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Siemens will invest up to $1 billion in Brazil over the next five years as part of plans to expand business operations within the country, including doubling of revenue by 2017.
The company said a large portion of investments will go to the energy market and to the industry, infrastructure and cities and healthcare sectors.
Siemens also plans to open a new research and development center in Rio de Janeiro, where more than 200 researchers and engineers will work on oil and gas efficiency solutions at the facility.
Nearly $60 million will go toward a new production plant for high- and low-voltage motors and generators and the company expects that plant to open sometime in 2014.
Additionally, the company will also spend around $30 million on a local imaging manufacturing and supply chain plant in Joinville as part of plans to expand the healthcare business in Brazil.
Over the last decade, the company has invested nearly $700 million in capital expenditures and R&D initiatives in the country, opened eight new factories and created more than 4,000 jobs, according to the release.
In fiscal year 2011, Siemens had nearly 10,000 employees and gained $2.8 billion in revenue in Brazil.
Boeing is opening an R&D center in Sao Paolo for aerospace research.
