Speaking at an APA teleconference on October 19, Kaeser said that Asia, not just China, is an important investment destination.

Siemens AG CEO Joe Kaeser (Photo: Getty Images)

He stressed that a number of multinational groups have poured a great deal into Vietnam while Germany is also stepping up vocational training in the country.

Enterprises, he said, could quickly seek business opportunities in the country.

German Federal Minister for Economic Affairs and Energy Peter Altmaier called on German firms in Asia to seek alternatives in diversifying regional supply chains.

Germany supports globalization and wants to diversify supply chains, he said, adding that it needs to build greater resilience to future crises.

The APA conference was first held in 1986 with the aim of bolstering economic ties between Germany and the Asia-Pacific.

This year’s discussions focused on the economic toll from COVID-19, the modernization of trade policy to ensure global supply chains, and the digitization strategies in Asia and Europe.

Source: VNA