- POSTED: 05 Aug 2014 17:49
- UPDATED: 05 Aug 2014 23:24
The General Motors president says the move is to tap the long-term growth opportunity in the region.
SINGAPORE: The new headquarters of General Motors International opened in Singapore today, which will support six markets - Africa, Australia, India, Middle East, Southeast Asia and South Korea.
The GM international headquarters was previously in Shanghai, and GM President Dan Ammann said that the move is positioned to tap the long-term growth opportunity in the emerging markets in this region for America's largest car manufacturer.
"More or less, all markets are 7 to 8 hours of reach from Singapore. Singapore offers a great infrastructure and offers an easy entry into the city to establish a regional hub. And maybe most important it offers a vast amount of talent which we could recruit here for our operations," said GM International President and Executive Vice President Stefan Jacoby.
But it will be an uphill battle. Mr Jacoby pointed out that businesses in most of GM's markets are not profitable, especially in ASEAN. The company will have to look to changing its business model to turn its fortunes around, he stressed.
The new headquarters in Singapore will have approximately 200 employees, half of whom will be locally hired.