Turkey-based Coca Cola Icecek is bringing $300 million more investment to Pakistan, adding to its current portfolio of $450 million, Director of Coca Cola’s Group Corporate Affairs and Pak-Turk Business Council Chairman Atilla Demir Yerlikaya told Pakistani officials on Tuesday.
Mr. Yerlikaya met with Pakistan Finance Minister Ishaq Dar in Islamabad to discuss investment opportunity in Pakistan, where economy is showing signs of growth, after stagnating around 3% between 2008-13. This year, the economy grew by 4.24 percent and is likely to be around 5 percent in the current fiscal year.
The Coca Cola’s Director apprised the minister about the current profile of Coca Cola Company’s current investment portfolio in Pakistan and said that another $300 million more investment was in the pipeline, according to a news report by Pakistan’s official news agency- APP.
Coca Cola, he said, had directly employed over 5,000 people and indirectly generated job opportunities for about 70,000 others.
The Finance Minister appreciated the company’s economic contribution in terms of investment and employment generation and welcomed its future investment plans and said the present government offered a liberal investment regime for prospective foreign investors and concerns.
The government firmly believed that foreign direct investment was the key to overall economic development, he added. The Minister also sought suggestions for further growth of the beverage industry while safeguarding government revenue at the same time.
Coca-Cola İçecek (CCI) is the 6th largest bottler in the Coca-Cola System in terms of sales volume. CCI’s core business is to produce, sell and distribute sparkling and still beverages of The Coca-Cola Company (TCCC) in 10 countries, headquartered in Turkey.
Coca-Cola Beverages Pakistan Ltd. (CCBPL) was established first in Karachi in 1996, following the acquisition of locally franchised bottling operations throughout the country over the next 10 years. In 2008, Coca-Cola İçecek acquired 49% share in Coca-Cola Pakistan and took over the management, according to the company’s website.