GE committed to growth-share with Korea everlastingly

By Kang Seung-woo

GE has been a growth partner for Korea over the past 40 years in a wide range of industries, including power, aviation and healthcare.

The Boston-based multinational conglomerate’s commitment to sharing growth with Asia’s fourth-largest economy is set to remain intact in the future as it is expected to contribute to driving the nation’s transformative innovation.

“We are committed to learning, sharing and growing with partners and customers in Korea and around the globe,” GE Korea CEO Chris Khang said.

“While supporting and giving back to the local community is regarded as an important social role, companies should be able to bring their values to partner with Korean industry to win in markets that are becoming more competitive and changing fast.”

One of the key business strategies of GE Korea has been “co-growth with Korean companies” in the local and global market.

Against this backdrop, the company has been pushing its partnership boundaries to a wider range of sectors at the industry and even academic level. From the Korea Electric Power Corp. (KEPCO), Hanwha Techwin and POSCO to the Korea Aerospace University, the Women in Science, Engineering and Technology (WISET), the Korea Ski Association (KSA), GE Korea has been strengthening its alliances to achieve sustainable co-growth, providing them with advanced technology, global market access and management best practices.

The May opening of GE’s manufacturing plant for steam generators in Changwon, South Gyeongsang Province is the latest signal of the firm’s enhanced partnerships.

As a digital industrial powerhouse transforming local industry for global progress, GE Changwon is becoming a center of excellence for the global HRSG business as a manufacturing hub in Korea that will also deliver long-term growth for the local economy.

As the Moon Jae-in administration has rolled out an innovation initiative in the areas of power, bio-healthcare and defense, GE Korea is ready to remain a strong partner to support the government to achieve goals for the initiative.

To accelerate the digitalization of the electrical power industry, GE has joined a next-generation power supply development project, the “Energy Valley Project,” led by KEPCO in Naju, South Jeolla Province.

The two sides signed a memorandum of understanding (MOU) to build a high-voltage direct current (HVDC) grid in March for an industrial cluster, which will promote the use and applications of HVDC technology.

In the bio-healthcare and aviation sectors, the Fast Track Center in Songdo, Incheon has been helping biopharmaceutical manufacturers increase their process productivity, reduce costs and enable them to bring their product to market faster.

GE also recently announced its LM500 marine gas turbines now power Korea’s first PKX-B patrol boat, helping Korea equip with enhanced national defense capabilities. Also, working closely with Hanwha Techwin, GE provides technical support and oversight for the LM500 master test cell operation, backing the program during each phase of assembly, building, testing and installation.