Logo of Phnom Penh Post newspaper Phnom Penh Post - Coca-Cola to invest $200 million to boost Bangladesh operations

Coca-Cola to invest $200 million to boost Bangladesh operations

Content image - Phnom Penh Post
In 2015, Coca-Cola brought its “5by20” initiative to Bangladesh and established the country’s first Women Business Centres. AFP

Coca-Cola to invest $200 million to boost Bangladesh operations

The Coca-Cola Company, one of the world’s top three beverage manufacturers, plans to further expand its Bangladesh operations by investing $200 million over the next five years, said its chairman and chief executive officer James Quincey.

“We have an enduring belief that our business is only as sustainable as the communities in which we operate. This means that for our business to be viable and grow, the communities must also grow,” said Quincey while addressing the press at the Radisson Blu Dhaka Water Garden hotel on Tuesday.

Coca-Cola has already invested more than $100 million in Bangladesh but to expand its operations in a sustainable manner, the company will need to understand and align itself with the country’s priorities, he added.

In 2015, Coca-Cola brought its “5by20” initiative to Bangladesh and established the country’s first Women Business Centres (WBC).

Its “5by20” global initiative aims to enable the economic empowerment of five million women entrepreneurs across the company’s value chain by 2020.

By the end of 2020, more than 100,000 Bangladeshi women and their families are expected to benefit from the project, which is currently active in Jamalpur, Khulna and Bagerhat.

The WBC is a unique model that supports female Bangladeshi entrepreneurs in rural areas by providing skill development courses and financial assistance, said Quincey, who called in to Bangladesh for just a day.

Besides, these facilities, which are run by women and developed to address some of the more common barriers faced by female entrepreneurs, also offer access to business skills training, market information, agriculture training, mobile banking assistance, healthcare counselling, mentoring and networking opportunities.

Currently, there are about 240 WBCs working to empower more than 70,000 women across the country.

Coca-Cola has been operating in Bangladesh for more than five decades but the company remains incredibly optimistic about the country’s economic growth, Quincey said while using his visit as an example to drive the point home.

The company also intends to strengthen the communities in Bangladesh through various other programmes, such as ‘Every Drop Matters’ and ‘WASH’.

Both the initiatives help promote sanitation and hygiene while also providing clean water and rainwater harvesting projects to schools across the country.

T Krishna Kumar, president of Coca-Cola’s India and Southeast Asia operations; Manuel ‘Manolo’ Arroyo, chief marketing officer and group president in Asia Pacific; Marcelo Boffi, president and Bottling Investments Group and Deputy Group president in Asia Pacific; and Ajay Bathija, managing director, were also present at the event.

THE DAILY STAR (BANGLADESH)/ANN

MOST VIEWED

  • Omicron patients can stay home: PM

    The Ministry of Health has issued a directive on the treatment of people who have tested positive for the highly transmissible Omicron coronavirus variant, following a suggestion from Prime Minister Hun Sen on the night of January 21. The directive permits home quarantine for those who

  • Cambodia’s first ever anime festival kicks off Jan 22 at capital’s F3 centre

    Phnom Penh's first ever Anime Festival will bring together fans, artists, shops and other local businesses with ties to the Japanese animation style for cosplay competitions, online games, pop-up shops and more on January 22, with Friends Futures Factory (F3) hosting. F3 is a project that

  • Mr Pancake or M Crepe? Tasty by any title

    Crowds of people gather around a lone man with a mobile food cart every day at around 2pm in front of the Institut Francais du Cambodge to order what many say are the best crepes in Phnom Penh. To some – even to the man making

  • Phnom Penh condo market loses steam

    Just four new condominiums were launched for sale last year in the capital, down from 17 in 2020, according to research by CBRE Cambodia. The four developments comprised “more than 1,000” units, while the 17 in 2020 consisted of 10,866, the real estate firm reported. CBRE Cambodia categorises condos as “high-range”, “

  • Fourth dose Covid booster drive jabs 43K in two days

    In the first two days of the fourth-dose Covid-19 vaccination campaign, more than 43,000 people volunteered to get the jabs, while over 4.6 million people have received a third shot. Health ministry spokeswoman Or Vandine said that fourth-dose vaccinations, which began on January 14 exclusively with the Pfizer

  • Singapore backs Cambodia's efforts on Myanmar

    Singaporean Prime Minister Lee Hsien Loong supports Cambodia in its efforts to seek a solution to the ongoing Myanmar crisis as the chair of ASEAN. Lee expressed his support during a meeting with Prime Minister Hun Sen via videoconference on January 14, with the talks focused