Siemen’s, Germany’s industrial giant, has changed its stance toward the Brexit vote asserting that it would continue to invest in the UK amid fears of the long term implications of the vote to leave the European Union.
Siemens to Continue Investing in the UK despite Brexit
In a statement to media companies, Joe Kaeser, Siemens chief executive said that his company was fully committed to continuing its manufacturing activities in the UK.
The industrial company employs up to 14,000 people in its 13 UK-based manufacturing plant.
Earlier, in the lead up to the British referendum vote to leave the EU, Siemens had warned that a vote to leave would have adverse effects on the company’s investments in the country.
Siemens specializes in the manufacture and export of high value engineering and technology products including gas turbines and medical scanners.
Speaking to the House of Commons earlier, Mr. Kaeser pointed out that the UK is and continues to be a great place to do business whether or not it was part of the EU.
He however urged Theresa May to clarify the country’s trade position with the rest of the Eurozone, to provide businesses with some clarity.
Barriers to trade
Prior to the referendum, the engineering giant was at the forefront in expressing the potentially negative effects of Brexit.
In the spring, Siemens announced that the potential increase in costs and the uncertainty resulting from the UK exiting the EU could make the country a less attractive place to continue to do business.
The company further warned that it would put on hold its plans to export wind turbine blades manufactured from a recently established facility in Hull. The Hull manufacturing hub in which some £310m was invested is set to employ an estimated 1,000 people.
Siemens asserts that this major investment will proceed and it will be pivotal in meeting domestic demand. However, Mr. Kaeser warned that new trade barriers could impinge exports to Germany and Denmark.
The industrial giant has deep links with the UK dating as far back as 170 years ago.