According to sources, Immelt arrived in Korea Sunday night and met heads of Korea’s key energy companies for two days. They included Hanwha chairman Kim Seung-yeon, Posco chairman Kwon Oh-jun and Korea Electric Power Corp. (KEPCO) CEO Cho Hwan-eik.

“GE wants to expand its smart factory solutions upon signs of burgeoning demand and interest through its network with major Korean companies,” a market watcher said.

On Monday, Immelt met Posco Chairman Kwon Oh-joon to discuss ways to add smart features to the steelmaker’s factory. Kwon vowed to devote the next three years on applying automated and smart technologies to all steelmaking and non-steel facilities. The two are working to mix GE’s smart factory platform with Posco’s self-developed technologies.

During a meeting with Hanwha Group chairman Kim Seung-yeon, Immelt discussed a broad range of areas for cooperation such as smart factory and aircraft engine. Currently, Hanwha is rolling out aircraft engine parts in cooperation with global aircraft engine maker GE Engine.

Earlier, Immelt signed a memorandum of agreement with KEPCO CEO Cho Hwan-eik at the Shilla Hotel in Seoul to build a high voltage direct current (HVDC) grid. The HVDC market is valued at $6 billion now and is estimated to more than double to $15 billion in 2026. KEPCO will cooperate with GE to localize HVDC equipment.

The two will jointly create an industrial cluster, which promotes the use and applications of HVDC technology in Naju, South Jeolla Province, where KEPCO is headquartered. GE will open an energy office in the energy valley this month, where GE will test its HVDC business.



General Electric (GE) Chairman Jeffrey Immelt visited South Korea to meet Korea Electric Power Corp. (KEPCO) CEO Cho Hwan-eik (left in above photo) and Posco Chairman Kwon Oh-joon (right in the below photo). Immelt signed an agreement with Cho to jointly build business infrastructure for high voltage direct current (HVDC) and discussed with Kwon ways to cooperate in Posco’s smart industry. (Photo by KEPCO and Posco)

General Electric (GE) is marketing hard to sell its smart factory and energy solutions in South Korea with signs of fast transition in the market towards new ways of manufacturing and fueling with its Chairman Jeffrey Immelt personally spearheading the campaign.

By Kim Jung-hwan, Moon Ji-woong and Kang Young-woon

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (Mar. 14, 2017)