Siemens Healthineers said that it will invest an additional 1 billion yuan ($142 million) or more to establish a R&D and production site in Shenzhen, marking the second of its kind in the southern metropolis of Guangdong province.

The announcement was made during the Siemens Shenzhen Magnetic Resonance Ltd 20 Years and Strategic Collaboration Signing Ceremony held in Shenzhen on Monday.

"China is of elementary importance for Siemens Healthineers. Through its technology savvy and openness to partnerships and innovation, it is already and will continue to be a strategic innovation driver for us locally, as well as globally," said Bernd Montag, CEO of the company.

The decision to invest in a research center as well as in production in Shenzhen bears testament to the city's innovative capacity and pioneering spirit, he said.

"With a deep-rooted presence in Shenzhen for two decades, we remain committed to helping mitigate China's most pressing healthcare needs and steadfastly pursuing our goal of becoming a trusted partner for the Chinese healthcare system, physicians and patients alike."

Siemens Healthineers took root in Shenzhen in 2002. Its Shenzhen base has become one of the largest research and manufacturing centers of the company, with business operations covering magnetic resonance systems, angiography systems and medical electronic components.

A cumulative 8,000 units of complete equipment has been shipped from the Shenzhen base to over 100 countries and regions so far. Localization rate of components at Shenzhen base has reached about 80 percent, according to the company.

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