GE and KOREA
The long-standing history between GE and Korea first started on March 6, 1887, when GE’s lightbulb was lit in Geoncheon Palace of Gyeongbokgung Palace.
Since the official launch of GE Korea in 1976, the company has introduced products and technology that supported the development of Korean industries. In collaboration with the Korean government and various corporations in industries such as power, aviation, and healthcare, GE has been pursuing mutual growth both in local and global markets. In addition, GE is driving partnerships with Korean businesses in technological innovation, while lending its active support to discover and expand opportunities for mutual growth in the Korean and global markets.
Long-term partner for economic growth and development for the Korean industry
GE Korea is working in partnership with more than 100 corporations in Korea. With a vision of penetrating the global market with Korea’s outstanding talent and advanced technology, GE Korea has fostered valuable partnerships with various businesses and medical institutions in Korea.
In energy industry, GE, for example, is partnering with KEPCO for the Bitgaram Energy Valley project in Naju. The close partnership between GE and KEPCO focuses on establishing high-voltage direct current (HVDC) infrastructure, a digital grid that connects information on electricity, and a solutions for data analytics. Through this partnership, they expect to contribute to the advancement of Korean energy industry. GE also collaborates with KOMIPO (a subsidiary of KEPCO) to provide more business opportunities to Korean small and medium-sized enterprises, by making the best use of Korean subcontractors in Korean and overseas power plant construction projects including the KOMIPO’s Jeju Power Generation Site construction project. In 2017, GE opened GE Changwon as a GE Power’s global heat recovery steam generator (HRSG) manufacturing site, as part of a localization strategy. HRSG is a technology to improve the energy efficiency by delivering gas heat and energy into steam turbine, increasing the power generator’s output in a combined cycle power plant. GE will further expand GE Changwon globally, making use of Korean talents who have extensive project experiences and technological competitiveness.
In aviation industry, GE also partners with small and medium sized businesses and large conglomerates such as Hanhwa Techwin for components for aircraft and marine engines. In 2016, Hanhwa Techwin signed an agreement with GE for the domestic development of the F414 engine, to be installed in the KF-X fighter jet. Through this agreement, GE will be supporting Hanhwa Techwin’s domestic assembly of the engine, local sourcing of core components, its engine tests and system support for military aircraft operation.
GE pursues an aggressive localization strategy in healthcare industry as well. GE Ultrasound Korea located in Seongnam is a global ultrasound machine manufacturing site of GE Healthcare, exporting more than 95% of its total production to about 160 countries around the world. This is the fruit of GE’s 30-year partnership with the Korean healthcare industry and local small and medium sized partners in Korea. GE also opened the GE Healthcare APAC FastTrak Center in Songdo, Incheon, to assist customers in the bio processing and biomedicine industries, with practical training for bio processing, support in manufacturing, and consulting services. GE Healthcare is planning to invest over KRW 24 billion in the FastTrak Center by 2020.
Responsible Corporate Citizens in the Korean Society
GE seeks to strengthen its partnership with local customers and localization of its business across various industries in Korea. The company shares outstanding examples of management and technology, fostering mutual growth in the domestic and overseas markets. Every leader and employee at GE Korea is committed to integrity and compliance, fulfilling their responsibility as trustworthy and wholesome corporate members of the Korean society.