Friday, June 15, 2012
Coca-Cola could be coming to Myanmar soon.
The world's largest
beverage company has announced plans to return to the country for the
first time in 60 years. Coke has applied for a general license to begin
conducting business there, the company stated in a press release.
Myanmar, the once
reclusive nation, is one of three countries in the world where Coca-Cola
does not do business, according to the company. It does not have a
presence in Cuba and North Korea.
Myanmar's government is opening up to international investors as it undergoes a series of reforms.
The United States, the
European Union and others are easing sanctions, allowing their citizens
and businesses to directly invest in Myanmar after the ruling junta
returned to civilian rule and allowed free elections. A recent oil and gas conference was held in the city of Yangon to attract potential investors from around the world.
Nobel laureate Aung San Suu Kyi,
the democracy advocate who had been under house arrest for nearly two
decades, recently won a seat in the country's legislature. This week,
she traveled to Europe for the first time since her detainment to accept
the Nobel Peace Prize she was awarded in 1991.
Still, challenges lie ahead for Myanmar. The country's western state has been rocked recently by ethnic violence that prompted a state of emergency.
Coca-Cola, which sells
sodas, bottled water, sports drinks as well as juices, described its
investments in Myanmar as "significant" over the next three to five
years. Initially, the products would be shipped into neighboring
countries while local business ties are established. The company's
international strategy is to operate as a local business in every
market, with selling, distributing and manufacturing taking place
locally, Coca-Cola stated in a release.
The company's charity arm also pledged a $3 million grant for women's economic programs in the country.
Source: CNN
Posted in: companies,markets,reports
