HomeRegional NewsEast AfricaSiemens sees high return in African market

Siemens sees high return in African market

German manufacturing and electronics firm, Siemens, has set the bar high aiming to double its order intake in Africa to more than $3.3 billion by 2020, its chief executive officer Joe Kaeser said on Thursday.

The conglomerate signed a memorandum of understanding with Uganda and Sudan during the World Economic Forum held in Durban, South Africa this week, Reuters reported.

The investment has been earmarked for developing power supply, industry, transportation and healthcare.

Africa a pool of opportunity

“Africa’s economies are gaining ground and can develop their full potential with the right partner. Siemens wants to support their sustainable development – with solutions and projects in Africa, for Africa,” Kaeser said.

“Our goal is to double our order intake in Africa to more than 3 billion euros by the year 2020.” Read more…

According to Reuters, “Siemens on Thursday beat market forecasts for orders, revenue and profits in its fiscal second quarter as all of its operations except the healthcare business it plans to spin off exceeded profit expectations.”

Biznis Africa quoted Brigitte Zypries, German Federal Minister for Economics and Energy: “Africa is a continent with economic opportunities and the German industry is an outstanding partner for the countries of Africa to realise these opportunities.

“I am very pleased that with the agreements signed today, good progress is being made towards the goal of better infrastructure and thus more growth and employment. I particularly welcome the training programme because well-trained skilled workers are a key pillar of prosperity and development. And it is precisely these elements that I also support with the ‘Pro! Africa’ plan.” Read more…


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Ashley Theron
Ashley Theron-Ord is based in Cape Town, South Africa at Clarion Events-Africa. She is the Senior Content Producer across media brands including ESI Africa, Smart Energy International, Power Engineering International and Mining Review Africa.