By Taos Turner

BUENOS AIRES -- German industrial conglomerate Siemens AG signed a letter of intent on Wednesday to participate in up to $5.6 billion of energy, transportation and infrastructure projects in Argentina, Chief Executive Joe Kaeser said.

Mr. Kaeser, who made the announcement at a business forum in Buenos Aires, said Argentine President Mauricio Macri is rapidly overhauling the country's economy and that now is the time to invest there.

"I'm a happy man today because we can help rebuild the country," Mr. Kaeser said, adding that if other investors don't act fast they may lose out on big opportunities in Argentina. "I would urge everyone to think about it twice before waiting because tomorrow it may be too late."

The commitment from Siemens, which could be the biggest yet from any company since Mr. Macri took office in December, is a vote of confidence in the Macri administration and Argentina's potential as a producer of renewable energy, Mr. Kaeser said.

Mr. Kaeser said the company would offer about $3 billion in financing for the projects, which he said would create 3,000 direct and 7,000 indirect jobs in Argentina. The projects include plans to generate 5 gigawatts in energy, he said.

"This country has fabulous opportunities in renewables, in both solar and wind," Mr. Kaeser said.

Siemens said in a statement that it plans to double its business in Argentina by 2020.

Beyond the statement and Mr. Kaeser's comments, though, it was unclear exactly what role Siemens would play in the projects or how the financing would be used.

A spokesman for the company couldn't be reached for comment.

Earlier Wednesday, the U.S. Export-Import Bank said it would begin offering financing in Argentina for the first time since the country's economic meltdown in 2001 and 2002.

In previous decades the bank provided low-rate loans to support local investment, including the construction of one of the main highways leading into this city.

"After 15 years we are open for business," said Ex-Im Bank Chairman Fred Hochberg.

Write to Taos Turner at taos.turner@wsj.com

(END) Dow Jones Newswires

September 14, 2016 18:14 ET (22:14 GMT)

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