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
- EKOCENTER: The New Buzzword On College Campuses
- WEF Africa 2017: Creating Mixed Livelihoods for Africa’s Electric Youth
- Muhtar Kent Reflects on His Coca-Cola Journey and Legacy as Company’s 15th Chief Executive
- 5 Keys to Being Fearless: Jean Case Challenges Coca-Cola Scholars to ‘Take Risks, Be Bold and Fail Forward’
- Beverage Tax Slows Philly Coke’s Retail Sales by 32%, Leading to Workforce Reduction