GE (NYSE:GE) announced today that it will invest $2 billion in facility
development, skills training, and sustainability initiatives across
Africa by 2018. GE made the announcement in advance of President Obama's
U.S.-Africa Leaders Summit, where GE is hosting African and global
government officials, policy experts, NGOs, entrepreneurs and business
leaders for a conference on investment, infrastructure, and innovation
Through partnerships and technology, GE is poised to help increase
access, reliability, and affordability of core infrastructure throughout
the continent. Africa has emerged as the most promising growth region
for GE. Total GE revenues in Africa in 2013 were $5.2 billion and in the
past year, GE has won more than $8.3 billion in orders across Africa.
GE Chairman and CEO Jeff Immelt said, "I am proud of our 100-year
history in Africa. Through investments such as our new multi-modal
manufacturing facility in Nigeria, Algeria gas turbine manufacturing,
and our customer innovation center in South Africa, we remain a
committed partner to Africa's sustainable growth."
GE will focus its investment in Africa in three strategic areas:
building infrastructure; delivering localized solutions to customers;
and capacity building, by providing skills training and growing supply
chain development in local communities.
New GE commitments in Africa include:
Jay Ireland, President and CEO, GE Africa said, "GE has long been
committed to unlocking Africa's potential but, as our most recent deals
in the region demonstrate, we believe there is still more that we can
do. Our investments in infrastructure and people only strengthen our
role as a key partner in helping to build Africa's future."
Nabil Habayeb, President and CEO, GE Middle East, North Africa & Turkey
said, "Together with our regional partners, GE is elevating
transformative ideas that have the potential to solve local challenges
by lending scale and resources. GE is committed to empowering the
communities in which it operates across the continent."
Other commitments and recent announcements in Africa include:
Core infrastructure needs in Africa represent a 90 billion opportunity.
GE is one of the leading American companies powering Africa. GE's
advanced technologies generate 25 percent of Africa's gas power, and
nearly 70 percent of the electricity distributed across Algeria.
GE is working with partners in Africa to drive sustainable development
and solve local challenges by investing in technology, building capital
markets and developing technical skills within communities.
GE empowers the communities in which it operates by providing skills
training and developing leaders through partnerships with local
governments, schools, and hospitals. We are investing in capacity
building that will ensure sustained growth.
"Over the last few years, we have expanded in growth markets by 15
percent each year," Immelt said. "Our capability and culture give us
great momentum in Africa and other developing regions around the world.
We are solving problems for our customers and countries where we invest."
GE (NYSE:GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in
energy, health and home, transportation and finance. Building, powering,
moving and curing the world. Not just imagining. Doing. GE works. For
more information, visit the company's website at www.ge.com.
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