GE Opens Office in Mongolia and Signs Healthcare Distribution Agreement with Newcom

Ulan Bator, Mongolia, May 2, 2011 – General Electric Company (GE) today opened a representative office in Ulan Bator, capital of Mongolia, to further explore business opportunities in one of the fastest growing and resource-rich markets in Asia.

The new GE office is co-located in the headquarters of GE’s Mongolian partner, Newcom Group (Newcom), one of the largest private enterprises in the country with a diversified portfolio of businesses in telecommunications, airline, real estate and clean energy industries.

GE and Newcom also signed a distribution agreement to supply a full range of GE healthcare products and solutions and introduce healthcare information technologies to the Mongolian market.

Mr. D. Zorigt, Minister of Mineral Resources and Energy of Mongolia, US Ambassador to Mongolia Mr. Jonathan Addleton, and Mr. B. Bold, CEO of Newcom were present for the office opening ceremony.

GE was represented at the office opening by Mark Hutchinson and Jack Wen, Vice Presidents of GE and Mr. Ts. Tumentsogt who will become the Chief Representative of the Mongolia office.

The events follow the signing of a Memorandum of Understanding (MOU) between GE and Newcom last September in which GE and Newcom agreed to explore a sustained partnership in key areas including power, water, mining, aviation, railway, lighting and healthcare.

Mark Hutchinson, Vice President of GE, said: "We are excited about this milestone and the expansion of our collaboration with Newcom. GE’s technology and expertise are well aligned with Mongolia’s growth needs. We look forward to building a win-win strategy for the benefits of the Mongolian people, our customers and partners as well as GE. ”

Mr. B. Bold, Newcom’s CEO, welcoming its partner’s permanent representation in Mongolia, stressed the importance of the intangible values and merits GE was bringing into Mongolia – innovation, green technologies and smart solutions for business pursuits to lead to a meaningful engagement with Mongolia.

“GE is one of the world’s most renowned brands of innovation, creativity, efficiency and modernity, producing a wide variety of products and technologies ranging from daily consumables to the most advanced technological solutions. I am glad that GE with its most efficient locomotives, wind turbines, state-of-art diagnostic imaging equipment comes to shoulder Mongolia in its challenging endeavors to build a knowledge based economy. It’s clear in my mind that GE’s partnership with Mongolia will mark yet another story of lasting and fruitful cooperation” – noted Mr. Bold.

Mongolia is home to some of the world’s largest coal and copper deposits and has vast wind energy potential. Located in Northern Asia between China and Russia, Mongolia is the fifth largest country in Asia with fewer than three million people. Mongolia’s economy is heavily influenced by rapidly expanding demand for energy and mineral resources and its GDP is expected to expand six times in the next ten years.

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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 (www.ge.com) operates in more than 100 countries and employs about 300,000 people worldwide.

Newcom Group, founded in 1993, is a long term investor committed to bringing global expertise and innovation to Mongolia. Newcom Group (www.newcom.mn) 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.
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Geoff Li
GE Corporate - China
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geoff.li@geahk.ge.com

Source:General Electric