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

  • Angkor lifetime pass, special Siem Reap travel offers planned

    The Ministry of Tourism plans to introduce a convenient, single lifetime pass for foreign travellers to visit Angkor Archaeological Park and potentially other areas. The move is designed to stimulate tourism to the culturally rich province of Siem Reap as the start of the “Visit

  • Bosba: The first Khmer woman composer from UK’s Cambridge

    Bosba Panh is just 25 years old, but she’s already accomplished some impressive milestones for herself and the Kingdom. On July 24, she graduated with a Master’s degree from the University of Cambridge as the first Khmer woman composer and Khmer music graduate ever at

  • ‘Golden’ Angkor Wat likely due to natural phenomenon: ANA

    Pictures and video clips of the Angkor Wat temple, its spires seemingly coated in gold, have been shared tens of thousands of times on social media, prompting a sense of wonder among those who have seen them. Hong Sam Ath, who took the pictures and

  • Pailin longan winery tries to break through to the big time

    Longan aren’t quite as glamorous as some fruits. They don’t have the star-power of mangos or generate the excitement of a pricey seasonal niche fruit like the pungent durian. Unlike bananas or oranges, which are known and loved everywhere, longan remains a decidedly

  • Debt restructuring over, time to tackle rising NPL ratio

    The Cambodian banking system has just completed a 26-month debt restructuring exercise where scores of loan accounts were revised, classified and provisioned as the rate of non-performing loans inched up, sparking a slight credit risk unease Implemented in April 2020, the Covid-19 debt restructuring measures came

  • Koh Slaket studio resort brings culture with style

    Davitra (Cambodia) Co Ltd’s multi-million-dollar 13ha Koh Slaket studio-cum-resort just east of the capital was inaugurated in the first phase on August 6, providing national and international tourists with a new travel option and job opportunities for locals. The man-made cultural and scenic lakefront getaway