General Electric (GE), one of the world's largest diversified companies, is confident about building upon its US$1-billion (Bt35.77 billion) investment in Thailand despite the economic changes made by the interim government, according to the president and CEO of GE International, Nani Beccalli-Falco.

"The 30-per-cent capital-control measure and amended Foreign Business Act do not effect our investment plans in Thailand, because we are real investors. When we decided to expand our investment into countries outside the US, we [knew we] had to respect the laws of the countries in which we invested," he said.

After opening GE Day at the Plaza Athenee Hotel yesterday, Beccalli-Falco said Thailand was GE's largest market in Southeast Asia, contributing about 35 per cent of the company's revenues from the region.

GE Thailand generated revenue of $1 billion last year, up by about 25 per cent on the year before. It aims for 20-per-cent revenue growth this year.

"This year will be the first year that businesses outside the US account for a higher proportion of our revenues than businesses within the US," Beccalli-Falco said. "We expect our business in Southeast Asia to double within three years, with Thailand continuing to contribute the largest portion of total revenues."

GE's revenue from Southeast Asia reached $3 billion in 2006. The giant company's total revenue was $163.4 billion and its earnings from continuing operations were $20.7 billion, up 10 per cent and 11 per cent year on year, respectively.

GE's operations in Thailand consist of six business units: Commercial Finance, Healthcare, Industrial, Infrastructure, Credit-providing Services and Media. It employs more than 2,500 people here and has invested about $1 billion in plastics compounding, medical systems and financial services, as well as in the manufacture of aircraft-engine components and support services.

Meanwhile, the country executive for GE Energy in Thailand, Kovit Kantapasara, confirmed his company would keep investing in Thailand's energy sector.

Since 2001, GE Energy has recorded strong revenue growth, because of steady demand for its power-generation products and energy services. The company is exploring the possibility of expanding its local capabilities to better serve Thai clients, he said, adding that business opportunities in the Kingdom allow GE Energy to look forward to serving more power plants with products designed for renewable energy sources.

GE Energy's services cover petroleum refineries, petrochemicals, electronics, mining, steel, and pulp and paper industries as well as power generation.

Chalida Ekvitthayavechnukul

The Nation