Free trade agreement Korean goods in the United States significantly

General Electric is looking at Korean companies for a possible acquisition business deal aimed at bolstering its presence here, according to the new company chief executive officerof GE Korea. ``We aren’t ruling out the possibility of expanding our business in Korea via various acquisition deals. I am controlling a special unit inside General Electric Korea that handles investment, acquisition and joint - venture related issues,’’ chief executive officerMr.KhangSung wook told reporters at a news conference in Seoul, Wednesday. Mr.KhangSung wook declined to unveil the names of the companies that he is looking at. But officials say some health care related companies could be targets as the executive stressed that General ElectricKorea will put more focus on healthcare-related businesses. The remarks come after General ElectricHealthcare signed an agreement to acquire Xcellerex. The latest deal will help General Electrice xpand its healthcare products and services for the manufacturing of biopharmaceuticals such as recombinant proteins, antibodies and vaccines. General Electric had earlier been involved in various healthcare-related projects with Samsung Electronics. Now, the new General Electric Korea head is positive on collaborating with Samsung again.

``General ElectricKorea is also seeking balanced growth with Korean companies. General Electricis always open to activate strategic partnerships with Korean companies,’’ Khang told reporters. He admitted that General Electrichas stronger intent to reach out to information technology sectors and said the promotion was a ``strategic decision’’ by General Electric Chairman and chief executive officer Jeff Immelt. ``The request by Immelt is simple. General Electric should be a strong firm with top-tier competiveness in software. Its main products are for use in industrial purposes not for consumers. But we will provide better software to control systems that we sell,’’ said Mr.KhangSung wook. Localization is another top word for Mr.KhangSung wook this year. General ElectricKorea is planning to allocate more budget to increase its charity projects. ``We have many plans and I believe the number of such corporate social responsibility  programs should be increased.’’ As part of the initiative, General Electric Korea said it will take on 100 new hires annually for the next few years. ``We will support various General Electric - led leadership programs by partnering with local universities,’’ said Khang. Understandably, General Electric company said it welcomes the free trade agreement between South Korea and the United States, which will take effect from midnight Wednesday and the pact will help General ElectricKorea. ``General Electric Korea could save amount $150 million on tariffs for the next five years thanks to the materialization of the pact. With the money saved, the firm will procure more parts in Korea. The free trade agreementwill help spur our balanced growth with Korean companies’ initiative,’’ said Mr.KhangSung wook. With the pact, tariffs on a whopping 82.1 %of goods imported from the United States will be immediately removed, while fractionally fewer, or 80.5 percent, of the products that Korea ships to the United States will have their tariffs waived. General Electric imports components from the United States. ``This will make the lion’s share of Korean goods in the United States significantly more price competitive, helping Korean businesses increase their share of the market there,’’ he said the General ElectricKorea company head.

Source: The Korea Times