Siemens and the Argentinean Government Sign Letter of Intent

Siemens and the Argentinean Government Sign Letter of Intent

BUENOS AIRES, Argentina — The Argentinean Ministry of National Production, the Argentinean Investment and Trade Promotion Agency and Siemens intend to cooperate closely in the future. At the Argentinean Business Investment Forum in Buenos Aires, Joe Kaeser, CEO of Siemens AG; Lisa Davis, member of the Siemens AG Managing Board; Francisco Cabrera, Argentinean Minister for Production; and Juan Procaccini, Executive Chairman of the Argentinean Investment and Trade Promotion Agency, signed a corresponding letter of intent. Argentinean President Mauricio Macri and German Minister of Economic Affairs Sigmar Gabriel were on hand for the signing. The agreement sets out the intent to develop solutions in the fields of energy, transport, and intelligent cities.

The strategic drivers of the value proposition included in this Letter of Intent comprise amongst others:

  • Improving the efficiency, reliability and operation of the power-generation network in consideration of different scenarios and global best practices.
  • Supporting the modernization plans in the areas of railway transport infrastructure (e.g. electrification, signaling, communications and rolling stock solutions)
  • Smart grid and intelligent traffic systems
  • Creation of up to 3000 direct jobs; 7000 indirect jobs
  • Potential financing and investment of up to Euro 5 billion

“Siemens plans to double its business in Argentina before 2020, fostering local content, creating new jobs and expanding training opportunities for the young generation – for instance for jobs that require digital knowhow and create a better planet,” said Kaeser. “Therefore, we will help strengthen Argentina’s path towards a ‘green economy’.”

Through the work to be done as part of this cooperation agreement, Siemens is committed to contribute to growing the economy, creating jobs and training Argentineans in engineering-related disciplines.

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