Coca-Cola said on Tuesday (June 4) it will begin production in Myanmar as part of a planned 200 million U.S. dollar (£130 million) investment in the Asian country.
The company opened a factory on the outskirts of Yangon on Tuesday with Chief Executive Officer Muhtar Kent presiding over the event. Former U.S. Secretary of State Madeleine Albright and U.S. Ambassador to Myanmar Derek Mitchell also attended the event.
The new facility is the first to locally bottle Coca-Cola in more than six decades and follows the U.S. company's re-entry into Myanmar last year.
"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," said Kent.
Following the lifting of U.S. sanctions against Myanmar, formerly known as Burma, Coca-Cola said it became one of the first U.S. companies to be granted an investment permit under Myanmar's new Foreign Investment Law.
Coca-Cola will work with local partner, Pinya Manufacturing and is expected to create more than 22,000 jobs along the supply chain over five years.
"As a system we're investing for a bright future and then with plans to invest more than 200 million dollars over the next four to five years. As we do, we'll work with many local businesses starting with our brand new partners at Pinya. And in time we expect to create more than 20,000 job opportunities, directly and indirectly, in this great nation," said Kent.
The U.S. has been steadily lifting sanctions since last year to support the reforming country that was once under strict military rule.
Presented by Adam Justice