GE to debut outsourcing in Bangladesh (2,000 people)

Discussion in 'Wall St. News' started by pod11432, Oct 29, 2009.

  1. pod11432


    GE debut outsourcing in Bangladesh
    Star Business Report

    US industrial giant General Electric (GE) plans to outsource jobs to Bangladesh for the first time, presenting a huge opportunity in the outsourcing business.

    GE, which employs around 40,000 people in India alone -- mainly in the outsourcing sector -- will initially provide jobs to a company founded by Bangladeshi expatriates in the US.

    Mi3 Inc, based in the US, will invest around $300 million in Bangladesh initially to set up facilities to receive work orders from GE, said company officials at a function in Dhaka on Wednesday.

    "Initially we will employ about 2,000 people in our outsourcing office," said Marfia Zakir, Mi3 country director for Bangladesh.

    Zakir said her company wants to invest over $2 billion to develop the high-tech park at Kaliakoir in Gazipur under public private partnership, if they get the green light from the government.

    Speaking as chief guest, State Minister for Science and ICT Yeafesh Osman said the government is developing infrastructure for the IT sector.

    Trimothy Norton, an official of Vendor Management Organisation of GE, said GE is open to all the countries and its arrival could bring the same result for Bangladesh as for India.

    The 11-hour time difference between Bangladesh and the US can be a strong opportunity for the former to receive outsourcing business orders, said Duck Diction, chief executive officer of Mi3 USA.

    Brac University Vice Chancellor Prof Jamilur Reza Choudhury, Aftabul Islam, president of American Chamber of Commerce, also spoke at the function.
  2. pod11432


    I guess its a new world.
  3. right. not everywhere are goverments soo corrupt to allow this... this is long term suicide for the country ...

    only jobs left will be in RE, and lending... well maybe.
  4. S2007S


    Another day another company outsourcing thousands and thousands of jobs that will never come back to the US.
  5. achilles28


    I remember during the 2006 run-up, Bulls attributed the historic valuations to outsourcing, our new Golden Goose.

    Not such a great idea now, eh?

    America has to pick up ~7 Million jobs just to get even.

    Where will those jobs come from when every company - small and big - has shipped/and is shipping them, overseas?
  6. WinSum


    That's why we need to support letting the Dollar fall. If we devalue the Dollar against India, we import jobs back.
  7. achilles28


    Think about it.

    What's easier. Institute tariffs (to get jobs back)?

    Or destroy reserve status, send commodities (and inflation) to the moon, and watch Treasuries sell off huge (big IR increase) to get jobs back?

    Trashing the Dollar is a thinly veiled plot to destroy the Country. Which, apparently, our elected "leaders" are implementing. Geitner, Bernacke, Zoelick. etc.
  8. Winsum, not even gona comment on your "Let the dollar slide" theory. It's incorrect in the long run. Short run, sure, imports will pick up, long run.....will destroy the country and bring your, that's right, your standard of living down with the dollar.

    Jobs are not coming back folks. If your unemployed, you may have to find a different line of work, if you can.

    The economy will come back, the market may re-enter a bull in the future...however, get use to 9.5% unemployment.
  9. S2007S


    Righhhhhhhhhhhhhhhhhhtttttttt, a weak dollar will import all the jobs back to the US while commodities sky rocket and inflation rages out of control. Once this takes place the fed will come in and hopefully do something than just chit chat about it.

    Keep hoping for a cheaper worthless dollar as inflation skyrockets...
  10. Where does this idea start? The school system? I know they teach a lot about Globalization in college business classes and students just gobble that stuff up. Nevermind the fact that the country loses all its produts and exporting power. Why has this become the new American business model? I realize that the CEO's have no choice, if they don't do it, they'll just get replaced with someone who will. But for Christ's sake, it's killing the country in the process. Why not send HR and Marketing over there, that will at least get rid of the non-value components.
    #10     Oct 29, 2009