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ECONOMY | 30-05-2018 15:58

Coca-Cola Co to increase investment in Argentina

Firm backs President Macri and hails "momentous moment for country" as it announces it will invest US$1.2 billion over next three years.

The Coca-Cola Company has announced it intends to boost its planned investment in Argentina over the next three years to US$1.2 billion.

In a statement to the press, Coca-Cola said it would improve on its scheduled investment for 2016 to 2018 of US$1 billion, citing the “responsibility of the corporate sector” to back Argentina.

João Marcelo Ramires, president of the South Latin America Unit of Coca-Cola said: “We are aware of the responsibility that touches us as a business sector at this momentous moment for the country and, therefore, we renew our commitment to Argentina, where we have worked with passion for 75 years to create shared value with society.”

The backing by one of the world’s most popular brands is a timely boost for President Mauricio Macri. The Coca-Cola firm was one of the first to back the change of government, promising greater investment soon after the Cambiemos (Let’s Change) leader took office.

The company has more than 20 well-known drinks brands in its locker in Argentina, including Coca-Cola, Fanta, Sprite, Cepita and Powerade.

- TIMES/AGENCIES

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