General Electric to Invest $900 Million in Turkey

General Electric Co. (GE) (GE) will invest $900 million in aviation, energy, health, transportation and infrastructure in Turkey over the next three years after the government offered incentives to investors.

June 15, 2012
Manufacturing Group

The investment package will include production of wind energy equipment, Economy Minister Zafer Caglayan said today at a press conference in Istanbul.

“We have not announced specifics of the investment which will be defined over time and until then we have no further details to add,” the company said in an emailed statement.

The plan has “a focus on infrastructure and innovation,” GE Vice Chairman John Rice told reporters. The company will provide specifics “in the next couple of months” and is in talks with universities on plans for research and development, he said.

GE also set up a strategic partnership with state-run locomotive manufacturer Turkiye Lokomotif & Motor Sanayi AS, known as Tulomsas, in 2008 and expect its exports to be $1.5 billion over next 10 years, the company said in a statement handed to reporters.

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