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MMM 3m Co

93.56
0.39 (0.42%)
08:39:47 - Realtime Data
Share Name Share Symbol Market Type
3m Co TG:MMM Tradegate Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.39 0.42% 93.56 93.66 93.76 93.88 93.50 93.78 1,499 08:39:47

GE Makes Large Donation To US Shanghai Expo Efforts

11/05/2009 11:16am

Dow Jones News


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SHANGHAI (AFP)--General Electric Co. (GE) has given U.S. efforts to raise the $60 million needed to ensure a national pavilion at the 2010 Shanghai World Expo a massive boost, organizers said Monday.

Fundraising problems have meant the U.S. is one of only three countries - along with Andorra and Colombia - that have diplomatic relations with China but haven't confirmed participation at next year's World's Fair.

GE and USA Pavilion committee officials declined to say how much the company would contribute, but USA Pavilion spokeswoman Page Wang said it was the largest donation yet.

GE "joins as a founding partner for the USA national pavilion during the 2010 Shanghai Expo, which injects a cardiac stimulant towards the USA pavilions' fundraising," Wang said.

Previously the largest known donations were from computer maker Dell Inc. (DELL) and manufacturing group 3M Co. (MMM), which offered $1 million and $250,000 respectively.

Shanghai is preparing to hold the biggest-ever World Expo in a year's time, which, alongside the Beijing Olympics, aims to show China's rising global clout.

The event is expected to draw 70 million visitors - 95% of them Chinese - and despite the financial crisis, most major countries have seized it as one of the biggest public diplomacy opportunities in decades.

But U.S. law prohibits using taxpayer dollars to pay for such events and private fundraising got off to a shaky start last year.

Frank Lavin, a former U.S. ambassador to Singapore who heads the private USA Pavilion steering committee, said before the GE announcement that his group had raised $2.8 million, but needed to drum up $60 million more.

GE will also provide environmentally-friendly technology for the pavilion's construction, Wang said.

The Expo's Chinese organizers last week raised the pressure on the U.S., announcing construction on national pavilions must begin by June 30 or spaces will be reallocated, the official Xinhua news agency reported.

Expo organizers suggested last month the USA pavilion's spot could be given to Kentucky Fried Chicken, the official China Daily reported.

 
 

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