BIZCHINA / Overseas Investment
GE keen to expand its business in Hubei
(Xinhua)
Updated: 2006-09-28 10:31
General Electric Co. will expand its business in central China over the
next few years as the Chinese government is making efforts to rejuvenate
the region, according to a source with the U.S. giant.
"The company's investment in central China is rather insufficient," said
Steve Bertamini, chairman and CEO of GE China, at a recent investment
forum held in Wuhan, capital of central China's Hubei Province.
Many multinationals are eyeing booming coastal cities in eastern China to
further business ventures, but now the opportunities lie in central
China, said Bertamini.
The Ministry of Commerce said it would help accelerate foreign investment
in central China, especially in electronics and modern logistics.
The company will grasp the opportunity of central China's rejuvenation
and expand businesses in China, Bertamini said.
GE's business in Wuhan, which only accounted for one percent of GE's
total business on the Chinese mainland in 2005, will be expanded ten
times in a few years, according to Bertamini.
GE's sales volume is expected to reach 10 billion U.S. dollars on the
Chinese mainland by 2010, from 5 billion U.S. dollars in 2005, according
to Bertamini.
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