Siemens Chief Advises Investment Caution After Paris Attacks Getty Images

Siemens Chief Advises Investment Caution After Paris Attacks

"The biggest economic damage from these attacks is on confidence, and confidence is a crucial element in this phase."

PARIS—Companies may put investment plans on hold in the wake of Paris attacks which have sapped investor confidence, the head of industrial giant Siemens said in remarks published Monday.

"The biggest economic damage from these attacks is on confidence, and confidence is a crucial element in this phase," Siemens chief executive Joe Kaeser told the Financial Times.

"My biggest (business) concern is the fallout of the geopolitical distress," he said.

"Investment is about believing, about the future, and (when) events like that happen, people will wait," Kaeser warned.

The warning by Kaeser, who heads up Europe's largest industrial conglomerate, is the first by a major industrial figure, the FT said.

It echoes remarks by Italian Finance Minister Carlo Padoan who said the Paris attacks could do "serious damage" to the eurozone recovery, it said.

Copyright Agence France-Presse, 2015

TAGS: Leadership
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