General Electric opens Cambodian branch office with eye on oil and gas sector (Photo: AP)General Electric opens Cambodian branch office with eye on oil and gas sector
Monday, July 23, 2007
The Associated Press
PHNOM PENH, Cambodia — U.S.-based conglomerate General Electric opened a branch office in Cambodia Monday, with its representative saying the company was taking a keen interest in the country's offshore oil and gas potential.
Cambodia's double-digit economic growth in recent years and good outlook for the future are the main reasons behind GE's decision to make its presence felt in the impoverished Southeast Asian country, Ferdinando Beccalli-Falco, president and executive officer of GE International, said at a ceremony.
GE International is a subsidiary of General Electric Co., which operates in more than 100 countries and employs more than 300,000 people worldwide. Its businesses include aircraft engines, power generation, oil and gas, financial and health care services, media and entertainment, and household appliances.
"This day is merely the first step in what is going to be a long marathon that GE is going to play in Cambodia," Beccalli-Falco said. Cambodia is on the verge of a major oil and gas discovery, he said, and GE is going help the country develop it and other sectors.
U.S. energy giant Chevron Corp. discovered oil in 2005 off the Cambodian coast, 90 miles southwest of Sihanoukville.
Although it is still unclear if the find will be commercially viable, the discovery has prompted hope of a boost to economic growth. It has also brought fear that, if not properly managed, the discovery could make widespread corruption in Cambodia worse.
Beccalli-Falco did not reveal GE's investment plans but said his company will look at several opportunities for business in Cambodia.
"Our internal findings show high potential in four key segments — health care, oil and gas, energy and water — all of which are strong suits for GE," he said.
Cambodia's economic growth has averaged around 11.4 percent for the last three years. The economy is expected to grow around 9 percent this year, lower than the 10.4 percent estimated for last year but still one of the highest rates in Asia, the International Monetary Fund said last month.
Deputy Prime Minister Sok An described GE's presence as "historic" and said its expertise "will greatly aid Cambodia's development effort, especially in the potential areas of energy, oil, gas, water, health care and finance."
"The fact that an American company as prestigious as General Electric is opening an office in Cambodia illustrates the promising investment opportunities that exist here," U.S. Ambassador Joseph Mussomeli said in a speech.
"Cambodia is open to business, and we hope that many more American companies will follow in GE's footsteps," Mussomeli said.
Cambodia's double-digit economic growth in recent years and good outlook for the future are the main reasons behind GE's decision to make its presence felt in the impoverished Southeast Asian country, Ferdinando Beccalli-Falco, president and executive officer of GE International, said at a ceremony.
GE International is a subsidiary of General Electric Co., which operates in more than 100 countries and employs more than 300,000 people worldwide. Its businesses include aircraft engines, power generation, oil and gas, financial and health care services, media and entertainment, and household appliances.
"This day is merely the first step in what is going to be a long marathon that GE is going to play in Cambodia," Beccalli-Falco said. Cambodia is on the verge of a major oil and gas discovery, he said, and GE is going help the country develop it and other sectors.
U.S. energy giant Chevron Corp. discovered oil in 2005 off the Cambodian coast, 90 miles southwest of Sihanoukville.
Although it is still unclear if the find will be commercially viable, the discovery has prompted hope of a boost to economic growth. It has also brought fear that, if not properly managed, the discovery could make widespread corruption in Cambodia worse.
Beccalli-Falco did not reveal GE's investment plans but said his company will look at several opportunities for business in Cambodia.
"Our internal findings show high potential in four key segments — health care, oil and gas, energy and water — all of which are strong suits for GE," he said.
Cambodia's economic growth has averaged around 11.4 percent for the last three years. The economy is expected to grow around 9 percent this year, lower than the 10.4 percent estimated for last year but still one of the highest rates in Asia, the International Monetary Fund said last month.
Deputy Prime Minister Sok An described GE's presence as "historic" and said its expertise "will greatly aid Cambodia's development effort, especially in the potential areas of energy, oil, gas, water, health care and finance."
"The fact that an American company as prestigious as General Electric is opening an office in Cambodia illustrates the promising investment opportunities that exist here," U.S. Ambassador Joseph Mussomeli said in a speech.
"Cambodia is open to business, and we hope that many more American companies will follow in GE's footsteps," Mussomeli said.
7 comments:
Cambodia's economy grows very fast and the standard of living for an average Cambodian is going down very fast too. This makes perfect sense to Hun San as most of the country's revenue goes directly to his Swiss account.
That you very much Mr. Embassdor
I wish to see Intel, Coca Cola, Ford Motor Corp, and Boeing follow foot step of GE.
I love USA as much as I love CAMBODIA.
GOD BLESS AMERICA!!
I wish they do all kind ovf investmetns in our country. But one thing for the investors to come in to our country we must have the power company that capable of handling all 3 shifts. And for Cambodia, we are buying from Laos, Vietnam and Thailand. A country with all kind of natural water fall and big lake we should make power so easy and cheap and no need to buy to keep our neighbors rich. Or if not we can build a power plant to support the need of investors. WE REALLY NEED TO BUILD POWER PLANTS IN OUR ON SOIL. I KNOW WE CAN DO IT.
Do not worry my friends,
Intel, Coca Cola, Ford Motor Corp, Boeing, Microsoft, Toyota, Roll Royce, Ferrari, Walmart will follow foot step of GE.
CHEER
The American and Japanese companies will bring jobs and appropriate salaries to Cambodian workers.
AH CHROUK Pig Sok An and AH CHOR Cham Prasidh make harm to the Country.
GE's coming is a good sign because it will signal other multinational companies that Cambodia is a good country to invest in. Without foreign investment, Cambodia will not be able to provide jobs. Poverty is still a major issue but only can be solved with jobs. One thing that will have to be improved is the corruption in the courts. Investors as well as Cambodians want a rule of law that is applied evenly to all and not just favoring the rich who pay for a result.
The more the merrier because Ah Hun Sen will have enough money to pamper and baby those four/five millions odd Viets that makes up the so-called majority that in turn will vote to keep Ah Hun Sen in power for ever. Whether the true dirt poor Khmer people benefit from all this is just anybody's guesses!
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