New York, NY (BBN)- PepsiCo, one of the world's largest drinks makers, will re-enter the Burmese market, after pulling out of the country in 1977.
It has signed an agreement with a Burmese firm –Diamond Star Company –to distribute Pepsi-Cola, 7-Up and Mirinda brands in the country, and it is exploring the option of setting up production there.
As part of the agreement, Diamond Star, which is one of the largest consumer packaged goods distributors in Burma, now has exclusive rights to import, sell and distribute Pepsi-Cola, 7-Up and Mirinda, three of the 22 brands in PepsiCo's portfolio that generate more than $1.0 billion each in annual retail sales.
The PepsiCo also plans to explore opportunities to invest in agricultural development projects in Burma, officially known as Myanmar. One of the world's largest agricultural enterprises, PepsiCo sources more than four million tons of potatoes annually and works with thousands of local farmers around the globe to make its products, a company statement said.
Besides, PepsiCo also announced that it has signed a Memorandum of Understanding with the United Nations Educational, Scientific and Cultural Organization (UNESCO) to partner on vocational training initiatives in Myanmar. PepsiCo and UNESCO plan to work together to provide programs that focus on managerial skills training to support the country's development, empower its people and strengthen the workforce as PepsiCo looks to expand its business in the future.
BBN/SSR/AD-11Aug12-1:10 pm (BST)
