12 °c
London
Wednesday, June 29, 2022
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Communications

GE Sees Potential in Africa, expanding into Mozambique and Ethiopia

FurtherAfrica by FurtherAfrica
February 26, 2016
in Communications, Economy, Ethiopia, FDI, Gas, Industry and Commerce, Infrastructure, Mozambique, South Africa
Reading Time: 2 mins read
1.1k 23
0
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

General Electric Company (NYSE:GE) is looking to expand its business in African countries i.e. Ethiopia and Mozambique. Jay Ireland, president at GE Africa, expects revenue and headcount to double following the expansion, which will require investments in power, transportation, and healthcare segment.

At the Bloomberg Africa Business and Economic Summit, held in Cape Town on Wednesday, Mr. Ireland discussed opportunities in the oil and gas sector in Mozambique, and aviation in Ethiopia, along with opportunities in rail and healthcare sector in both. He expects revenue to double within five years. “We’re very optimistic about Ethiopia, we’re also optimistic about Mozambique, and expanding our footprint in both of those countries,” he reasoned.

Jay Ireland, president General Electric Africa
Jay Ireland, president General Electric Africa

In 2014, GE had announced plans to invest $2 billion in Africa by 2018. The number has already increased more than threefold i.e. from 800 to 2600 at present. Mr. Ireland expects it to further rise to 5,000 employees. “That would be the goal, which would be double from where we are today,” he said.

General Electric’s current move did not come as a surprise since the company is focused on its long term strategy to expand industrial operations. The conglomerate wishes to expand operations in every major country, which boasts of demand for industrial segments, including transportation, healthcare, oil and gas, power, or aviation. With the current expansion, the company expects to earn revenue from international industrial operations.

As part of its strategy, the company also reduced the size of its GE Capital financial unit last year. Going forward, it plans to further sell its assets this year. However, it has not yet announced any deal requiring sale of assets since the start of fiscal year 2016. Analysts expect it to sell $100 billion worth of assets this year.

The sales of assets is expected to take its toll on revenue. However, GE may be able to more than offset the decline through industrial-based expansions.

GE’s strategy seems to have positively affected its stock price. It swelled after the announcement in April last year. Over the last 12 months, the stock has surged 14.84%. GE stock closed down 0.92% at $28.95 on Wednesday.

Source: Bidness etc

Related

Tags: AviationEthiopiaGEGE AfricaGeneral Electrichealthcareindustrial operationsJay IrelandMozambiqueOil and gasPowerpresidenttransportationモザンビーク莫桑比克
ScanSendShare459Tweet287Share80Pin103Send
FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

The tripartite network theory in the gold mining industry: a lesson for Africa
Commodities

Ethiopia’s gold export generated US$513.9M in 11-month

by FurtherAfrica
June 29, 2022
Mozambique picks Societe Generale to advise state oil company on funding
Economy

SocGen CEO sees organic Africa growth in ‘uncertain climate’

by FurtherAfrica
June 29, 2022
5G broadcasting for the Sub-Saharan regions vs Satellite & digital terrestrial TV services
Communications

South Africa making progress on broadcasting digital migration

by FurtherAfrica
June 28, 2022
Haile Gebrselassie’s Marathon Motors opens Ethiopia 1st EV charging station
Business

5 EV brands coming to South Africa

by Energy Capital & Power
June 28, 2022
Nigeria needs currency reform for US$1.5B World Bank loan, country director says
Finance

World Bank and Ethiopia sign US$715M financing agreements

by FurtherAfrica
June 28, 2022
Angola Oil & Gas 2022
 
AFSIC 2022
 
Great Limpopo Transfrontier Park
 
MozParks

Translate this page

Read the Latest

The tripartite network theory in the gold mining industry: a lesson for Africa
Commodities

Ethiopia’s gold export generated US$513.9M in 11-month

by FurtherAfrica
June 29, 2022
0

Ethiopia has obtained 513.9 million US Dollars from the export of gold in the last eleven months of the current...

Read more
S&P Analysis: New African refining projects to cap continent’s crude exports

Angola joins the EITI as Africa’s 28th member

June 29, 2022
Mozambique picks Societe Generale to advise state oil company on funding

SocGen CEO sees organic Africa growth in ‘uncertain climate’

June 29, 2022

UK to guarantee US$2B of AfDB debt to boost climate fight

June 29, 2022

Kenya inks MoU for avocado processing in Kisii

June 29, 2022

FurtherAfrica Partners Network

The Exchange Club of Mozambique Taarifa Rwanda
TechGist Africa Africa Oil & Power Farmers Review Africa
Tanzania Invest Zambia Invest See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
Digilogic Africa Web3Africa

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 73,051 other subscribers.

FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
 

Loading Comments...