Automotive supplier Continental has broken ground on the new research and development (R&D) extension building in Singapore.
The automotive supplier will invest EUR17.5m in the new extension building to expand its R&D capabilities in the region, in order to meet the demand for engineering requirements.
The new extension building be about 5,000sqm in area and will be used for R&D activities for the company's in-car information management systems.
Continental Automotive Singapore managing director Lo Kien Foh said the move is the company's strategic goal to increase the share of corporate sales on the Asian market from 18% at present to over 30%.
"The extension of our R&D center in Singapore strongly supports Continental's growth strategy in Asia," Foh added.
The new center is part of company's plan to grow stronger in Asia, which has reported sales of EUR6bn in Asia during 2012.
Continental plans to complete the project in one year.
