".
Business daily Handelsblatt reported that Siemens had originally planned to set up the factory in China but finally turned to Singapore to reduce its reliance on the Asian giant.Siemens said it would expand its digital factory in Chengdu, China, investing 140 million euros and bring 400 new posts."Many of Siemens' Chinese customers are early adopters of new technologies especially in digitalisation and high-tech manufacturing," it said in a statement.
Details on further investments in Europe and the United States across the globe are expected to follow, said Siemens.
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