General Electric Co. and Newcom Group said on Friday they would jointly explore business opportunities in Mongolia.

The companies said Newcom would lead a privately owned investment company in Mongolia with interests in telecommunications and technology, real estate, clean energy and aviation.

Newcom Group was founded in 1993 and is based in Ulaanbaatar, Mongolia. It has investments in industries including the ones it will explore with General Electric.

GE shares rose 47 cents, or 2.9 percent,to $16.61 in afternoon trading.