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Wednesday, March 29, 2023

Siemens scours south-east Asia for deals to diversify from China

Siemens is scouting for investments in south-east Asia to diversify away from China, as multinationals work to reduce supply chain risks against a backdrop of geopolitical tension between the west and Beijing.

The German group, one of the world’s biggest industrial conglomerates, is taking on staff and considering adding factories in fast-growing economies including Indonesia, Vietnam and Thailand, said Judith Wiese, Siemens’ chief people and sustainability officer, in an interview.

“It is a very varied region, but one that has a lot of potential and with the world talking very much about the US and China from a diversification perspective, it is very interesting for us,” Wiese, also a member of Siemens’ management board, said in Singapore.

Rising tension between Washington and Beijing has made many multinationals wary of their dependence on China. Supply chains are…

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