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. (For more biz stories, please visit Industry Updates)
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