Invest KOREA

The U.S.-based multinational conglomerate General Electric (GE) has picked South Korea as a stronghold for its shipbuilding and maritime business, the chief of its Korean operations said Wednesday.

The envisaged global headquarters for GE's maritime and shipbuilding business would be the second outside the U.S. after a similar one for its mining business in Australia.

"GE will establish its global headquarters for its maritime and shipbuilding business in South Korea," said Kang Sung-wook, the president of GE Korea. "This means that South Korea will play a key role in the business that GE thinks is a new growth engine."

GE has given high marks to South Korean firms' technology for offshore plants.

South Korea is home to major global shipbuilders such as Hyundai Heavy Industries Co. and Samsung Heavy Industries Co.

According to Kang, GE is planning to invest in research and development for the business in South Korea, which will help create jobs here. The headquarters will also control GE's related businesses such as oil and gas exploration, he said.

GE's business portfolio ranges from aviation and healthcare to energy and mining. It posted an operating income of US$16.1 billion last year on sales of $147 billion.

Source: Yonhap News (Apr. 24, 2013)