Siemens invests in Africa
"It is now time to raise the entire Africa concept to a new level," chief executive Joe Kaeser told dpa at the World Economic Forum on Africa in the South African city of Durban. The company's boss said it during a visit by a minister-level delegation from Europe's biggest economy.
Enlarge image Siemens (© dpa) The investments will help to fill gaps in infrastructure and to step up the industrialization of the continent, said Kaeser, who signed declarations of intention with Uganda and Sudan on planned projects in the electricity, industry, transport and health sectors. "Our goal is to double business in Africa by 2020 to more than three billion euros," Kaeser said.
Africa offers the German economy "great possibilities," Economics Minister Brigitte Zypries said. German Finance Minister Wolfgang Schaeuble meanwhile urged the international community to step up economic cooperation with Africa, saying a new partnership with the G20 countries could draw more investments to the continent. "We know that Africa is, in a globalized world, one of the biggest geopolitical risks for the growth and stability of the world economy," Schaeuble told dpa in Durban. "If Africa is not stabilized to some extent, we in Europe will have problems that will be difficult to control," the minister said, describing Africa's hunger disasters and waves of refugees as "an extraordinary challenge for the entire civilized humanity."
Cooperation with the G20 can help African countries adopt reforms that will help them attract private investment, especially in infrastructure, Schaeuble said. Concrete details have already been discussed with Rwanda, Morocco, Tunisia, Ivory Coast and Senegal, the minister said, adding that the initiative is expected to continue running after Germany's G20 presidency ends on November 30. The G20 comprises 19 countries and the EU. The countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, Britain and the United States.