German engineering giant Siemens has been forced to delay a number of projects in Asia and raise provisions as the financial meltdown continues in the region.
President of Siemens' Production and Logistics System Group, Manfield von Raven, said some Siemens projects in Indonesia and South Korea had been postponed by six to nine months.
Mr von Raven said no existing projects had been cancelled, but the group had increased provisions for potential losses in the region.
He declined to elaborate amounts, saying the group had several hundred million dollars in reserves.
'Siemens has already touched on the so-called Asian crisis several times . . . we will have to make cuts for a short period which will, however, be compensated by increased growth in other areas,' Mr von Raven said.
Siemens opened a regional headquarters in Hong Kong yesterday to oversee sales, purchasing, project handling and servicing here and in the mainland.