GE mulls investment in locomotive fabrication, healthcare

ISLAMABAD: US business conglomerate General Electric (GE) said it will increase its footprint in Pakistan through investment in transportation and healthcare systems.

“Pakistan is a very important market for General Electric,” John Rice, vice president of GE said during a meeting with Prime Minister Shahid Khaqan Abbasi in New York. “We are committed to expand our business in Pakistan.”  A statement on Tuesday said Rice also expressed his desire for investment in locomotives fabrication and healthcare sector system delivery.

Prime Minister Abbasi, appreciating the long association of GE with Pakistan, said Pakistan has immensely been benefitting from the expertise of the company.  GE, listed on the New York Stock Exchange, is the world’s biggest manufacturer of diesel-electric locomotives, which are utilised to haul freight and passengers.

Boston, Massachusetts-headquartered GE is known for proving industrial solutions from electric mine locomotives to gas turbines. 

The company has been providing Pakistan’s industrial and transportation sectors, including aviation, energy, renewable energy and healthcare with innovative equipment for the past several years. 

Early this year, Pakistan Railways received seven diesel-electric locomotives from GE primarily to haul coal from Karachi to Sahiwal. In 2015, the country placed a purchase order of 55 GE locomotives to increase the share of rail in transport to 20 percent from four percent and modernise the country’s transportation infrastructure. 

“55 GE Evolution Series trains will help Pakistan Railways move essential freight across the country,” GE said on its website. “They are the result of a 10-year, $400 million investment by GE Transportation and meet the most stringent emissions standards.” Currently, more than 70 percent of big hospitals in Pakistan are using GE healthcare technologies, including interventional cardiology system. 

GE-built equipment also provides more than 25 percent of the country’s electricity. It has also provided the Pakistan International Airlines with advanced technology engines that helped the state-owned airline in revitalising its fleet system.  Abbasi said the government welcomes foreign investment in various economic fields. “Pakistan is open to investment by foreign companies,” he added. “We are looking forward for more American companies to invest in diverse fields in Pakistan.”