Connect with us

Hi, what are you looking for?


GE to invest two billion dollars in China

BEIJING, Nov 9 – US conglomerate General Electric said on Tuesday that it plans to invest more than two billion dollars over two years to improve research and development in China and to fund new joint ventures.

GE Chairman and Chief Executive Jeff Immelt said during a visit to Beijing that the company would spend 500 million dollars on its China R&D operations and setting up new customer support facilities.

"China is the world\’s fastest-growing market for aviation, energy, transportation, health care and financial services," Immelt said, according to Dow Jones Newswires.

"These initiatives will create jobs in both China and the US," he said, adding it would lead to 1,000 new jobs by 2012.

In addition, GE also pledged to invest more than 1.5 billion dollars in funding new joint ventures with Chinese state-owned enterprises in areas such as technology and financial services.

The company has signed four new joint venture agreements with Chinese state-owned firms in the energy and railway industries, it said in a statement.

Immelt told a news conference that GE felt welcome in China and was committed to the country, but protectionism in the world\’s second-largest economy remained a concern.

"Indigenous innovation concerns us as a policy," he said, referring to China\’s policy of encouraging innovation by local firms.

He added he was concerned about protectionism worldwide, including in China.

Advertisement. Scroll to continue reading.

The heads of major foreign firms such as BASF and Siemens have been complaining more openly in recent months about what they say are unfair business policies and market restrictions in China.

Immelt reportedly told a private dinner in Italy earlier this year that China was becoming more protectionist and that Beijing was hostile towards foreign companies, but the group said those comments were taken out of context.

Chinese Premier Wen Jiabao pledged in September that foreign businesses operating in China will be treated fairly, one of Beijing\’s most direct responses yet to concerns about its policies.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...