Coca Cola, the world's largest beverage company, yesterday announced plans of restarting business in Myanmar, (formerly known as Burma) – 60 years after the US government slowly started lifting sanctions on the South East Asian nation because of the initiation of partial reforms, including the release of pro-democracy leader Aung San Suu Kyi from house arrest.
Atlanta-based Coca Cola, which does not do business in Myanmar, Cuba and North Korea, had entered Myanmar in 1927 and stopped operations after the military junta took power in 1962.
Coca Cola said that it would commence operations in Myanmar as soon as the US government issues a licence allowing companies to make investments, which may be ''imminent,'' the company said in a statement.
''Coca-Cola's planned entry into Myanmar, following the suspension of sanctions, will be governed by its well- established global standards for corporate ethics, including strict adherence to its global human and workplace rights policy, supplier guiding principles, code of business conduct, and anti-bribery policies,'' the company said in the statement.
Coca Cola will initially ship its products from neighbouring countries to Myanmar and later have tie-ups with local companies.
The company said that it expects to make "significant investments" in Myanmar over the next three to five years.