GE commits $2 bn to R&D, tech development in China
10 Nov 2010
General Electric Company yesterday said it planned to invest over $2 billion through 2012 to expand its innovation and customer support capabilities in China and to create new technology and financial services partnerships with leading Chinese companies.
GE chairman and CEO Jeff Immelt said in Beijing that the company plans to commit $500 million to enhance China R&D capabilities and establish new Customer Innovation Centres to better serve the west, north, central and south China markets.
He also pledged to invest more than $1.5 billion to fund new joint ventures with Chinese state-owned enterprises in key high-technology sectors.
GE started doing business in China in 1906. Now all GE businesses have set up operations in China with 36 wholly owned entities and joint ventures in manfuacturing, service and R&D, employing 14,000 people.
''China is the world's fastest-growing market for aviation, energy, transportation, healthcare and financial services,'' Immelt said. ''The commitments we are announcing today will bring GE's technology and innovation strengths to help meet these growth challenges in China. These initiatives will create jobs in both China and the United States.
''The new joint ventures are in line with our strategy to build partnerships in China to support our business here and globally,'' Immelt said, ''and our Customer Innovation Centers will add more than 1,000 new R&D, marketing and application engineers to work more closely with customers and partners to advance development and delivery of GE products and technology.''
