ZURICH : ABB is seeing some customers shifting investments from China to India and other parts of Asia due to geopolitical tensions, the industrial and engineering group's Chief Executive Bjorn Rosengren said on Thursday.The maker of factory robots and automation systems reported a 9 per cent drop in new
ZURICH : ABB is seeing some customers shifting investments from China to India and other parts of Asia due to geopolitical tensions, the industrial and engineering group's Chief Executive Bjorn Rosengren said on Thursday.
"We believe that many of the investments that were planned from the beginning in China are now ending up in India instead," Rosengren told reporters. The German government last week published a strategy paper highlighting the economic and security risks of investing in China, although it was vague on proposals to reduce critical dependencies.
The downturn in China also added to concerns about the world's second-biggest economy, which earlier this week flagged tepid economic growth as demand weakened at home and abroad.
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