Siemens unveils 60 million euro investment strategy for Russia

Siemens has announced plans to invest in the development of the Skolkovo innovation hub outside Moscow as much as 60 million euros.

Peter L?scher, Siemens? CEO and president, said at a press briefing earlier this month that his company is investing 40 million euros in Russia with plans to set up as many as 90 different R&D centers in tight cooperation with Skolkovo. East-West Digital News, the international resource on Russian digital industries, reported yesterday, citing Elec.ru, that Siemens 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 20 million euros it expects to borrow from the Russian government, L?scher also revealed. The Skolkovo program already has soaked up a reported $250m, and its full launch remains months, if not years, away...