Inauguration of Bottling Plant Part of Planned $200 Million Investment in Myanmar Creating 22,000 Jobs Over Five Years
YANGON, Myanmar - Tuesday, June 4th 2013 [ME NewsWire]
(BUSINESS WIRE)-- For the first time in more than 60 years, Coca-Cola is being bottled in Myanmar. Muhtar Kent, Chairman and CEO of The Coca-Cola Company, today attended the ceremonial inauguration of a bottling plant in Crystal Springs, Hmawbi Township. The facility is the first to locally bottle Coca-Cola since the Company re-entered Myanmar last year. The historic event continues the long-term commitment of The Coca-Cola Company to generate a lasting positive impact by manufacturing, distributing, selling and hiring through its local business in Myanmar.
"As we grow as a local business in Myanmar, we are committed to creating economic value and building sustainable communities,” said Kent. "For the people of Myanmar, Coca-Cola embodies the optimism of a bright future, with the promise of better days and better lives ahead. We are privileged to be a part of their journey.”
After the lifting of sanctions, The Coca-Cola Company became one of the first U.S. companies to be awarded an investment permit under Myanmar’s new Foreign Investment Law. The inauguration of the Coca-Cola plant is a tangible demonstration of Coca-Cola’s planned $200 million investment over the next five years. The capital investment will increase production capacity, grow logistics including sales and distribution operations, and improve marketing and people capabilities.
Through its local presence, The Coca-Cola Company will contribute to Myanmar’s economic and social success by investing in local manufacturing, employing local people, engaging local suppliers and distributors and supporting community investment programs. This investment will stimulate job creation and Coca-Cola estimates that it will create more than 22,000 job opportunities across the entire value chain over the next five years.
At the inauguration, Kent was joined by Madeleine Albright, former U.S. Secretary of State and Chair of Albright Stonebridge Group, His Excellency U Myint Swe, Chief Minister of Yangon Region, officers of Pinya Manufacturing Co. Ltd, the local Coca-Cola bottling partner and other representatives of Coca-Cola in Myanmar.
"As a proud Myanmar citizen, I am honored to be part of this momentous occasion for Myanmar and Coca-Cola,” said Daw Shwe Cynn, Vice Chairman, Pinya Manufacturing Co. Ltd.
"We are excited to join our strong local expertise and passionate employees with the world’s number one brand and Coca-Cola’s world-class business capability. Together we have a positive future for our business, for our community and for the people of Myanmar,” said Mr Thureign Win, Vice Chairman Pinya Manufacturing Co. Ltd.
The Coca-Cola Company’s well-established global standards for corporate ethics are being incorporated into Coca-Cola’s business practices in Myanmar. This includes strict adherence to its global human and workplace rights policy, supplier guiding principles, code of business conduct and anti-bribery policies.
Apart from ethical economic development, The Coca-Cola Company aims to provide growth and development opportunities for the people of Myanmar. As part of this commitment, The Coca-Cola Foundation is working with Pact, a respected non-government organization, to implement Swan-Yi, a three-year program to empower nearly 25,000 Myanmar women focusing on financial literacy, entrepreneurship and business management. Since the program commenced in July 2012, 10,000 women have been empowered to start their own businesses.
|
