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Siemens inks deal with Alibaba to launch digital products in China

Reuters  |  ZURICH 

(Reuters) - has agreed with to use the Chinese company's to roll out its digital MindSphere, the German engineering group said on Monday.

The deal was among a raft of Sino-German commercial accords worth some 20 billion euros ($23.51 billion) signed on Monday, with the countries' leaders reiterating commitments to a multilateral global trade order despite a looming trade war with the

and Cloud, the of Alibaba, have signed a memorandum of understanding to launch of Things (IoT) products that connect hundreds of different devices in

The deal will help upgrade China's industry, said in a statement. Until now its digital products have been offered only through Amazon's and Microsoft's

The German company has been competing with other companies including Switzerland's in the fast-growing digital industries segment to offset weaknesses in other parts of its like

It hopes the tie up with will help it make further inroads into China, already Siemens's third-largest market.

"This cooperation is a landmark deal for bringing Industry 4.0-solutions to as the world's powerhouse of manufacturing," said Siemens

Siemens also flagged plans to work with China's on

MindSphere is Siemens's cloud-based, open that connects products, factories, systems and machines. By gathering information from an array of sensors installed in production lines it aims to increase efficiency and reduce down time for

It is part of Siemens's booming Digital Factory division, which increased sales by 13 percent and profit by 40 percent in its latest quarter, supported by substantial growth in

Under the agreement, both companies will begin collaborating immediately and intend to make MindSphere on available in 2019.

(Reporting by John Revill; Editing by Michael Shields)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, July 09 2018. 21:46 IST