ASEAN KEY DESTINATIONS
Siemens sees low energy prices as incentive for growth
SIEMENS Brunei, the local branch for the German multinational conglomerate, is focused on providing support for its existing portfolio at a time when energy prices are low.
The company’s country manager, Kamaljit Singh Gill (pic), said that low energy prices are an incentive for companies to reevaluate their current business and operations.
“This gives us the most opportune situation to look into rejuvenation and evaluation of current assets and carrying out diagnostics (for the companies),” he told The Brunei Times in an interview at the company’s new office in Kiulap.
The company, which has been in the sultanate for over 15 years, is predominantly involved in the country’s power, gas and health sectors providing equipment and services to support the industries.
Kamaljit said that the company plans on growing despite the current situation and wants to be ahead as soon as prices recover.
“We want to be ready when the situation improves. For now, would like to continue to showcase our abilities while continue supporting local development which could be better demonstrated when a major project comes along,” he said.
He said that the company has been receiving several enquiries involving mega projects.
Although these are still early days, he was optimistic that “one or two” of these projects would be realised.
Kamaljit said that although prices have affected revenue of governments around the world, Brunei is not as badly affected compared to other oil producing countries.
He acknowledged that while oil and gas activities were more frequent in the past, there have been initiatives by the government to attract more foreign direct investments (FDIs) into the country to help generate economic activity.
“I think now the direction is to get more FDIs and that there are a few in the pipeline which is good because we need to keep the economy going and keep creating jobs,” he said, adding that he hoped the efforts would bear fruit.
He then cleared the misconception that Siemens is a mobile phone company, saying that it has not been in the mobile phone business since mid-2000.
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