Siemens CEO says customers holding back on investments due to Iran war
The Hindu
Siemens said on Monday that the Iran war has led to customers holding back on new investments as prices increase for raw materials and energy.
German industrial giant Siemens said on Monday that the Iran war has led to customers holding back on new investments as prices increase for raw materials and energy.
The war has nearly halted shipping through the Strait of Hormuz, which handles about 20% of global oil and liquefied natural gas flows, as well as damaged major energy facilities in the Gulf. Brent crude futures have jumped 56% since the start of the conflict.
“Growth is throttled because of price increases. You see ... customers holding back their investments. For example, oil and gas customers or petroleum customers who were planning maybe a new plant... so it means investments are slowing down,” CEO Roland Busch told reporters on Monday.
Busch was speaking on the sidelines of the annual Siemens Tech Summit in Beijing, where the company announced it would expand its industrial artificial intelligence partnership with Chinese tech giant Alibaba.
Siemens will provide 26 new services spanning industrial infrastructure, automation and AI-powered applications to Alibaba Cloud customers.
But Busch noted that some Chinese partners have been reluctant to share real-world factory data crucial for training and fine-tuning its models due to concerns about IP issues.
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