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Ulaanbaatar, Mongolia, 2010/09/24 - General Electric Company (GE) and Newcom Group (Newcom) announced to jointly explore business opportunities in Mongolia, one of the fastest growing and resource-rich markets in Asia (NYSE: GE). NYSE: GE
Newcom is a leading privately owned investment company in Mongolia with interests in telecommunications and information technology, real estate, clean energy and aviation. GE will be the largest multi-national company to operate in the Mongolian market.
Mr. Boldbaatar Tserenpuntsag, Chairman of Newcom Group and Mr. Mark Norbom, the President and CEO of GE Greater China signed today a memorandum of understanding in New York in presence of H.E. Mr. Batbold Sukhbaatar, Prime Minister of Mongolia and Mr. John G. Rice, Vice Chairman of GE and President and CEO of GE Technology Infrastructure.
The two companies agreed on the principles and basis to explore a sustained partnership in key sectors of the economy, including power, civil aviation, healthcare, railways, water, mining, lighting and financial services.
“GE is very excited to explore growth opportunities in Mongolia with a strong partner like Newcom. Each company brings strengths that are well-aligned with Mongolia’s growth needs -- GE brings technologies and expertise in infrastructure and financial services and Newcom brings established relationships and operations in the market.” said Mr. Norbom.
“Newcom is happy to be GE’s partner of choice in Mongolia. Indeed, we are a perfect match – it is imagination and innovation that drives our two companies. As GE has stood at the forefront of imagination and progress in the world for over a century, Newcom has been a pioneer in new and innovative technologies in democratic Mongolia. Together we are set to team for growth and take on big development challenges in emerging Mongolia.” said Mr. Bold Baatar, the CEO of Newcom Group.
Mongolia is rich in energy and mining resources and is strategically located next to growing and resource hungry markets. It is home to some of the world’s largest coal and copper deposits, and vast wind energy potential. Mongolia’s GDP is expected to expand six times in the coming ten years, driven by dynamic growth in mining and infrastructure.
Newcom Group (newcom.mn), founded in 1993, is a long term investor committed to bringing global expertise and innovation to Mongolia. Newcom Group employs about 1,700 people and has a successful track record and portfolio of investments across telecommunications, information technology, airline, financial services, real estate and clean energy industries. The company’s headquarters are in Ulaanbaatar, Mongolia.
GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world’s toughest challenges. From aircraft engines and power generation to financial services, health care solutions and television programming, GE (ge.com) operates in more than 100 countries and employs about 300,000 people worldwide.