PepsiCo, one of the world's largest soft drinks company, yesterday announced that it plans to re-enter Myanmar (formerly known as Burma) after Western countries started lifting sanctions on the South East Asian nation.
PepsiCo's move comes two months after its arch rival Coca Cola, the world's largest beverage company, announced plans of restarting business in Myanmar – 60 years after it exited the country. (See: Coca Cola to resume business in Myanmar after 60 years)
PepsiCo, which pulled out of Myanmar in 1997, said that it will partner with a little known company called Diamond Star Co, a subsidiary of the Capital Diamond Star Group for importing Pepsi-Cola, 7-Up and Mirinda brands from its Vietnam operations and selling in the country.
The Purchase, New York-based company is also exploring options of setting up a local manufacturing unit and investing in agricultural development.
"We are constantly looking for new growth opportunities that will put our food and beverage brands in the hands of more consumers," said PepsiCo chairman and CEO, Indra Nooyi.
Nooyi added that Burma was "a market with great potential" and "over time, we believe we can build a strong business" in the country.