(MENAFN) Siemens, the German multinational conglomerate considered to be the largest engineering company in Europe plans to increase its spending on research in 2016 by 7 percent to USD5.2 billion.
Additionally, the Berlin-based major behemoth stated that most of the allocated funds are reserved for its core businesses of automation, digitization and decentralized energy systems.
Moreover, the group intends to also establish a new fund of primarily up to USD108.6 million throughout the next three years for its employees to propose and carry out vital projects.
The giant will set a high-voltage direct-current transmission technology for routes between northern and southern Germany, a potential alternative to building controversial new power lines.
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