An Olympic build-up in Beijing
TEXT OF STORY
Stacey Vanek-Smith: Airlines will get a bump in international business this week. The opening ceremonies for the Beijing Olympics are just days away. And many big corporate sponsors have been cashing in, as Lisa Chow reports.
Lisa Chow: Back in 2003, GE paid nearly $200 million to the International Olympics Committee. The company was sponsoring four games through 2012.
But Beijing far and away will be the big money maker. GE wants $700 million in contracts to build infrastructure in the Chinese capital. There’s lighting at sports stadiums, a waste water treatment plant, even security systems for the Beijing subway.
Peter Foss is president of GE’s Olympic sponsorship:
Peter Foss: We talk about the $50 billion that was spent to prepare Beijing for the Olympics, but our involvement’s built wonderful relationships that will carry us forward and participate in the $300 billion that’s going to be spent across the country as they build out infrastructure.
Foss says more than 200 cities in China are expected to have populations over 1 million.
In Beijing, I’m Lisa Chow, for Marketplace.
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