GE to support Kingdom’s vision for sustainable growth
April 29, 2010 by GE
GE has long been committed to growing its business by innovating to meet the urgent energy, water, healthcare, financial, and infrastructure needs of people around the world, especially in growth markets. Investing accordingly in the foundations of emerging economies has always been a crucial element to GE’s business plan. Needless to say, government collaboration plays a key role in facilitating such activities.
GE’s recent strategic partnership with Saudi Arabia is in line with its “company-to-country” approach. The MoU that was signed with Saudi Arabia’s Ministry of Commerce & Industry at the US-Saudi Business Opportunities Forum in Chicago, underscores GE’s commitment to the Kingdom’s long-term growth plans and further strengthens it’s 70-year relationship with the country.
The Ministry of Commerce & Industry, is responsible for economic diversification in the Kingdom through industrialisation andwill launch the US$ 16 billion National Industrial Strategy in May this year to strengthen the Kingdom’s manufacturing sector and double the industrial output of the GDP.
As a result of the MoU with the Saudi government, GE will explore manufacturing opportunities in the Kingdom for local and export markets. Also, both will potentially partner on international development projects in Africa and the Islamic world.
GE’s company-to-country strategy aims at contributing to the Kingdom’s sustainable growth and competitiveness by investing and sharing competencies, technology and knowledge transfer, and creation of skilled industrial and technical jobs in the following industries; energy, healthcare, transportation and water, in alignment with the National Industrial Strategy of Saudi Arabia.