November 3, 2011

General Electric Vice Chairman visits Cambodia


GE Vice Chairman John Rice visits Cambodia
  • Discover key market opportunities for GE in ASEAN and Cambodia
  • Strengthen GE's commitment to support Cambodia's economic growth as a long term partner.
PHNOM PENH, October 17, 2011 - Today, Mr. John G. Rice, GE Vice Chairman, and President and CEO of GE Global Growth and Operations has paid a visit to Phnom Penh - his first for the country of Cambodia - to unearth and explore growth market opportunities as well as underline GE's commitment to Cambodia's long-term economic growth. His visit marks several significant milestones for GE in Cambodia such as the final commissioning of a local hospital in Cambodia under Developing Health Globally™ Program and a couple of MOU signing ceremonies involving GE Foundation, Inc. and GE Energy.

In addition to his current role as Vice Chairman of GE Corporation, John Rice was appointed by GE Chairman and CEO Jeffrey Immelt as President and CEO of GE Global Growth and Operations in January 2011. In his new role, Rice is responsible for GE's global markets with particular emphasis on markets such as China, India, Middle East, Brazil and ASEAN where he will accelerate GE's efforts to meet customer needs with GE's leading technology and services.

"We see Cambodia, a young and optimistic population, as a key driving force toward development and reform of the business environment. As one of the dynamic countries in ASEAN today, Cambodia's strategic location - being centrally located between Vietnam and Thailand - plays a strategic role in the rapidly-growing cross-border trade. Not to mention its 3-year double digit GDP growth and open economy of US$7 billion that is driven by the private sector. It is rich in culture and resources that have great potential for growth," said Rice. "GE recognizes these opportunities and untapped growth potential that are just waiting to be discovered," he added.

One key item of Mr. John Rice's agenda in Cambodia is gracing the final commissioning of local hospitals under the Developing Health Globally™ Program - GE's philanthropic commitment that aims to improve healthcare for some of the world' most vulnerable people. Under this program, GE has partnered with the Ministry of Health to upgrade equipment and skills at government hospitals across Cambodia, where the poor are served. Most recently were installations of new mobile X-ray, ultrasound, and monitoring equipment in all CPA3 hospitals and also at Calmette Hospital where the celebration of the completion of work will be held and recognized. In the event, GE shares the news of the hospital's new capability with the Ministry of Health and the community, and affirms its commitment to care for the equipment and ensure its use for the long term.

Another part of the commissioning ceremony is the signing of a new letter of commitment between the Ministry of Health and the GE Foundation to more formally establish the joint plan to biomedical training.

"I am pleased to be here in Cambodia to witness the final commissioning of the most recent phase of the Developing Health Globally program. The new equipment and training will better help clinicians care for members in the community. GE strives to build the capacities of these hospitals to improve access to quality care, enabling these hospitals to save lives," said John Rice.

Bob Corcoran, GE Vice President of Corporate Citizenship added, "We join the Government of Cambodia, through the Ministry of Health, in its continued support of local hospitals. The investment across Cambodia's CPA3 hospitals will broaden care and access in Cambodia. Moreover, the signing of a new letter of commitment ascertains the collaboration agreement between the Cambodia Ministry of Health and the GE Foundation in the area of biomedical capacity building. It will help address the need for biomedical skills to support government hospitals in Cambodia."

There is another important occasion during Rice's visit. GE and Ministry of Industry, Mines and Energy (MIME) in the Royal Kingdom of Cambodia have signed a memorandum of understanding (MOU) for a joint development to look into renewable energy utilization with biomass and wind energy. In addition, both partners will work together on clean energy initiatives involving advanced gas turbine technology and increased energy efficiency through Smart Grid technologies.

"GE's first MOU with MIME is in place to address the country's growing power needs, which has been increasing at approximately 25% a year. It also aligns with Cambodia's rural electrification program which targets to bring electricity via power grids to 70% of its households by 2030,"said Kenji Uenishi, Region President for GE Energy, Asia. "Our partnership will focus on measurement and feasibility studies in addition to an identification of a market framework that would bring about commercial on-grid applications of agricultural waste-to-energy biomass power generation projects," he added.

Now based in Hong Kong, John Rice oversees 12 integrated local organizations that include business development, commercial teams, finance, controllership and legal. GE's global growth has expanded by about 15 percent a year for most of the past decade and its global sales is expected to hit about 60 percent of GE going forward. This move also allows more decision-making at regional level and removes those time zone barriers. Cambodia is expected to soon become a strategic and key partner of GE in its global strategy in Asia and ASEAN in particular.

GE is excited to partner with the Cambodia government and the business community towards solutions that GE can provide for the development of the country. GE affirms its long-term commitment in the country as a partner for growth and development.

About GE

GE (NYSE: GE) is an advanced technology, services and finance company taking on the world's toughest challenges. Dedicated to innovation in energy, health, transportation and infrastructure, GE operates in more than 100 countries and employs about 300,000 people worldwide.

GE launched its presence in Cambodia in July 2007. Since then, GE in Cambodia has been continuously building its network base while developing partnerships with private and public sectors. GE businesses that have started to become active in Cambodia are GE Healthcare, GE Energy, GE Industrial Solutions, and GE Home and Business Solutions.

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