Siemens seeks growth in Latin America, to keep investment pace

SANTIAGO Sat Jan 26, 2013 11:12pm IST

The logo of Siemens AG company is pictured atop a factory in Berlin October 9, 2012. REUTERS/Fabrizio Bensch

The logo of Siemens AG company is pictured atop a factory in Berlin October 9, 2012.

Credit: Reuters/Fabrizio Bensch

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SANTIAGO (Reuters) - Siemens(SIEGn.DE) wants to grow in Latin America and intends to maintain its investment pace in the dynamically-growing region, the CEO for South America, excluding Brazil, told Reuters on Saturday.

The German conglomerate had said on Wednesday it would stick with its focus on cost cuts to catch up with peers such as General Electric(GE.N) as a weak global economy saps demand for factory equipment.

Daniel Fernandez said mining, energy and infrastructure are the most interesting sectors in export-dependent Latin America, which has significant metal wealth, growing power needs and growing cities.

"Latin America is a very interesting market ... today it's more interesting than ever," Fernandez said on the sidelines of the Community of Latin American and Caribbean States (CELAC) and European Union (EU) business summit.

"We want to continue growing strongly in Chile and the other Latin American countries. We've already been growing strongly and we're going to maintain this rhythm with which we'll better our local presence."

Fernandez declined to give details of the company's investment plans. He added Siemens is not interested in selling assets in Latin America.

The engineering group makes products ranging from fast trains and gas turbines to hearing aids.

EU leaders took their hunt for economic growth to Latin America this weekend as the bloc tries to emerge from three years of crisis.

(Reporting by Alexadra Ulmer; Editing by Vicki Allen)

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