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GE to invest over $300 mln on technology in Indonesia

US conglomerate General Electric said Wednesday it planned to invest more than $300 million over five years to develop new technologies in Indonesia, one of the world’s fastest growing economies.

General Electric (GE) will work with the country’s state utilities company PLN, oil firm Pertamina, national airline Garuda Indonesia and train operator Kereta Api Indonesia to develop products and a training centre, GE Indonesia spokeswoman Ariavita Purnama said.

The projects will include technological developments in rural healthcare, biomass power plants and locomotive development, Purnama said.

GE’s chairman and CEO Jeff Immelt said in a statement the company had seen “extraordinary growth” in Indonesia in the past two years, “in tandem with the country’s accelerated growth path to build more infrastructure”.

“We see a great opportunity to support the country in energy and health infrastructure technology development and developing its human resources for sustainable economic growth,” he said.

GE is the latest in a string of major firms turning to invest and expand in the country of 240 million people, where a fast-growing middle class has driven domestic demand and fuelled strong growth.

Southeast Asia’s top economy, which has for years enjoyed above six percent growth, has put improvements to its poor infrastructure high on the agenda as it aims to break into the world’s top 10 economies by 2025.