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GE Chief Hints at More Investment in Korea

According to Yonhap News,

(Seoul = Yonhap News)

General Electric Chairman Jeffrey Immelt suggested last week that the American conglomerate could invest more in the aviation and healthcare industries in South Korea.

The U.S. company has provided engines for South Korea's indigenously developed aircraft such as the T-50 advanced trainer, FA-50 fighter and Surion utility helicopters as well as naval ships.

"The areas that we're going to look at are places like aviation and healthcare," Immelt said in a news conference at a Seoul hotel, referring to the next range of investments for GE in Korea.

"We've got several study teams under way. We'll continue to look at Korea as a healthy place to invest."

In May, GE announced an investment for the expansion of its ultrasound facility, which is the company's largest single research and development, and manufacturing facility for ultrasound technology globally.

His comments came two days after he opened GE's global offshore and marine head office in Busan, the country's largest port city, some 450 kilometers southeast of Seoul.

South Korea is home to three of the world's leading shipyards -- Hyundai Heavy Industries Group, Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries.

He said he met with officials of South Korea's three major shipbuilders, though he did not give details.

"Our investment in the marine industry in Busan, I think, will only grow as time goes on," Immelt said. "We view this as a strategic industry and Korea really is the heartbeat of the world so we want to continue to build a strong presence there."

Touching on regulations, he said some regulations are good as they help drive growth, citing the U.S. Clean Air Act that eventually lowered gas emissions of vehicles.

Still, he said no one can benefit from regulations that stop growth.

Immelt met with South Korean President Park Geun-hye in Seoul last week.

Copyrights Yonhap News Agency. All Rights Reserved.

Source Text

Source: Yonhap News (Oct. 25, 2013)

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