BERLIN, July 21 (Xinhua) -- More than 60 of leading German companies, including Siemens and Deutsche Bank, pledged on Monday to invest 631 billion euros (735 billion U.S. dollars) in the country by 2028 in a joint effort to restore investor confidence, according to the German newspaper Handelsblatt.

The initiative, titled "Made for Germany," will be formally presented to German Chancellor Friedrich Merz and Finance Minister Lars Klingbeil later on Monday. It includes capital expenditure, research and development spending, and commitments from international investors.

The announcement comes as Germany seeks to reverse sluggish growth and attract private capital, helped in part by a recent overhaul of fiscal rules and the creation of a special fund for infrastructure investment.

Germany's industrial competitiveness has been strained by high energy prices and structural challenges, prompting growing calls for deeper reforms.

"We need political courage for structural change, and bold steps must follow," Siemens CEO Roland Busch told Handelsblatt. "But we also need companies that believe in Germany as a location and are ready to invest. Both must come together quickly to build momentum."

Busch also said the companies involved in the initiative plan to lobby the government for faster approval procedures for infrastructure projects and stronger measures to address labor shortages.

Clemens Fuest, president of the ifo Institute, welcomed the initiative as a positive signal, but noted uncertainty around its long-term impact.

"The question is whether this is truly sustainable, or just a short-term boost driven by public borrowing," he said.

Looking ahead, Deutsche Bank CEO Christian Sewing said Germany's growth rate is expected to stabilize above 2 percent within three years as investment commitments take effect and uncertainty diminishes.

Busch said new technologies should be embraced as opportunities. "With courage, we aim to secure a leading position in key fields such as industrial artificial intelligence," he added. (1 euro = 1.17 U.S. dollar)