General Electric Co. expects to increase its revenues in stable developing countries like Turkey at a rate of two or three times their gross national product (GNP) growth, a regional director said on Wednesday.
Last year GE posted sales of $1 billion in Turkey, and plans to increase revenues by 15-20 percent in 2007.
We are targeting growth of two or three times the GNP (growth) of developing countries that have achieved stability. We are doing this with organic growth and sometimes with inorganic growth, said Kursat Ozken, regional director for Southeastern Europe.
In the coming years we can see growth figures in countries like Turkey between 15 and 25 percent, we have been able to see them in previous years, he said.
Ozkan, who sees energy consumption growth of 8 percent over the next ten years in Turkey, added that GE's energy arm will show the largest growth among its industrial operations.
GE last month signed an agreement with Zorlu Enerji to build a 52-turbine wind farm in Turkey.
The company also has plans to finalize this year a project to produce medical equipment in Turkey, worth $50-100 million.
He also said Turkey's drought problem could be solved through desalination projects.
Turkey's reservoirs are at below 50 percent capacity.
GE has several real estate concerns with domestic partners such as Dogus Group and Garanti Bank. It is also active in the media sector and produces parts for aircraft motors with Turkish firms TAI and Tusas.