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.

A panel of judges comprising technical university teachers and Siemens management will evaluate the concept papers and finalise projects.

Prof Dr Klaus Wucherer, head of Asia-Australia operations and member of the Siemens AG corporate executive committee, announced the award programme -- Werner Von Siemens Excellence Award -- at a press conference in Dhaka.

The Siemens high official also vowed to continue its business in Bangladesh to offer technological solutions to specially transportation, power, medical and industrial sectors.

Wucherer said Siemens spends nearly 6 billion euros a year on research and development.

"And this support may also be extended to Bangladesh for the development of research and development," he said, adding, "I believe the students who will participate in the Siemens award competition will be encouraged to do their innovative work in a better way. Siemens will support them in their socially responsible role as young scientists."

Wucherer, who arrived in Dhaka yesterday on a one day visit, also said, "We have tremendous faith in the country's potential for further development and we are confident that we can provide various technological solutions for Bangladesh in its

modernisation efforts."

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.

Founded 160 years ago, the company 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.

Rudolf P. Klink, managing director and chief executive officer of Siemens Bangladesh Limited, also spoke.

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.

Among others, Stephan Schneider, member of the corporate development strategy, Eric Klein, member of the board of Siemens Bangladesh Limited, and Salahuddin Taimur, head of corporate communications and marketing, were present.