Coca-Cola re-enters Myanmar after six decadesSeptember 13th, 2012 - 8:59 pm ICT by IANS
Yangon, Sep 13 (IANS) Soft drink giant Coca-Cola has re-entered the Myanmar market after a gap of more than 60 years, following the lifting of US economic sanctions on the country, Xinhua reported Thursday.
The world’s largest soft drink maker plans to set up a factory in collaboration with local counterpart Pinya Manufacturing, and start local production as soon as possible, according to the Myanmar Post Global.
Previously, Coca-Cola products were indirectly imported to Myanmar through neighbouring countries.
The company will invest $100 million over the next three years, and the move will create jobs for nearly 2,000 Myanmarese, US Permanent Representative to the Association of Southeast Asian Nations (ASEAN) David L. Carden was quoted as saying.
Coca-Cola’s rival PepsiCo announced plans last month to also sell its products in Myanmar.
According to official statistics, US investment in Myanmar totalled $243.49 million in 15 projects as of March 2012.
Bilateral trade between Myanmar and the US reached $293.64 million in the 2011-12 fiscal year. Myanmar’s export to US amounted to $29.57 million while import from US stood at $264.07 million.
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