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Coca-Cola returns to Myanmar

Tuesday, June 04, 2013 - 01:16

June 4 - Coca-Cola Co. opens a factory on the outskirts of Myanmar's commercial capital to begin production in the country for the first time in more than 60 years. Edward Baran reports.

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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. SOUNDBITE, Muhtar Kent, CEO of Coca-Cola, saying: "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. SOUNDBITE, Muhtar Kent, CEO of Coca-Cola, saying: "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.

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Coca-Cola returns to Myanmar

Tuesday, June 04, 2013 - 01:16