German industrial conglomerate Siemens AG signed a letter of intent on Wednesday to participate in up to US$5.6 billion of energy, transportation and infrastructure projects in Argentina, Chief Executive Joe Kaeser said.
Kaeser, who made the announcement at a business forum in Buenos Aires, said Argentine President Mauricio Macri is rapidly overhauling the country's economy and that now is the time to invest there.
I'm a happy man today because we can help rebuild the country, Kaeser said, adding that if other investors don't act fast they may lose out on big opportunities in Argentina. I would urge everyone to think about it twice before waiting because tomorrow it may be too late.
The commitment from Siemens, which could be the biggest yet from any company since Mr. Macri took office in December, is a vote of confidence in the Macri administration and Argentina's potential as a producer of renewable energy, Kaeser said.
Siemens said the company would offer about US$3 billion in financing for the projects, which he said would create 3,000 direct and 7,000 indirect jobs in Argentina. The projects include plans to generate 5 gigawatts in energy, he said.
This country has fabulous opportunities in renewable, in both solar and wind Kaeser said.
Siemens said in a statement that it plans to double its business in Argentina by 2020. Beyond the statement and Kaeser's comments, though, it was unclear exactly what role Siemens would play in the projects or how the financing would be used.
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Wait for it, the K complaints will start, I predict:Sep 15th, 2016 - 05:50 pm 0
1. They are selling Argentina - This is nonsense, Siemens are investing in Argentina, not buying land that legally becomes part of another country (unlike what CFK allowed China to do in Argentina).
2. Siemens are a bad, corrupt company. Yes, they were caught for corruption and paid the price. Why do you have such high standards for companies who want to invest but not for your politicians?
3. And other nonsense.
When I posted Apart from ...helping Siemens announce the intention to provide us with 6,000 jobs... what did Macri ever do for us? Reekie challenged me on the basis that it was just a promise and may not lead to a substantive improvement. It looks like things are progressing well. :-)