German conglomerate Siemens has signed a Memorandum of Understanding (MoU) with the Brazilian Trade and Investment Promotion Agency (Apex-Brasil) in São Paulo. The agreement was signed yesterday by André Clark, CEO of Siemens Brazil, and Roberto Jaguaribe, President of Apex-Brasil, at the São Paulo Chamber of Commerce, with Brazilian President Michel Temer and Siemens President and CEO Joe Kaeser attending the event.
Initiatives outlined in the agreement have the potential to unleash a new cycle of sustainable growth in Brazil over the next five years. During this period, Siemens plans to triple its investments in the country to up to €1 billion, focusing on initiatives relating to electrification, automation and digitalization as a means of promoting social and economic development.
The MoU addresses shortcomings in Brazil’s infrastructure in the areas of energy, transportation and healthcare while also supporting greater competitiveness for local industries through increased productivity, which is to be driven primarily by digitalization and enhanced energy efficiency.
Siemens is also committed to continuing its transfer of knowledge by granting software licenses for universities, participating in technology and academic partnerships and offering special training courses. According to Siemens, the initiative has the potential to attract over €50 billion in additional capital expenditure in Brazil from various sources.
This will be done by fostering investments and know-how transfer in strategic segments that have been identified as bottlenecks for the local economy. The resulting more dynamic business environment could create a total of up to 1.2 million jobs, according to Siemens.