General Electric to invest US$50 million in Pakistan547 views
KARACHI: American multinational conglomerate General Electric (GE) on Wednesday announced that it will invest US$50 million for the digitisation of industrial economy in Pakistan.
“It is important to train young professionals, and work with them to co-create innovative solutions to drive ahead in the digital industrial economy,” a statement quoted Sarim Sheikh, President at GE Pakistan, as saying.
“Pakistan’s young and vibrant talent pool of software professionals is uniquely positioned to leverage the opportunity provided by GE’s industrial internet using Predix.io,” Sheikh added.
GE’s Predix, platform-as-a-service, helps programmers in developing applications to operate and manage machineries. The platform has around 4,000 developers, racking up around $US5 billion in revenues.
The statement said the investment will be used to set up technology and digital centre in Pakistan.
“The new GE Pakistan Technology and Digital Centre marks the GE’s focus to introduce its industrial internet solutions for its partners to support them in accelerating productivity and operational efficiency,” the statement said.
“The centre will be grounds for customer and developer collaboration on development of software solutions and industrial internet applications and will deliver training to build the skills of Pakistan’s technical and skilled professionals.”
GE is also looking to co-invest in several clean energy projects, including renewable and gas-based power projects.
The Connecticut, US-based technology firm is aggressively working to introduce its industrial digital solutions in Pakistan, which it claims lead to improvement in efficiency.
Bill Ruh, vice president and global technology director at General Electric told Techcrunch that the company’s software could result in US$230 million in saving per plant over 20 years.