GE signs Memorandum of Understanding with NAZA for strategic collaboration in Malaysia
Global innovative, high-tech infrastructure & financial services company, General Electric (GE) and diversified Malaysian conglomerate, NAZA Group of Companies (NAZA), to explore collaboration in multiple business sectors.
GE (NYSE:GE) and NAZA today signed a Memorandum of Understanding (MoU) to explore common initiatives of strategic interest between the two companies. The MoU was signed by CEO of GE ASEAN, Stuart Dean and Group Corporate Affairs Director, NAZA Group of Companies, En Zakaria Ismail, in a bid to explore potential collaboration in three areas; opportunities in the electric vehicle (EV) sector, the implementation of sustainable property development and opportunities in the healthcare services sector.
Also present at the ceremony was John G. Rice, Vice Chairman of GE, President and CEO of GE Global Growth and Operations, as well as En Hamid Ismail, Special Project Director, NAZA Group of Companies
Commenting on the signing, Stuart Dean expressed that he expects strong synergies to result from the collaboration that will be an important catalyst of sustainable growth in many of the key sectors identified in Malaysia’s Economic Transformation Plan (ETP).
Says Stuart Dean, “GE is excited at the prospect of working together with a diversified Malaysian conglomerate like NAZA. There are many parallels in our businesses that provide opportunities to deploy new technology and innovation to the market, while supporting the delivery of the country’s national imperatives. For example, EVs are set to revolutionize the automotive industry worldwide, and locally we will tap into NAZA’s breadth of experience and penetration in the local auto industry.
This collaboration is a mark of our commitment towards supporting the government’s aspirations to promote efficient green solutions.”
In this area, GE and NAZA will endeavor to create a platform that combines their expertise to support the development of EV in the country, across the spectrum from infrastructure to technology applications. The collaboration will entail joint-lobbying and education to raise public and government awareness, while engaging in further opportunities such as utilizing GE battery technologies in NAZA’s electric vehicle manufacturing line, and running electric vehicle pilot tests in several cities across Malaysia.
The GE – NAZA MoU will also explore the development and implementation of sustainable energy solutions in NAZA’s thriving property development business. The collaboration will see NAZA leveraging on GE’s ECOMAGINATION™ line of products and cutting-edge technologies, in creating environmental solutions for their property development projects.
The MOU will also explore opportunities to collaborate on NAZA’s planned entry into the healthcare services sector including healthcare systems, hospital and medical supplies utilizing GE Healthcare technology, under GE’s vendor development program.
NAZA Group of Companies Joint Group Executive Chairman Datuk Wira SM Faisal Tan Sri SM Nasimuddin said he was very excited at the possibility of forming a business partnership with GE.
“At NAZA, we have a diversified portfolio of products and services that we can offer. Together with GE, I believe we can achieve greater heights with this smart partnership,” said Datuk Wira SM Faisal.
He added that this collaboration was a recognition given to NAZA for its countless contribution to the development of the corporate world, including that of the country.
This will also be GE Malaysia’s first ever partnership with the multi-industry Malaysian conglomerate. GE had previously announced signings with top public and private companies from a diverse range of industries. Some more notable partnerships include PETRONAS, TNB, Malaysia Airlines, Air Asia, and Sapura.
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