S Korea-Siemens investment

SEOUL, March 27 (Yonhap) -- Global engineering giant Siemens AG is moving to invest in South Korea's power plants, a move that will help develop the country's energy industry, the Seoul government said Wednesday.

A memorandum of understanding for investment was signed between the Munich-based company and South Korea's Ministry of Trade, Industry and Energy.

"If the planned investment is made, it will mark a mutually beneficial cooperation that will create many quality jobs here while offering Siemens a chance to develop along with the growth of Asia's energy industry," minister Yoon Sang-jick was quoted as saying.

Both the ministry and German company did not provide how much Siemens' investment will be worth.

Michael Suess, the head of Siemens' energy sector, said the company was already taking part in various power plant projects in the country, according to the ministry.

He said the additional investment will further strengthen the company's cooperative relationship with South Korea and its energy industry.

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