SAO PAULO, Brazil-Mobile phone maker Siemens said it will invest $40 million in Brazil to foster the development of mobile phones, cordless phones and wireless modules, a move the company said will help triple its production capacity by the first quarter of next year.
The move is an acknowledgement of the potential of the Latin American region, and Siemens’ successes in the area.
Siemens said it will export mobile phones and cordless phones worth more than $50 million to Latin America. In addition, the company said it wants to export telecommunication software worth more than $80 million over the next few years to the region.
“After focusing last year on the Brazilian market and its GSM boom, we will now serve the various markets in the region from Brazil”, said Joe Kaeser, Siemens’ chief financial officer. “As the clear market leader for GSM mobile phones in Brazil, we want to now extend this success story further to cover the whole of Latin America. We will achieve this through considerable expansion of our local production and innovations from local research and development. This will allow us to respond even quicker to the needs of this growth region.”
