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SINGAPORE: General Electric is expanding its presence in the region by setting up a commercial headquarters in Singapore for its energy division.
The US conglomerate said such a move will allow for better service to its customers, and also expedite the decision-making process.
According to GE, its Singapore energy team of 20 to 30 executives will be dealing with contracts totalling US$1 billion a year.
Colin Low, president of GE Singapore, Philippines, Vietnam, said: "They will also have the ability to manage a portfolio of contract services for the power sector. We manage about half a billion US dollars in Asia. So this team will also be responsible for managing this portfolio.
"And it really gives us a tremendous presence in Asia because this team is now in a similar time zone rather than having to go back to the US for key decisions."
GE has been expanding outside the US, spending US$15 billion acquiring other businesses in 2006. And it expects the bigger part of its revenue to come from its overseas businesses, starting this year.
In Southeast Asia alone, its revenue jumped by 20 per cent in 2006.
The US conglomerate plans to continue its acquisition drive, and is looking to tap into the growing demand for infrastructure in emerging economies.
Nani Beccalli-Falco, president and CEO of GE International, said: "They need power generators; they need transportation, water purification, desalination and so on. And we're a company that provides these kinds of products.
"So you see, we are at the moment where the needs of the market outside of the United States, and our product lines, the way our product packages are performing are perfectly lined up. So it is our moment."
GE's revenue in Singapore totalled US$727 million in 2006, a 37 per cent increase from 2005. - CNA/ac
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