Siemens said it plans to invest up to $1 billion to expand its presence in Brazil, the company said in a statement.
Company officials expect the investment will double revenues in five years. Last year, Siemens recorded $2.8 billion in revenue from its operations in Brazil.
Siemens said it plans to establish a new Research and Development Center in Rio de Janeiro to serve the oil and gas industry by the end of the year.
The investment will be pumped into four business units: Energy, Industry, Infrastructure and Healthcare.
“We’ve been operating in Brazil for over 100 years and have never been so confident about the country’s future,” said Siemens Vice President Peter Solmssen. “That’s why we’re investing here.”