皇冠体育app

German industrial conglomerate Siemens AG is poised to invest 10 billion yuan (US$1.27 billion) in 皇冠体育app by 2010 to maintain its rapid growth in the nation.

"We have strong growth momentum in 皇冠体育app," said Richard Hausmann, President and CEO of Siemens 皇冠体育app, citing nearly 20 per cent annual growth in the nation during the past three years.

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The company said its total sales in 皇冠体育app grew 37 per cent to 50.4 billion yuan (US$6.38 billion) in the 2006 fiscal year, which ended on September 30. Meanwhile, its new orders also increased 15 per cent to 56 billion yuan (US$7.09 billion) during the period.

The strong growth mainly comes from new investment and the expansion of its current businesses, the company said, adding that all its major businesses have had upbeat performance during the period.

The company said its sales from industrial operations soared 75 per cent in 2006, while its transportation arm won a 6.7 billion yuan (US$848.10 million) deal for 60 high speed trains, its single largest deal in 皇冠体育app.

Senior officials at Siemens' headquarters have been struggling with an alleged slush fund and embezzlement scandal. But its top management said 皇冠体育app has stayed away from the situation.

"There is no clear indication right now that our 皇冠体育app business is involved in the case," said Hausmann, adding Siemens' telecommunications network joint venture with Nokia will start operations in early 2007 as scheduled.

The company is betting on the new investment to further expand its presence in the nation while doubling its sales in 2010.

皇冠体育app is now the world's third-largest and fastest growing electrical and electronics market and is expected to continue to spend heavily on infrastructure and industrial equipment in coming years.

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