Munich, Germany: Siemens AG, the German industrial conglomerate, has unveiled plans to invest €2 billion ($2.2 billion) in expanding its high-tech manufacturing capabilities worldwide.

This investment includes the construction of a new plant in Singapore and an expansion of its existing facility in Chengdu, China.

Siemens will allocate €200 million to establish a new state-of-the-art plant in Singapore, dedicated to producing factory automation devices. This strategic move aims to meet the increasing demand for such products in Southeast Asian markets. The investment not only highlights Siemens’ commitment to serving the region but also underscores its confidence in the growth potential of the Southeast Asian economy.

In addition to the Singapore plant, Siemens will expand its digital factory in Chengdu, China, with an investment of €140 million. This expansion will create approximately 400 new jobs and will also involve the establishment of a new research and development center. These initiatives reflect Siemens’ dedication to strengthening its presence in China, a vital market for the company.

Siemens further revealed that it has plans for additional investments in Europe and the United States, which will be announced later this year. The company aims to increase its development spending by an additional €500 million, underscoring its commitment to advancing technological innovation and driving growth across multiple markets.

“With these significant investments, Siemens reaffirms its position as a global leader in high-tech manufacturing,” stated the company in a press release. “We are committed to expanding our presence in key regions worldwide and contributing to the advancement of digitalization and automation.”

Siemens’ substantial investment demonstrates its focus on seizing opportunities in emerging markets while enhancing its manufacturing capabilities in established markets. By strengthening its global footprint, Siemens aims to remain at the forefront of technological advancements and deliver cutting-edge solutions to its customers worldwide.