The Germany-based automation company, Siemens, has confirmed it is set to make its biggest investment ever in a move that will see up to $681mn invested in Berlin.
The investment will see the funds put into developing Siemensstadt (Siemens City) 2.0 which aims to transform a large industrial area into a modern, urban district of the future for a number of different uses.
It is hoped that the investment will help to strengthen key technologies and innovation fields in partnership with the scientific and business communities.
"The idea behind the founding of Siemensstadt in 1897 was to combine space for working, researching and living to cultivate a beneficial symbiosis for a successful future. Today, too, we need to rethink the future of work. Megatrends like industrialization and urbanization will usher in fundamental changes,” said Joe Kaeser, President and CEO of Siemens AG.
“Siemens is the global market leader and thought leader in automation and industrial digitalisation. This leadership is precisely what Siemensstadt 2.0. is all about. We want to lead the way in shaping Industry 4.0 in the socioeconomic environment.”
As part of the project, it has also been confirmed that Spandau, Siemens’ existing property, will be transformed into a technology park and base for business start-ups before the end of 2030.
The project is part of Siemens’ long-term commitment to Germany as a business location for its employees, residents and the metropolitan area.