Siemens to invest 1bn euros in Brazil

Frankfurt am Main: German industrial group Siemens announced plans on Wednesday to invest a billion euros in Brazil over the next five years, as Latin America's biggest economy cements its recovery from a brutal recession.

In a statement, Siemens said it had signed an accord with APEX, Brazil's Trade and Investment Promotion Agency, committing to a string of projects to "unleash a new cycle of sustainable growth" in the country of 207 million people.

As part of the deal, Siemens plans to triple its investments in Brazil "to up to one billion euros" ($1.2 billion) over the next five years, mainly focusing on electrification, automation and digitalisation projects in energy, healthcare and transport, as well as training and education initiatives.

Siemens -- whose products range from wind turbines to trains to medical equipment -- has a long history in Brazil where it owns 14 factories and seven centres for research and development, employing nearly 6,000 people.