General Electric is looking to Brazil — fueled by the upcoming 2016 Olympic Games in Rio de Janeiro, for which it is a sponsor — for strong growth in its energy, infrastructure, transportation and healthcare businesses.
Chief executive Jeffrey Immelt reportedly said at an event in Rio that the company’s businesses are seeing “more than 30 percent” growth in Brazil.
The reasons: sustainable economic development, entrepreneurial activity and rising commodity prices.
“These three things happening together make Brazil a fantastic place to invest,” he reportedly said.
GE’s revenues in Brazil were $2.6 billion in 2010, and the company has promised to invest $570 million in the country between 2010 and 2013.
Of particular focus: healthcare equipment, trains, wind turbines and industrial equipment.
As such, GE plans to make bids for infrastructure projects related to the Games. (The company saw more than $1 billion in revenue through contracts for the Beijing Olympic Games.)
It will also set up a new research center in the state of Rio de Janeiro.