Business Essentials for Professionals


600 Million Euro To Be Invested By Siemens In A Berlin Project

600 Million Euro To Be Invested By Siemens In A Berlin Project
An industrial and technology hub in the German capital Berlin would be constructed by Siemens with an investment of invest up to 600 million euros ($681 million) as the company seeks to trace its way back to its founding roots.
That part of Berlin where the company, which was place where the forefather of Siemens has set up factories at the end of the 19th century, has been selected for the investment for the creation of a new Siemensstadt, or a Siemens city.
The Project – a modern, urban district of the future would be constructed out of a currently existing large industrial area situated in Spandau, and which expands over an area of more than 70 hectares. Siemens said that the aim of this project is to create an environment where innovation and collaboration between sciences and business would be fostered and promoted.
Another section of the project is the development of a technology park and base for business start-ups at Siemens' current property in Spandau by the end of 2030.
The company said that Siemensstadt would house research and business activities in fields such as distributed energy systems and energy management, electric vehicle technology, machine learning, artificial intelligence, data analytics and blockchain.
Siemens wants to show that it is committed for the long term to Germany as being a preferred business destination, the company said. While Siemens said that it was too early to put any number on the number of people who may be employed, it is expected that the project and the subsequent investments by industries would create hundreds of jobs.
As part of a restructuring plan to achieve 500 million euros in cost savings, it would cut about 2,900 jobs in Germany, the company said last month.
Research and investigations in to conventional power plant technology would also be conducted at an industrial and scientific campus on the Berlin site, said the trains-to-industrial-turbines group.
The example of the original Siemmensstadt by helping to shape future industry would be followed by Siemens fort the new Siemensstadt, said Chief Executive Joe Kaeser.
"The idea behind the founding of Siemensstadt in 1897 was to combine space for working, researching and living to cultivate a beneficial symbiosis for a successful future," he said.
"Today, too, we need to rethink the future of work. Working, learning and residential living will be more integrated, and increasing connectivity among people and things will create new ecosystems."
There would be a chance of the creation of new jobs in addition to boosting of Berlin as a centre for innovation and science, said Berlin mayor, Michael Mueller.

Christopher J. Mitchell

Markets | Companies | M&A | Innovation | People | Management | Lifestyle | World | Misc