| NUSA DUA, Indonesia
NUSA DUA, Indonesia Oct 6 General Electric Co
vice chairman John Rice said on Sunday that despite the
shaky global economy, he expected the firm's infrastructure
businesses in emerging markets to post 10-15 percent growth in
the next five to 10 years.
GE's presence in most parts of the global economy, including
energy, finance, manufacturing and transportation, makes it an
indicator of macroeconomic trends.
China, GE's biggest single market for infrastructure outside
of the United States, would continue to have "healthy double
digit" growth in the coming years, having grown some 15 to 20
percent growth in recent times, said Rice on the sidelines of an
Asia-Pacific leaders summit in Bali, Indonesia.
Shrugging off the impact of the U.S. government shutdown on
GE's businesses, Rice remained bullish on GE's renewed focus on
core infrastructure areas including oil & gas, power generation,
aviation, healthcare and transportation.
"In the mid-to-long term the demand for infrastructure is
going to be as acute as ever," Rice told Reuters at the
Asia-Pacific Economic Cooperation (APEC) conference, where a key
theme is sustaining the region as an engine for global growth.
"We see significant double digit growth ... in what we call
growth markets. We think we should see 10-15 percent growth,"
said Rice of this projection for its composite infrastructure
businesses in markets outside of the U.S. and Europe.
He noted, however, that the financing of infrastructure
projects by banks was getting more complicated amid greater
economic uncertainty, including concerns the U.S. Federal
Reserve will soon begin reducing its stimulus that has already
weakened some Asian currencies like the Indonesian rupiah.
"When you have the currency swings you have to be even
better in connecting capital to infrastructure projects," said
The oil and gas equipment business was also singled out as
one of GE's key growth areas, signalling the importance of
energy to the conglomerate as it retreats from finance and
returns to its industrial roots.