Coca-Cola, the world's largest beverage maker, yesterday said it
would pour US$80 million to set up a new research center and a new
headquarters in China, one of its fastest-growing markets.
The Global Innovation and Technology Center, Coca-Cola's sixth
such facility worldwide, "underscores our commitment to Asia and
China, which is the future growth engine of our business", said
Doug Jackson, president of Coca-Cola China.
The center, which will be located in Zizu Industrial Park in
Shanghai's suburbs, will mainly develop products for Asian markets,
Jackson said.
The center, scheduled to be completed in late 2008, will have
over 200 staff members.
"The enhanced research and development and innovation
capabilities will allow us to capitalize on the huge growth
opportunities in China," said Jackson, who assumed the current post
in April.
China is Coca-Cola's fourth-largest market in terms of revenue,
according to Jackson. China, he said, is expected to overtake
Brazil to become its third-largest in two years. "And it would
outpace Mexico to become the second-largest within five years."
China is a country with the potential to become its biggest
market in "a couple of years" after it beats Mexico, Jackson said.
"It's just a matter of time."
The beverage giant, he said, will continue to invest and
increase capacities in China to meet the soaring demand. Coca-Cola
already has 29 bottling facilities in the country. "We're going to
add at least two more within one year."
The new facilities, Jackson said, will be located in "areas that
are not well represented" at present.
Coca-Cola, he said, plans to spend big on infrastructure in
China to drive up its sales. The "significant investment in
infrastructure" will go to expand the sales force and add more
vending machines, Jackson said.
(China Daily July 17, 2007)
