Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

Siemens CEO says globalism is the best response to German election

Published 25/09/2017, 21:48
© Reuters. Siemens CEO Kaeser arrives for a news conference before the company's annual shareholders meeting in Munich
SIEGn
-

By Alwyn Scott

NEW YORK (Reuters) - The head of German industrial manufacturer Siemens AG (DE:SIEGn) said on Monday that Germany's weekend election, in which the national populist Alternative for Germany party gained seats in the Bundestag, should be met with increased globalism by wealthy democracies.  

Chief Executive Officer Joe Kaeser, in an interview with Reuters on Monday, said millions will lose jobs as companies make greater use of the internet, even as new jobs are created.

That trend, coupled with rising opposition to immigrants by those losing out as industry shifts to new technology, has sounded a warning that calls for action, he said.

"We need to show leadership by showing people what are the changes, why is that important that we help people from other countries if they are in need," Kaeser said.

"That is specifically addressed to refugees. I think especially Germany and its arc of history should have a very clear understanding and sensitivity about those matters."

Kaeser said it was important to explain that "all our wealth and all our export power has also come by the fact that other nations were willing to see us. This is very important. Since yesterday I have actually decided to be even more outgoing and explain to people why openness and global understanding and tolerance is good for the world."

Kaeser, who was in New York for a CEO conference, made no specific recommendations, saying: "Just going out more and communicating and explaining it better than we obviously used to.”

Germany's election on Sunday secured Chancellor Angela Merkel a fourth term, but with a much-weakened coalition.

What is often referred to as the internet of things, which makes industrial equipment run more efficiently using computer analytics, will hurt older workers who lack the necessary skills, Kaeser said. Young workers "will be fine. It's much more about those millions to be retrained and prepared for the new age of working," he said.

"I believe for Germany (the election) has been the right sign for the right time," Kaeser said. "So that we change course, we explain better to our people how important it is to be a free country who is open for the world, who also understands that there is a duty we have to fulfill out of our wealth but also out of our history.

© Reuters. Siemens CEO Kaeser arrives for a news conference before the company's annual shareholders meeting in Munich

"I am actually very positive that we can turn that around before it's too late.”

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.