GE and Newcom cooperate on Mongolian projects

GE and Newcom will jointly explore power generation opportunities in Mongolia.

Newcom is a leading privately owned investment company in Mongolia with interests in telecommunications and information technology, real estate, clean energy and aviation. GE will be the largest multi-national company to operate in the Mongolian market.

“GE is very excited to explore growth opportunities in Mongolia with a strong partner like Newcom. Each company brings strengths that are well-aligned with Mongolia’s growth needs -- GE brings technologies and expertise in infrastructure and financial services and Newcom brings established relationships and operations in the market”
Mr. Boldbaatar Tserenpuntsag, Chairman of Newcom Group and Mr. Mark Norbom, the President and CEO of GE Greater China signed a memorandum of understanding in New York in the presence of H.E. Mr. Batbold Sukhbaatar, Prime Minister of Mongolia and Mr. John G. Rice, Vice Chairman of GE and President and CEO of GE Technology Infrastructure.

The two companies agreed on the principles and basis to explore a sustained partnership in key sectors of the economy, including power.

Mongolia is rich in energy and mining resources and is strategically located next to growing and resource hungry markets. It is home to some of the world’s largest coal and copper deposits, and vast wind energy potential. Mongolia’s GDP is expected to expand six times in the coming ten years, driven by dynamic growth in mining and infrastructure.