ABB pouring $2b into smart technology projects

Seeing business opportunities arising out of China's fast urbanization, its move toward energy efficiency and its widespread industrial upgrading, Swiss-based power and automation company ABB Group will invest at least $2 billion in the country over the next decade, according to CEO Ulrich Spiesshofer.

"ABB highly recognizes China's important position in the global market and in our global strategy. The continuous investment in and commitment to smart technologies will help our company further maintain leadership in China," said Spiesshofer.

"We will keep an investment scale of at least $2 billion over the next 10 years," he added.