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Siemens eyes US$2.9b deals from stimulus

Siemens AG expects to secure new orders worth about 20 billion yuan (US$2.9 billion) from China's stimulus program over the next three fiscal years from 2010 to 2012, the German industrial giant said yesterday.

These are part of orders of around 15 billion euros (US$21 billion) that Siemens expects to win from economic stimulus programs worldwide. About 40 percent, or 6 billion euros, will be for environmental-related technology and infrastructure.

Siemens said it based the forecast on an initial systematic analysis of the largest stimulus programs.

To overcome the global economic crisis, governments around the world have unveiled stimulus programs of around 2 trillion euros, Siemens said, adding that roughly one-third of this total is slated for investment in infrastructure projects.

The Chinese government unveiled a 4 trillion yuan stimulus package in November last year to prop up its slowing economy. Siemens had also announced an additional investment of 1.35 billion yuan to expand production capacities for alternative energies over the next three years in China, on top of a 10 billion yuan investment pledged in 2006.

"By widely applying our leading technologies and solutions across the country, we have already become an integral part of China's economy," Richard Hausmann, president and CEO of Siemens China, said yesterday. "At a time of a slowing economy, it is imperative that we join the concerted efforts of the country to overcome these daunting challenges."

Earlier this year, Siemens supplied signaling and train control systems to China's first intercity mass transit in Guangdong Province, and unveiled a new transformer producing facility in Hubei Province.

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