Beijing, China — ESI-AFRICA.COM — 09 November 2010 – American conglomerate General Electric Company is to invest more than US$2 billion (R13.8 billion) in China between now and 2012 “’ part of it on energy joint ventures “’ in order to expand its research and development and customer support capabilities in Asia.
Revealing this here, the company’s CEO Jeffrey Immelt said in a statement during his visit that GE would spend US$500 million (R3.4 billion) on R&D, and more than US$1.5 billion (R10.4 billion) on technology and financial services joint ventures.
“The new joint ventures are in line with our strategy to build partnerships in China to support our business here and globally,” Immelt explained
Two of the agreements are with units of China’s State Power Grid, the country’s largest power grid operator. One is for the manufacture and marketing of grid monitoring and diagnostic products, and another to buy a controlling stake in a Shanghai-based green power distribution equipment maker.
GE also signed agreements with a unit of China South Locomotive and Rolling Stock Corporation to develop components for diesel locomotives, and with the Beijing National Railway Research and Design Institute of Signal and Communication to supply railway and urban transit signaling systems.
China is an increasingly important market for GE as the country continues to build infrastructure and expands and upgrades its airports and airline fleets.