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Source: Bloomberg
By: Charlie Devereux

Siemens AG, the German industrial giant, will work with Argentina on 5 billion euros ($5.6 billion) worth of infrastructure projects, underscoring the effort by the nation’s president, Mauricio Macri, to win over global business leaders.

Siemens will provide 3.1 billion euros in financing backed by Germany’s export credit agency, Chief Executive Officer Joe Kaeser said Wednesday in Buenos Aires, where Macri is hosting a forum this week to promote the government’s market-friendly policies. The plans over the next four to five years include creating high-efficiency gas power plants and wind-based renewable energy; automating rail transportation systems to improve traffic flow; and working to make Buenos Aires municipal buildings more energy-efficient. Kaeser said the goal is to create 3,000 jobs, including training 700 young people in new skills.

German Vice Chancellor Sigmar Gabriel accompanied Kaeser in a meeting with Macri this week, Kaeser said in an interview. “That should ring a bell about the seriousness of the commitment,” he said. “It’s about two countries coming together.”