Coca-Cola mulls production hub in Sri Lanka: Finance Ministry
Jan 16, 2017 17:39 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Coca-Cola, a US-based beverage firm, has met Sri Lanka's finance minister to sound out the possibility of setting up a regional production hub catering to South Asia, a statement said.
President of Coca-Cola Asia Pacific John Murphy and Executive Vice President Irial Finan met Finane Minister Ravi Karunanayake and discussed the opportunity of producing some of the group's brands in Sri Lanka for export to India.
However, they had been concerned about the stability of taxation of investments.
Sri Lanka has changed tax rates frequently and in 2015 also charged retrospective taxes. The elected ruling class has also expropriated domestic and foreign business.
In addition to fizzy drinks, Coca-Cola produces fruit juices under the Minute Maid brand.
Sri Lanka has at least one company that packs fruit juices for export to India.