He said during his four-year tenure the business volume of Siemens rose to 100 million euro in Bangladesh from 20 million euro.

Albrich was speaking at a media appreciation meet in Dhaka yesterday. Klaus Wucherer, member of the corporate executive committee of Siemens AG, Rudolf Paul Klink, new managing director of SBL, and Aftab Mahmud Khurshid, corporate communications and business development manager of SBL, were also present at the meeting.

The outgoing managing director said Siemens now eyes power, telecom and transport sectors as potential areas of investment.

"Bangladesh faces power deficit so we feel this is an area where scope for investment is huge," Albrich said.

He said Bangladesh has only 1.5 percent penetration rate in telecoms sector whereas in some Asian countries it is over 100 percent. "In another 10 years down the line this penetration is bound to go beyond 10 percent and this is another major area where we will be actively taking part."

On the transportation front, Albrich said Dhaka is at the focal point of the seven northeastern states of India and in a few years the rail link between Dhaka and Chittagong will be the centre point of business activities. "This is another area where we can invest."

He also said SBL has recently signed a $41 million deal with Bangladesh Telegraph and Telephone Board (BTTB) to provide state-run organisation with GSM and GPRS technologies for its upcoming cell phone project.

Speaking at the meeting, Wucherer presented details of works done by SBL since its inception in 1956.

"We are also the key supplier of transmission and network management systems to GrameenPhone," Wucherer said.

According to him, the other SBL clients in the information and communications technology field include Sheba Telecom, Telephone Shilpa Sangstha, Ministry of Education and Bangladesh Computer Samity.

Wucherer said SBL was the first foreign direct investor to start a joint venture with the government for manufacturing telephone switches and sets.

Klink, the new managing director of SBL, started his career with Siemens AG in 1968 in Germany and held several posts in different countries including Afghanistan, Ireland, Greece, the US, Argentina, Libya, India, the Philippines and Thailand.

Prior to his new assignment in Bangladesh, Klink was the executive vice-president of Siemens China.