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On Tuesday Siemens China Co. Ltd. announced they plan to invest an additional 10 billion yuan (US$1.25 billion) in the country and double their sales volume by 2010.

"The company has fulfilled its previous 10 billion yuan investment commitment made in May 2004," said Siemens China President and CEO Richard Hausmann. "The plan for an additional mid-term investment of 10 billion yuan shows Siemens' unswerving commitment to deepening its roots in China," he added.

Sales by Siemens China rose 37 percent year on year to reach 50.4 billion yuan in the 2006 financial year that ended on September 30 and new orders increased by 15 percent to 56 billion yuan. The growth was mainly fueled by new investments and business expansion, he said.

And Siemens China had seen the number of its research and development personnel rise by 40 percent compared with 2005.

The company opened a new research facility in Beijing in October. Siemens China Corporate Technology, with more than 200 researchers, plans to invest 800 million yuan over the next 3-5 years to build up its research and development capabilities.

Siemens China now has 70 operating companies and 60 regional offices across the country. As investment increases the number of regional offices is expected to reach 100 in 2010.

(Xinhua News Agency December 13, 2006)