The head of engineering giant Siemens called on fellow German industrialists to step up their investment in the sizzling markets of Asia or risk slipping farther behind, in an interview to be published Monday.
Siemens chief Heinrich von Pierer acknowledged there were risks involved in doing business in Asia but few major German companies could afford not to have a beachhead there.
"The risks are even larger in not being there and not profiting from the growth opportunities," von Pierer told the Handelsblatt business daily.
"Many German companies have been represented in Asia for years and have an excellent reputation. This is particularly true in the fields of electronics and electrical engineering, but also in the automotive sector, mechanical engineering and other areas."
Von Pierer, who is also head of the Asia-Pacific committee of the German Industry Federation, said that although German companies were focused on western industrialised markets, Asia was growing in importance for exporters.
German-US auto-maker DaimlerChrysler said Sunday it was planning a new sales offensive in China by vastly expanding its dealer network in the coming years.
Despite the opportunities presented by the booming Asian markets such as China and India, the Siemens chief also warned of the likelihood of job outsourcing to Asia.
"We have to be close to our clients. The advantages in terms of cost (of labour) are also playing a role," he said.
"The important thing is that we make progress domestically to create flexible work conditions so we can retain as many jobs as possible here and not lose them to Asia or other attractive countries."
Siemens broke the dam in a debate about longer working hours in Germany this summer by reaching a deal with unions for a return to a 40-hour week at two of its key factories in return for a promise not to shift jobs abroad.
Von Pierer told Stern magazine last month his critics could learn a lesson or two from the Chinese or the Hungarians when it came to the debate about longer working hours.
"They work like fanatics, a lot harder and more tenaciously than we do," von Pierer said.
The working week varies from sector-to-sector in Germany, but averages around 37.7 hours.