Siemens unveils ˆ40 million investment strategy for Russia
Apr 29, 2013
Peter Löscher, Siemens’ CEO and president, said at a press briefing earlier this month that his company is investing ˆ40 million in Russia with plans to set up as many as 90 different R&D centers in tight cooperation with Skolkovo.
It is the first German company to put up a sizable amount of funds to participate in the development of the state-sponsored innovation hub under construction outside Moscow.
Over the next two to three years, the German technology giant will not only complete this investment but will also add another ˆ20 million it expects to borrow from the Russian government, Löscher also revealed.
The Skolkovo program already has soaked up a reported $250 million, and its full launch remains months, if not years, away.
It is the first German company to put up a sizable amount of funds to participate in the development of the state-sponsored innovation hub under construction outside Moscow.
Over the next two to three years, the German technology giant will not only complete this investment but will also add another ˆ20 million it expects to borrow from the Russian government, Löscher also revealed.
The Skolkovo program already has soaked up a reported $250 million, and its full launch remains months, if not years, away.