By Choi Kyong-ae
General Electric is seeking to boost its business ties with Samsung Group in offshore-and-marine engineering, aviation and healthcare.
In a press conference, Friday, GE Chairman and CEO Jeffrey Immelt, who was visiting Seoul, said he met Samsung leaders and other business partners Thursday to strengthen his company's presence in Korea, which he called the "heartbeat of the world and a healthy place to invest."
Samsung confirmed he had a meeting with chiefs in charge of those business divisions.
He expected GE's "next range of investment (in Korea) will happen in the near future in areas such as aviation and healthcare," possibly partnering with local companies with big initiatives in the industry such as Samsung.
GE, the Fairfield, Connecticut-based technology company, has been a major business partner of Samsung Techwin allowing the defense-system affiliate of Samsung Group to manufacture engines under license used in the T-50 Golden Eagle.
In addition to this, GE said it is seeking to further bolster its business partnership with Samsung in the offshore-and-marine businesses which shows a sign of recovery after years of a slump following the 2008 financial crisis.
The commercial ship business has been sluggish after the crisis but the offshore-marine business continues to be a very robust part of the industry where GE has strength, said Immelt.
GE and Korean shipbuilders have tightened their ties through the difficulties. GE is a major supplier of power and propulsion systems for liquefied natural gas carriers being built by Samsung Heavy Industries at its Geoje shipyard. "Offshore-and-marine engineering is an important business for GE, and being closer to its customer base is central to GE's business strategy," he said.
The company opened its center for global offshore and marine industry research in Busan, Wednesday, but didn't detail the size of the investment.
GE is also looking into a possible partnership in the emerging healthcare business here. Samsung Electronics is a potential partner given it acquired a controlling 43.5 percent stake in Medison, a local ultrasound machine maker, in 2010 to diversify its portfolio. Samsung increased its stake to 68.5 percent by the end of June.
"In the world today, you are a supplier in the morning, partner at noon, and competitor in the evening. I think that is our relationship with Samsung in healthcare," Immelt said.
General Electric is seeking to boost its business ties with Samsung Group in offshore-and-marine engineering, aviation and healthcare.
In a press conference, Friday, GE Chairman and CEO Jeffrey Immelt, who was visiting Seoul, said he met Samsung leaders and other business partners Thursday to strengthen his company's presence in Korea, which he called the "heartbeat of the world and a healthy place to invest."
Samsung confirmed he had a meeting with chiefs in charge of those business divisions.
He expected GE's "next range of investment (in Korea) will happen in the near future in areas such as aviation and healthcare," possibly partnering with local companies with big initiatives in the industry such as Samsung.
GE, the Fairfield, Connecticut-based technology company, has been a major business partner of Samsung Techwin allowing the defense-system affiliate of Samsung Group to manufacture engines under license used in the T-50 Golden Eagle.
In addition to this, GE said it is seeking to further bolster its business partnership with Samsung in the offshore-and-marine businesses which shows a sign of recovery after years of a slump following the 2008 financial crisis.
The commercial ship business has been sluggish after the crisis but the offshore-marine business continues to be a very robust part of the industry where GE has strength, said Immelt.
GE and Korean shipbuilders have tightened their ties through the difficulties. GE is a major supplier of power and propulsion systems for liquefied natural gas carriers being built by Samsung Heavy Industries at its Geoje shipyard. "Offshore-and-marine engineering is an important business for GE, and being closer to its customer base is central to GE's business strategy," he said.
The company opened its center for global offshore and marine industry research in Busan, Wednesday, but didn't detail the size of the investment.
GE is also looking into a possible partnership in the emerging healthcare business here. Samsung Electronics is a potential partner given it acquired a controlling 43.5 percent stake in Medison, a local ultrasound machine maker, in 2010 to diversify its portfolio. Samsung increased its stake to 68.5 percent by the end of June.
"In the world today, you are a supplier in the morning, partner at noon, and competitor in the evening. I think that is our relationship with Samsung in healthcare," Immelt said.
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