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.
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.