Companies pledge to invest over $700 billion in Germany over the next 3 years
The economy has shrunk for the past two years and is expected to stagnate this year. Chancellor Friedrich Merz's administration has made revitalizing it a top priority since it took office May 6.
It has launched a program to encourage investment and set up a 500 billion euro fund to pour money into Germany's creaking infrastructure over the next 12 years. It is promising to cut red tape and speed up the country's lagging digitization.
On Monday, Merz welcomed representatives of an initiative titled 'Made for Germany' to the chancellery to send a signal of confidence from and to private investors. The group currently includes 61 companies from across the economy, among them industrial conglomerate Siemens and financial giant Deutsche Bank.
'The investments by the initiative are a very powerful signal that we are now experiencing a shift in sentiment and consolidating it," Merz said. 'The message ... is very clear: Germany is back. It's worth investing in Germany again. We are not a location of the past, but a location of the present and above all the future.'
He stressed that private investment is crucial to encouraging growth.
The overall figure pledged Monday includes at least some already planned investments. Merz said the plans include investments in new facilities and in modernizing infrastructure, in research and development.
Deutsche Bank CEO Christian Sewing praised the new government as being 'determined to end the reform backlog that has slowed us down for too long.' But he said that it still needs to do more, and the companies 'encouraged' the government 'to continue the course of reform.'
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an hour ago
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News18
2 hours ago
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Thailand, Cambodia trade fresh attacks, accusations as allies call for ceasefire
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The council didn't issue a resolution on the crisis, but Thai Foreign Minister Maris Sangiampongsa said Saturday that the group's 15 members called for restraint, an end to hostilities and a peaceful resolution. The leader of Malaysia, ASEAN's current chair, has said Thailand and Cambodia are open to a ceasefire proposal. Malaysian media said Prime Minister Anwar Ibrahim has tasked the country's foreign minister with mediating peace talks, but no concrete plans have been announced. Maris said earlier Saturday that his country has agreed in principle to ASEAN's ceasefire proposal, but insisted Cambodia must first cease hostilities. He said Thailand continues to engage with Malaysia on the matter. 'Thailand reaffirms its commitment to resolving the conflict peacefully and in accordance with international law," he said, urging Cambodia to 'return to the negotiating table with sincerity and in good faith." Sides trade accusations and deny responsibility Cambodia's Defence Ministry condemned what it called an expanded Thai offensive early Saturday after five heavy artillery shells were fired into Pursat province. It said the attack was an 'unprovoked and premeditated act of aggression." Ministry spokesperson Lt Gen Maly Socheata said tensions flared in the coastal province of Koh Kong and expressed concern about the possibility of confrontations at sea. Maly Socheata said seven Cambodian civilians and five soldiers have been killed in two days of fighting. Another man was reportedly killed when a pagoda he was hiding under was hit by Thai rockets. The Thai army has denied targeting Cambodian civilians and accuses Phnom Penh of using 'human shields" by positioning their weapons near residential areas. In a statement Saturday, Thailand's navy accused Cambodian forces of initiating a new attack in the province of Trat, which shares a border with Koh Kong, saying Thai forces responded swiftly and 'successfully pushed back the Cambodian incursion at three key points." The navy warned that 'aggression will not be tolerated." Thai authorities also alleged several Cambodian artillery shells damaged homes and property in neighbouring Laos. Lao officials have not publicly responded to the claim. Call to protect civilians amid claim of cluster bomb use Human Rights Watch urged the UN Security Council and other nations to press Thailand and Cambodia to abide by international humanitarian law and take all steps to protect civilians. Children have been harmed and Thailand has closed at least 852 schools and seven hospitals for safety reasons, the rights group said in a statement Saturday. Both sides have fired rockets and artillery, and after initially denying Cambodian claims that internationally prohibited cluster munitions were being used, a Thai military spokesperson said Friday that such weapons can be utilized 'when necessary" to achieve military objectives. Human Rights Watch condemned the use of cluster munitions in populated areas. Neither Thailand nor Cambodia is party to the Convention on Cluster Munitions, which bans the use of the weapon. Thai authorities used them during a border dispute with Cambodia in February 2011 that left 20 people dead. 'Neither Thailand nor Cambodia appears to be paying attention to international humanitarian law at great expense to civilians," John Sifton, Asia advocacy director at Human Rights Watch, said in a statement. 'Diplomatic efforts underway need to prioritize protecting civilians and civilian infrastructure." Thai officials acknowledged it has used F-16 jets and drones to launch airstrikes. (AP) RD RD view comments First Published: News agency-feeds Thailand, Cambodia trade fresh attacks, accusations as allies call for ceasefire Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
