Post date: Jun 04, 2013 2:57:47 PM
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.