General Electric and Newcom Group Ink Mongolian Partnership

General Electric Company partners with Newcom Group to explore business opportunities in Mongolia, according to a memorandum of agreement recently entered in New York.  The two companies agree to explore the areas of power generation, civil aviation, healthcare, railways, water, mining, and financial services, GE stated in a press release sent out on September 24, 2010.

Signing the MOU for GE was Mr. Mark Norbom, the President and CEO of GE Greater China.  Newcom Group was represented by its Chairman, Mr. Boldbaatar Tserenpuntsag.  The signing was witnessed by Mongolia's Prime Minister, H.E. Mr. Batbold Sukhbaatar.

“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.

For GE, Mongolia is a very good choice for a number of reasons.  The country has rich resources, having the world’s largest coal and copper deposits, and has high potential for wind energy generation.  Strategically, it is located in a neighborhood with robust markets: Russia and People’s Republic of China.  If everything follows through according to the parties' MOU, GE will be the largest multi-national company to operate in the Mongolian market.

About GE

GE (NYSE: GE) is into diversified infrastructure, finance and media company operating in more than 100 companies globally.  Its interests include aircraft engines and power generation to financial services, health care solutions and television programming.  GE (www.ge.com) employs about 300,000 people worldwide.

About Newcom

                                                                       

A leading privately owned investment company in Mongolia with interests in telecommunications and information technology, real estate, clean energy and aviation. (imayol_ppp_092610) 

Source: http://www.genewscenter.com/Press-Releases/GE-and-Newcom-Sign-MOU-for-Strategic-Cooperation-in-Mongolia-2b1e.aspx