GE to invest $2bn in Africa By 2018
Washington DC, August 5, 2014
GE is set to invest $2 billion in facility development, skills training and sustainability initiatives across Africa by 2018.
The announcement was made ahead of the US-Africa Leaders Summit, where GE will host African and global government officials, policy experts, NGOs, entrepreneurs and business leaders for a conference on investment, infrastructure and innovation in Africa.
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, with GE revenues last year reaching $5.2 billion, having won more than $8.3 billion in orders across Africa.
Jeff Immelt, chairman and CEO, 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 centre 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 localised solutions to customers; and capacity building, by providing skills training and growing supply chain development in local communities.
It new commitments include GE’s Distirbuted Power business, ‘Company-to-Country’ agreement with the Nigerian government, supply of about $1 billion in railway and power equipment to Angola, and $20 million in investment over the next five year in health programmes across Africa to train nurse anaesthetists and biomedical equipment technicians.
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.”
Core infrastructure needs in Africa represent a US$90 billion opportunity. GE’s advanced technologies generate 25 per cent of Africa’s gas power, and nearly 70 per cent 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. It is 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,” he added. - TradeArabia News Service