GE plans to invest in $1 billion in Indonesia, the majority of which will be funnelled to the country’s oil and gas industry, the US multinational conglomerate announced in a press release Monday.

GE to invest $1 bln in Indonesia

DC, October 27, 2015 – GE plans to invest in $1 billion in four Indonesian infrastructure projects, the US multinational conglomerate announced Monday.

GE has signed three power sector projects that will have a combined capacity of 3 GW. This work will contribute to the Indonesian government’s goal of increasing the country’s power generation capacity by 35 GW by 2019. The fourth project involves rail maintenance.

GE announced its investment as part of an effort to boost Indonesia’s economic growth during a meeting between US President Barack Obama and Indonesian President Joko Widodo. The company plans to expand its subsea equipment manufacturing lines in the country, in addition to investments in hydrocarbons 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,” John Rice, vice chairman of GE, said in a release on Monday.

For more news and features on Indonesia, click here.

Read our latest insights on: