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 October 26, 2015 - 11:00 AM EDT
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GE to Invest Up to $1 Billion in Indonesia’s Power, Oil and Gas, and Healthcare Sectors to Help Accelerate Infrastructure Growth

GE (NYSE:GE) announced today that it will invest up to $1 billion in the power, oil and gas, and healthcare sectors to support Indonesia’s accelerated economic growth. The announcement was made on the sidelines of a meeting between the President of the Republic of Indonesia, Joko Widodo, and the President of United States of America, Barack Obama. The investment will be made in tandem with GE’s participation in the country’s infrastructure build-out.

Elaborating on the $1 billion program, GE’s Vice Chairman John Rice said, “Indonesia has been an important and strategic country for us for over 75 years and the current government’s vision and more recent plans to accelerate spending on infrastructure have given us the confidence to make this commitment. GE’s spending over the next 5 years will target critical areas important to the economy and cover power generation, oil and gas, and healthcare. 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.”

Indonesia has set an ambitious goal to increase power generation capacity by 35 GW by 2019. To facilitate achieving this goal, GE will bring its latest technology and will partner with local companies to expand their manufacturing and assembly capabilities, as well as enhance repair and service capabilities in country. In addition, GE will help build Indonesia’s human capital through technical and leadership training programs.

In the oil and gas space, GE’s investments will include expanding the current subsea equipment manufacturing facility to include other GE product lines, and partnering with local companies to expand manufacturing and assembly locally.

In the healthcare sector, GE will align with Indonesia’s objective of providing universal healthcare by supporting the expansion of the country’s primary healthcare ecosystem, including the development of up to 100 primary care clinics through technology and training innovations. Given the importance of healthcare for the country, GE relocated the headquarters of its healthcare business in ASEAN to Jakarta earlier this year.

These commitments will result in the creation of over 6,000 jobs, technology transfer, training of over 1,000 people a year, and the expansion of local supply chains as GE’s business grows.

Today GE employs nearly 1,000 people, with operations in Jakarta, manufacturing facilities in Yogyakarta and Batam, and a turbine service facility in Bandung. GE’s investment in its three facilities have directly provided jobs for 800 Indonesians, supported the local supply chain and enhanced export capabilities for the country. More than 90% of the equipment manufactured in its oil and gas facility such as subsea wellheads, surface wellheads, vertical christmas trees, tubular products and connectors used in oil and gas exploration and production is exported for use in global projects.

Indonesia has an enormous stake in maintaining the momentum behind its economic growth which will require deployment of cutting-edge technology and sustainable infrastructure solutions. GE is well positioned to meet the country’s needs with its latest and most fuel-efficient HA class heavy-duty gas turbines, mobile power solutions like the TM2500 for remote areas, and affordable primary care solutions like the VSCAN portable ultrasound device. GE has also helped to connect Indonesians across 17,000 islands, by providing fuel-efficient aircraft engines and locomotives. In addition to technology, GE can bring comprehensive financing solutions and development expertise to help the country deliver on its infrastructure projects.

About GE

GE (NYSE:GE) imagines things others don’t, builds things others can’t and delivers outcomes that make the world work better. GE brings together the physical and digital worlds in ways no other company can. In its labs and factories and on the ground with customers, GE is inventing the next industrial era to move, power, build and cure the world.

GE Global Growth Organization
Una Pulizzi, +1 202 637 4107
Ariavita Purnamasari, +62 811 1588685
Grace Low, +60 12 578 8003

Source: Business Wire (October 26, 2015 - 11:00 AM EDT)

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