Siemens plans $5.6 bln projects in Argentina

German industrial conglomerate Siemens AG is planning to participate in $5.6 billion worth of energy and infrastructure projects in Argentina, its Chief Executive Joe Kaeser announced Wednesday.

Kaeser, who made the announcement at a business forum here, said President Mauricio Macri is rapidly overhauling Argentina’s economy and that now is the time to invest in the country.

“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, the biggest yet from any company since Macri took office in December, is a vote of confidence in the Macri administration, which has promised it would attract billions in new investment and jump-start the economy.

Source: MarketWatch