GE Looks To Expand In Ethiopia, Mozambique, Double Africa Revenue
General Electric, the sixth-largest firm in the U.S. by gross revenue, and the 14th most profitable, hopes to expand in Africa — especially Ethiopia and Mozambique.
The Boston, Massachusetts-based conglomerate expects to double revenue and employees in Africa with the expansion, BidnessEtc reported.
These are some of the sectors GE does business in: appliances, power and water, oil and gas, energy management, aviation, healthcare, transportation, financial services, pharmaceutical, automotive, software development and engineering industries.
Power will be GE’s biggest growth sector in Africa, with opportunities in rail and health care, according to SeekingAlpha.
GE expansion will include aviation in Ethiopia, oil and gas in Mozambique, and rail and healthcare in both, GE Africa President President Jay Ireland said Wednesday at the Bloomberg Africa Business and Economic Summit in Cape Town.
“We’re very optimistic about Ethiopia. We’re also optimistic about Mozambique, and expanding our footprint in both of those countries,” Ireland said.
Mozambique and Ethiopia are sub-Saharan Africa’s fastest-growing economies. The International Monetary Fund predicts they’ll grow more than 8 percent this year, Bloomberg reported, according to AmericanJournalofTransportation.
Ethiopia is investing in power plants as it seeks to become one of the continent’s largest electricity exporters.
Mozambique is developing projects that could make it the third-largest shipper of liquefied natural gas.
GE announced plans in 2014 to invest $2 billion in Africa by 2018 and double its workforce on the continent. The company has already increased headcount from about 800 to 2,600 and will probably get up to about 5,000, Ireland said.
“That would be the goal, which would be double from where we are today,” Ireland said.