"Bangladesh now is on a track in terms of economic growth. And the country has to make a clear strategy to woo more technologies for power generation and transportation," Wucherer told The Daily Star in an interview on Saturday in Dhaka.

"Modern technology is the only way to ensure electricity to the growing industrial sector," he added.

Wucherer, who was in Dhaka to celebrate the 50 years of operations of Siemens in Bangladesh, said Bangladesh's present business environment is much more stable now.

Wucherer, who has been serving Siemens since 1970, also said Bangladesh is a very important for business because of its location and population size.

Siemens started its journey in Bangladesh in 1956 when the company delivered the first X-ray machines in the country and also established the first telecommunications systems.

Most of the business segments of Siemens worldwide are active in Bangladesh.

Founded 160 years ago, Siemens focuses on the areas of communications system, power generation, transmission and distribution, industrial automation and control, medical solutions, transportation and automotive, water technologies, building technologies and home appliances.

Wucherer said Siemens wants to enhance its involvement in Bangladesh's power and transportation sectors in the coming days. However, he said Bangladesh needs to attract more investment in the two sectors.

About Siemens experience in Bangladesh over the last 50 years, Wucherer said problem is very common phenomenon in carrying out business everywhere in the world. "When we are in problem in Bangladesh, we try to solve it with the help of the country's people. Our idea is to go ahead and overcome the problems," he said.

In 2006, Siemens supplied medical equipment worth $1billion to Bangladesh. Terming the achievement outstanding, he said, "We enjoy 50 percent market share in Bangladesh's medical equipment business."

Wucherer, who completed his study in electrical and mechanical engineering, believes higher education in technology and new ideas can help a nation.

He said, "Our future plan is very clear in Bangladesh. Along with expanding our other business activities, we want to educate the people of the country."

And as part of the plan, Siemens on Saturday announced 'Werner Von Siemens Excellence Award'-- annual awards for university-level students in Bangladesh.

The awards will be given once a year to three best groups of university students for their outstanding contribution or innovation in electrical and electronics.

With an annual business volume of approximately 153 million euros and a workforce of more than 200 employees, Siemens is the largest German investment company in Bangladesh.