General Electric Company (NYSE:GE) CEO, Jeff Immelt, dismissed speculations that he was about to leave his role at the company. The move was made in Egypt at that country’s Economic Development Conference held recently. The long-serving CEO who has five years remaining in his 20-year tenure started in 2001 instead revealed plans to grow the company. While stating that he was just a baby, Immelt sought to put to bed the rumor that surfaced last year. Initially the company refused to comment on the issue but has now ardently moved to quell the speculations.
In making a compelling argument, the company CEO outlined plans to invest $200 million in building a factory in Egypt. This move is in an effort to help improve the energy infrastructure of that country therefore countering widespread blackouts experienced in parts of Egypt. General Electric Company (NYSE:GE) was just one of many major corporations that committed to investing in Egypt, at the conference. Described as a milestone event, the series of investment is a bid by the country’s government to drive growth in its economy. This investment by GE though may be seen by others as a risky one. The news comes after militants started a campaign to bomb local and foreign business interests in that nation’s capital as well as in other cities. Even with the impending risks, Immelt remains adamant that the country is a key part of its global strategic move. He however, admitted that he does not expect everything to be perfect hence there are risks in investing such a huge some in Egypt. However, he noted that his company is focused on the long term opportunities as opposed to short term.
Additionally, Immelt commented that the negative interest rate in Europe is also a reason companies should invest in that region. These statements boldly reveal GE’s global strategy and intentions to take advantage of opportunities around the globe. These strategies may be risky; however, they are aimed at making the most of globalization to grow the company further.