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Coca-Cola Returns To Myanmar

posted 4 Jun 2013, 07:57 by Mpelembe   [ updated 4 Jun 2013, 07:58 ]
Reuters Business  Report - Myanmar will no longer have to import supplies of the world's most famous soft drink.

There has been no local production of Coca-Cola here in more than six decades.

But now the soft drinks giant has opened a factory on the outskirts of Yangon in Myanmar.

Muhtar Kent is the company's CEO.

 Muhtar Kent, CEO of Coca-Cola, 

"This is a historic occasion. And we're delighted to be a part of this occasion as we return local manufacturing of Coca-Cola to this beautiful country after more than 60 years."

Coca-Cola has long been available in military-ruled Myanmar but it was imported because US sanctions prevented this sort of foreign investment.

They were lifted last year in recognition of the country's reforms.

And Coca-Cola's now become one of the first American companies to be granted an investment permit under Myanmar's new Foreign Investment Law.

Muhtar Kent, CEO of Coca-Cola, 

"We're investing for a bright future ahead with plans to invest more than 200 million dollars over the next four to five years."

The soft drinks giant will work in partnership with a local manufacturing company and is expected to create more than 22,000 jobs along the supply chain over the next five years.