Dhaka, Bangladesh (BBN) – Coca-Cola has submitted its second investment proposal to the government expressing its intention to set up two companies – one for production and another for distribution in Bangladesh.
“We have received the proposal and scrutinized it,” Economic Adviser to the Prime Minister Dr Mashiur Rahman was quoted by the Financial Express (FE), a local newspaper, as saying. “We are positive about the investment proposal and it is likely that the issue will be settled by this year,” he added.
Dr Rahman is the head of the three-member committee that is examining the investment proposal of the multinational company (MNC), which markets three popular brands — Coke, Sprite and Fanta.
Coca-Cola in September last year submitted its first proposal to invest $51 million to expand its business in the country.
The company in its latest proposal expressed its intention to set up a modern production plant.
The proposal said that the company wants to “set up an indirect wholly owned local subsidiary that will establish a new state of the art beverage manufacturing facility in Bangladesh.”
The company will take at least three years to complete the processes and the entire equity capital of this subsidiary will be funded by its foreign source, it added.
Coca-Cola started business in Bangladesh with an agreement with Tabani, owned by a Pakistani national, in 1965.
After the liberation, Tabani was put under the Freedom Fighters’ Welfare Trust and it continued its business up to 2008.
BBN/SI/AD-04Sept10-11:28 am (BST)
