GE set to expand business in China

Wuhan -- General Electric will expand its business in central China in the next few years as the Chinese government is making efforts to rejuvenate the region, according to a source with the US giant.

"The company's investment in central China is rather insufficient," said Steve Bertamini, chairman and CEO of GE China, at a recent investment forum held in Wuhan, capital of Hubei province.

Many multinationals are eyeing booming coastal cities in eastern China to further business ventures, but now the opportunities lie in central China, said Bertamini.

The ministry of commerce said it would help accelerate foreign investment in central China, especially in electronics and modern logistics.

The company will grasp the opportunity of central China's rejuvenation and expand businesses in China, Bertamini said.

GE's business in Wuhan, which only accounted for one percent of GE's total business in China in 2005, will be expanded ten times in a few years, according to Bertamini.

GE's sales volume is expected to reach $10 billion in China by 2010, from $5 billion in 2005, according to Bertamini.