GE keen to expand its business in Hubei

General Electric Co. will expand its business in central China over the next few years as the Chinese government is making efforts to rejuvenate the region, according to a source with the U.S. giant.

"The company's investment in central China is rather insufficient," said Steve Bertamini, chairman and CEO of GE China, at a recent investment forum held in Wuhan, capital of central China's Hubei Province.

Many multinationals are eyeing booming coastal cities in eastern China to further business ventures, but now the opportunities lie in central China, said Bertamini.

The Ministry of Commerce said it would help accelerate foreign investment in central China, especially in electronics and modern logistics.

The company will grasp the opportunity of central China's rejuvenation and expand businesses in China, Bertamini said.

GE's sales volume is expected to reach 10 billion U.S. dollars on the Chinese mainland by 2010, from 5 billion U.S. dollars in 2005, according to Bertamini.