×

APEC Summit: GE makes India jobs, AIA turns accelerator

A $2.6 billion deal between General Electric (GE) and India's state railway system is expected to boost job creation in Asia's third largest economy, according to the American conglomerate.

Announced earlier this month, GE will supply India with 1,000 diesel locomotives and invest $200 million to construct a manufacturing facility in the eastern state of Bihar, which is expected to be completed by 2018.

"We'll create jobs in that facility for sure but we're also going to create supply chain jobs. We'll qualify suppliers and work with small and medium-sized businesses so there'll probably be six to seven jobs in India for every GE job that gets created in this manufacturing facility," GE vice chairman John Rice told CNBC at the Asia-Pacific Economic Cooperation (APEC) CEO Summit in Manila.

Reportedly 20 years in the making, one of the key catalysts for the realization of the deal was Prime Minister Modi's election last year and his decision to make India a manufacturing base, Rice said.

GE was one of numerous multinationals lauding their respective accomplishments at the Philippines summit.

Insurance giant AIA told CNBC that providing financial support to health entrepreneurs had been a key focus this year.

"We started an accelerator program a year ago and yesterday [Monday], we just launched Accelerator 2.0, where we're looking to support venture capital investment and companies as they develop in the health and wellness space," said chief executive Mark Tucker.

Current projects in the incubator ranged from one that turned sign language into text, to another that forecasts heart attacks ten minutes before they happen, he explained.

Last week, AIA and Singapore's Nanyang Technological University established an innovation center aimed at managing issues such as rising healthcare costs as well as improving patient outcomes through the use of technology, big data and analytics.