Myanmar 'Wonderful Opportunity' for Coca-Cola
Muhtar Kent, chairman and CEO at The Coca-Cola Company, explains Coca-Cola's strategy of opening new plants in Myanmar and why being "local" will help them sell their premium brand.
As Coca-Cola unveiled its first processing plant in Myanmar after a six-decade hiatus in the country, one analyst warned that the move into frontier markets could mean emerging markets are not as attractive to multi-nationals as they once were.
At the ceremonial inauguration of a bottling plant in Crystal Springs, Hmawbi Township, the global drinks giant's CEO Muhtar Kent said the company had earmarked $200 million to help the business grow in the country over the next five years.
"Within a month, there'll be a second plant operational here. So that will give us two production facilities in the country, and we're looking obviously to expand that in the future," he told CNBC on Tuesday.
"For every one job that we create directly in the Coca-Cola business, there's about another 10 jobs that are created in the supply chain for country. Supply chains means provisions of bottles for us, labels, closures, crowns, cold drink equipment, distribution equipment, advertising agencies - all of that combined. In five years' time, we expect to generate 25,000 jobs in the country."
More on Journey
- Coca-Cola India and Partners to Invest $1.7 Billion in Country’s Agricultural Ecosystem
- The Maple Leaf Forever: How Coca-Cola is Showing its Canadian Pride for Canada 150
- Dispensing Refreshment: These Innovations Have Helped Spread the Enjoyment of Coca-Cola Through the Years
- High Schoolers Cook Up Successful Careers at 2017 National ProStart Invitational
- WEF Africa 2017: Creating Mixed Livelihoods for Africa’s Electric Youth