May 4, 2017 / 2:14 PM / 5 months ago

Siemens aims to double Africa order intake by 2020

DURBAN, South Africa, May 4 (Reuters) - German industrial group Siemens aims to double its order intake in Africa to more than 3 billion euros ($3.3 billion) by 2020, its chief executive officer Joe Kaeser said on Thursday.

Siemens signed memoranda of understanding with Uganda and Sudan on the sidelines of the World Economic Forum on Africa in the South African city of Durban, as the company seeks to work more closely with the African countries in the areas of power supply, industry, transportation and healthcare.

“Africa’s economies are gaining ground and can develop their full potential with the right partner. Siemens wants to support their sustainable development – with solutions and projects in Africa, for Africa,” Kaeser said.

“Our goal is to double our order intake in Africa to more than 3 billion euros by the year 2020.”

Africa is seen as an investment destination, thanks to abundant resources and a big population.

Siemens on Thursday beat market forecasts for orders, revenue and profits in its fiscal second quarter as all of its operations except the healthcare business it plans to spin off exceeded profit expectations.

$1 = 0.9158 euros Reporting by Olivia Kumwenda-Mtambo; Editing by Mark Potter

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