Siemens and the Argentinean government agree to intensify cooperation

• Focus on the fields of energy, transport and intelligent cities
• Goal is to create employment, support development of local small and medium-sized enterprises, and train future engineers and technicians
• Letter of intent signed today in the presence of Minister of Economic Affairs Gabriel and President Macri

The Argentinean Ministry of National Production, the Argentinean Investment and Trade Promotion Agency and Siemens intend to cooperate closely in the future. Atthe 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 Joe Kaeser, President and CEO of Siemens AG. “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.

About Siemens

Siemens AG (Berlin and Munich) is a global technology powerhouse that has stood for engineering excellence, innovation, quality, reliability and internationality for more than 165 years. The company is active in more than 200 countries, focusing on the areas of electrification, automation and digitalization. One of the world’s largest producers of energy-efficient, resource-saving technologies, Siemens is No. 1 in offshore wind turbine construction, a leading supplier of gas and steam turbines for power generation, a major provider of power transmission solutions and a pioneer in infrastructure solutions as well as automation, drive and software solutions for industry. The company is also a leading provider of medical imaging equipment – such as computed tomography and magnetic resonance imaging systems – and a leader in laboratory diagnostics as well as clinical IT. In fiscal 2015, which ended on September 30, 2015, Siemens generated revenue of €75.6 billion and net income of €7.4 billion. At the end of September 2015, the company had around 348,000 employees worldwide.