United States soft drink company Coca-Cola has re-entered into Myanmar market following the lifting of US economic sanctions on Myanmar, distributing its product in the local market, local media reported Thursday.
Returning after absence from the Myanmar market for more than 60 years, Coca-Cola, which is the world's largest soft drink maker, is planning to set up soft-drink producing factory in collaboration with local counterpart, Pinya Manufacturing, to start local production as soon as possible, said Myanmar Post Global.
Previously, Coca-Cola products were indirectly imported to the country through neighboring countries.
Coke will invest 100 million US dollars over the next three years and the move will create jobs for nearly 2,000 Myanmar citizens, US Permanent Representative to the Association of Southeast Asian Nations (ASEAN) Ambassador David L Carden was quoted as saying.
Rival PepsiCo last month announced plans to sell its products in the Myanmar also.
According to Myanmar official statistics, US investment in Myanmar amounted to 243.49 million US dollars in 15 projects, accounting for merely 0.6 percent of the total as of March 2012 since Myanmar opened to such investment in late 1988 and standing the 9th in Myanmar's foreign investment line-up.
Bilateral trade between Myanmar and the US reached 293.64 million US dollars in the fiscal year 2011-12, of which Myanmar's export to US amounted to 29.57 million dollars while its import from US stood at 264.07 million dollars.
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