• Monday, Sep 27, 2021
  • Last Update : 09:43 pm

Coca-Cola proposes fresh $200m investment in Bangladesh

  • Published at 12:54 am August 9th, 2019
Coca-Cola President and Chief Operating Officer (COO) Brian John Smith
Coca-Cola President and Chief Operating Officer (COO) Brian John Smith Collected

The company seeks reduction in supplementary duties and VAT

Coca-Cola President and Chief Operating Officer (COO) Brian John Smith has said his company is keen to inject a fresh $200 million in Bangladesh over the next five years. 

He also sought a reduction in supplementary duties and VAT (Value Added Tax) for his company's beverage products in the country. 

John Smith placed the proposal at a meeting with Finance Minister AHM Mustafa Kamal at the latter's secretariat office on Thursday, said a finance ministry press release.

The finance minister said he would consider the proposal subject to investment in Special Economic Zones and enlistment of the company in the Stock Exchanges in Bangladesh, according to the press release. 

The finance minister said Coca-Cola's fresh investment would help generate employment in the country, the press release added.

Coca-Cola operates business in Bangladesh under a subsidiary named International Beverages Private Ltd (IBPL). Coca-Cola appears to be one of the most popular beverages in Bangladesh.

In January this year, a senior official of the company had hinted about a fresh investment proposal of his parent company. 

IBPL Managing Director Tapas Kumar Mondal told media: "We will be expanding in all areas, not only on the factory plant side but also in marketing and portfolio building."

He said the company's revenue turnover in Bangladesh stands at Tk2,500 to Tk3,000 crore.

Headquartered in Atlanta, Georgia, USA, the Coca-Cola Company was founded in 1886 by an Atlanta pharmacist, John Stith Pemberton. 

The company's annual revenue in 2018 was $31.85 billion, with an operating income of $8.70 billion, and net income of $6.43 billion. The company's total assets are worth $83.21 billion as of 2018.

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