MOSCOW, Oct. 21 (UPI) -- General Electric head Jeffrey Immelt said Thursday now is a good time to invest in Russia, Interfax reports.
Immelt, GE's chief executive, said during a meeting with President Vladimir Putin that Russia and General Electric should work together on railroad transportation and energy projects. Immelt also said that GE is considering investing in a Russian energy company.
GE earlier this year purchased Russia's DeltaBank to gain entry to the Russian consumer credit market.
In 2003, the Connecticut-based manufacturing and financial services company earned $480 million in Russia, Interfax said. For 2004, GE expects to earn $675 million in revenues and predicts that by 2007 its revenues in Russia will reach $1.1 billion.
