NEW YORK —
GE said yesterday that it will probably spend $500 million on research and development and new customer innovation centers in China, adding more than 1,000 new jobs. More than $1.5 billion is expected to be put toward new joint ventures with Chinese state-owned enterprises in high-technology sectors.
The news comes a day after GE named John Rice head of global operations. In that role, Rice will concentrate on growth in markets including China, India, the Middle East, and Brazil. It also comes after GE emerged as a big winner from President Obama’s trip to India, as the company signed multiple deals in that market.
GE sees huge potential in both India and China. China’s rapid growth over the past 10 years has left it grappling to find enough energy to support its companies and residents, which GE plans to service. A partnership with State Grid Corp. of China, a power distributor and one of the world’s biggest utilities, will help provide more access to the region.
“China is one of the world’s fastest growing areas with a tremendous need for infrastructure,’’ Dan Heintzelman, president and chief executive of GE Energy Services, said in a statement.