Chinese Firm to Invest in German Plant

Other deals between German and Chinese companies were signed as well

One of China's largest firms,Sany Heavy Industries, agreed on Jan. 29 to spend 100 million euros (US$131 million) The plant in the western German state of North Rhine-Westphalia. German officials said it was one of the largest investment projects by a Chinese company in Europe and the biggest Chinese-built plant on the continent.

Sany intends to build a factory producing construction equipment as well as a research and development center and a training site.

North Rhine-Westphalia, Germany's most populous state, said the project would create "hundreds of jobs" at a time when the country is in the throes of a deepening economic crisis.

German Chancellor Angela Merkel talks with Chinese Premier Wen Jiabao also resulted in other lucrative deals between major Chinese and German firms. Germany's ThyssenKrupp signed a deal to share with China part of the technology required to run the Transrapid magnetic-levitation train, which ThyssenKrupp builds with Siemens. In addition, German auto manufacturer Daimler signed a cooperation agreement with Chinese truck maker Foton.

Wen earlier put the level of bilateral trade with Germany, the world's biggest exporter, at $115 billion in 2008 and said he hoped that level could be maintained this year despite gloomy forecasts for the world's number three and four economies.

Copyright Agence France-Presse, 2009

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