Coca-Cola NYSE:KO sets up factory in Myanmar’s Yangon
Coca-Cola NYSE:KO sets up factory in Myanmar’s Yangon
The Coca-Cola company will set up a soft drink factory in Myanmar’s Yangon in co-operation with Myanmar private Pinya Company, local media reported Tuesday.
The American company will run the Joint Venture business under the name of Coca-Cola Pinya Beverages Myanmar Ltd with the approval of the Myanmar Investment Commission MIC in December last year. It will produce non-alcoholic beverage and purified drinking water, said the Yangon Times.
Coca-Cola re-entered the country’s market last year after more than 60 yrs of absence from the Myanmar market following the lifting of US economic sanctions on Myanmar.
Coke will invest US$100-M over the next 3 yrs and the move will create jobs for nearly 2,000 Myanmar citizens, according to earlier reports.
According to Myanmar official statistics, US investment in Myanmar amounted to US$243.56-M in 15 projects, accounting for 0.6% of the total as of July 2012. The US stands the 9th in Myanmar’s foreign investment line-up.
Bi-lateral trade between Myanmar and the US reached US$293.64-M in F-Y 2011-12, of which Myanmar’ s export to the US amounted to US$29.57-M, while its import from the US stood at US$264.07-M.
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