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Article

4 Jun 2013

Author:
Shibani Mahtanim, Mike Esterl, Wall Street Journal

Coke and Unilever Invest $1 Billion in Myanmar

Coca-Cola...and Unilever will invest a total of nearly $1 billion in Myanmar over the next decade, making the biggest commitments by Western multinational corporations and becoming the first prominent global companies to restart manufacturing in the Southeast Asian country. The announcements came more than a year after Western sanctions against investment in Myanmar were tentatively lifted…Many Western companies are concerned that they are…saddled by stricter compliance and corporate social-responsibly requirements than their Asian competitors...U.S. companies...must confront Washington's list of roughly 100 "Specially Designated Nationals," people who are considered cronies of the previous government and with whom U.S. companies are barred from conducting business. Many such people hold crucial positions in Myanmar's economy and otherwise would make potential partners. "We looked very carefully and diligently on who to partner with," said Coke's Mr. Kent. "We were rapid, but we did our homework.'' [also refers to PepsiCo, Pinya Manufacturing, Diamond Star]