Siemens has announced that it will spend 300 million yuan (about US$36 million) to build Siemens Asia medical science park in Shanghai.

Klaus Stegemann, member of the Siemens medical system managing committee, said construction of the park which is to be located in Shanghai Nanhui international medical area will begin in 2006 and be completed in 2007.

According to the plan, about 1,000 Siemens employees will work in the park. They'll be involved in research, production, sales service of Siemens medical instruments.

Stegemann noted that possessing the world's most vigorous and rapidly developed medical market, China is a strategic market for the global medical business corporation.

Richard Hausmann, president of Siemens China, said that Siemens will invest more than 10 billion yuan (about US$1.25 billion) in China over the next few years, with Siemens Asia medical science park as its key headquarters.

(Xinhua News Agency December 19, 2005)