Coca-Cola to inject additional $200m in Bangladesh
The Coca-Cola Company plans to invest $200 million in Bangladesh over the next five years.
Corporation's Chairman and CEO James Quincey announced the additional investment on Tuesday.
He was addressing a press briefing at a city hotel during his maiden visit to Bangladesh.
Mr Quincey also announced the economic empowerment of 100,000 Bangladeshi women by 2020.
He reiterated his company's strong focus on climate change and environment and its commitment to recycle packaging materials.
“Coca Cola wants to create jobs through retailers, supply chain and multiplied sectors, but there are serious supply chain challenges, whether it is to making sure the packaging material does not end up in unwanted waste in the environment, to make sure we collect the packaging back,” Mr Quincey said.
“We have an enduring belief that our business is only as sustainable as the communities in which we operate, that means for our business to grow sustainably, our communities must grow also,” he added.
In 2015, Coca-Cola launched the first Women Business Centres, a unique model that supports rural Bangladeshi women entrepreneurs by proving skill development and financial assistance support. Each centre provides training, goods and services to hundreds of women throughout their communities.
As of now, 240 centres or sub-centres are operating and empowering over 70,000 women across Bangladesh. By the end of 2020, over 100,000 Bangladeshi women and their families will benefit from the centres, according to Coca-Cola.
The project is currently active in Jamalpur, Khulna and Bagerhat districts.
Coca-Cola produces about three million tonnes of plastic packaging every year - equivalent to 0.2 million bottles a minute.
In 2019, it was found to be the most polluting brand in a global audit of plastic waste by a charity Break Free from Plastic.
The company has pledged to use at least 50 per cent recycled material in its packaging by 2030. It is also partnering with NGOs around the world to help improve collection.
Coca-Cola is committed to grow its business in Bangladesh in a sustainable manner.