26 October 2015, News Wires – GE, US engineering giant is to pump $1 billion in investments into the Indonesian economy over the next few years, including in the oil & gas sector.
The company will expand its current subsea equipment manufacturing facility in the South-East Asian country to include other GE product lines, it said of the investment plans over the next five years.
It will also partner with local companies to expand manufacturing and assembly locally.
The plan, revealed on the sidelines of a meeting between Indonesian President Joko Widodo and US counterpart Barack Obama, will also see investment pumped into the power and healthcare sectors.
GE vice chairman John Rice said: “Through this investment, we hope to expand our local business operations significantly, in a way that we believe will lead to a multiplier effect on the economy.”
In the oil & gas sector in Indonesia, GE manufactures subsea and surface wellheads, vertical christmas trees, tubular products and connectors, 90% of which are exported.