Coca-Cola announces a further $200M investment in Pakistan
Feb 2017 - by
Coca-Cola Company on Wednesday announced a further $200 million investment in Pakistan as the US-based world's biggest soft drinks maker seeks to expand its production and distribution capacity in the country.
“Coca-Cola is presently contemplating a further $200 million of green field investment, and expand Coca-Cola’s production and distribution capacity in Pakistan, said Atilla Yerlikaya, general manager of the soft drinks maker.
Yerlikaya along with three-member delegation visited Board of Investment (BoI) and met with chairman to discuss different investment opportunities available in Pakistan. He said the company planned to invest in two new plants at Faisalabad and Islamabad.
“The company has already invested $500 million during this year on the up-gradation of the existing plants in the country,” a statement quoted Yerlikaya as saying. He said the Coca-Cola intends preferably to establish its units at the special economic zones (SEZ) in Pakistan.
Yerlikaya requested the BOI for support on rationalisation of tax regime in the country and to curb the infringement, “as some groups are violating industrial property rights and this practice is defaming original brands and also reducing the government’s revenue.”
“The government of Pakistan may ensure operation of legitimate companies and take steps to provide level playing field to genuine investors,” he said.
Miftah Ismail, chairman BOI said the board BOI will extend full support to the company and advised them to establish one of their units at Faisalabad in SEZ, M.III, which were agreed by the US investor.
Ismail assured them to assist for their second unit at SEZ, Islamabad as and when finalized. The chairman said Pakistan has one of the most liberal foreign investment regimes in South Asia and 100 percent foreign equity is permitted in the manufacturing and infrastructure sectors of the economy as the country has a more market-oriented economy. Ismail thanked the delegation and appreciated their efforts and intention with regard to boost new investment and economic relations between the two friendly countries.