Coca-Cola to Invest $3 Billion in Growing India Market
Coca-Cola may be the world’s biggest soft drink company, but the beverage maker has been trailing its rival Pepsi in one of the world’s fastest-growing markets. That’s why Coca-Cola has announced that it is stepping up its investment in India by $3 billion over the next eight years.
The Atlanta-based company has seen more success overseas than on the home front recently—at the end of the first fiscal quarter, Coca-Cola’s volume in India had grown 20 percent, compared with two percent in North America.
By investing in new plants and sales networks, Coca-Cola aims to further boost worldwide sales and double revenue over this decade.
Coca-Cola has invested $2 billion in India over the past 19 years and hopes that an additional $3 billion will help it meet rising demand among India’s large population of teenagers, increasing urbanization and expanding economy. While 12 Coca-Cola products are consumed per person in India annually, the company averages 38 products per person in China, 40 in Kenya and 92 globally.
“We have increased the investment here because we think there’s potential here to stay ahead of the curve,” said Coca-Cola Chairman and CEO Muhtar Kent. “India is a wonderfully diverse country—dynamic, young and emergent.”
Since it first began selling its products in the country in 1952, Coca-Cola’s road in India hasn’t been conflict-free. In 1977, the company exited the market when new Indian government regulations required it to hand over control to a local partner and reveal its secret formula. It didn’t re-enter the country until 1993.
G7 Summit guide: What it is and what leaders hope to achieve
Unless you’ve had your head buried in the sand, you’ll have seen the term ‘G7’ plastered all over the Internet this week. We’re going to give you the skinny on exactly what the G7 is and what its purpose on this planet is ─ and whether it’s a good or a bad collaboration.
Who are the G7?
The Group of Seven, or ‘G7’, may sound like a collective of pirate lords from a certain Disney smash-hit, but in reality, it’s a group of the world’s seven largest “advanced” economies ─ the powerhouses of the world, if you like.
The merry band comprises:
- The United Kingdom
- The United States
Historically, Russia was a member of the then-called ‘G8’ but found itself excluded after their ever-so-slightly illegal takeover of Crimea back in 2014.
Since 1977, the European Union has also been involved in some capacity with the G7 Summit. The Union is not recognised as an official member, but gradually, as with all Europe-linked affairs, the Union has integrated itself into the conversation and is now included in all political discussions on the annual summit agenda.
When was the ‘G’ formed?
Back in 1975, when the world was reeling from its very first oil shock and the subsequent financial fallout that came with it, the heads of state and government from six of the leading industrial countries had a face-to-face meeting at the Chateau de Rambouillet to discuss the global economy, its trajectory, and what they could do to address the economic turmoil that reared its ugly head throughout the 70s.
Why does the G7 exist?
At this very first summit ─ the ‘G6’ summit ─, the leaders adopted a 15-point communiqué, the Declaration of Rambouillet, and agreed to continuously meet once a year moving forward to address the problems of the day, with a rotating Presidency. One year later, Canada was welcomed into the fold, and the ‘G6’ became seven and has remained so ever since ─ Russia’s inclusion and exclusion not counted.
The group, as previously mentioned, was born in the looming shadow of a financial crisis, but its purpose is more significant than just economics. When leaders from the group meet, they discuss and exchange ideas on a broad range of issues, including injustice around the world, geopolitical matters, security, and sustainability.
It’s worth noting that, while the G7 may be made up of mighty nations, the bloc is an informal one. So, although it is considered an important annual event, declarations made during the summit are not legally binding. That said, they are still very influential and worth taking note of because it indicates the ambitions and outlines the initiatives of these particularly prominent leading nations.
Where is the 2021 G7 summit?
This year, the summit will be held in the United Kingdom deep in the southwest of England, with Prime Minister Boris Johnson hosting his contemporaries in the quaint Cornish resort of Carbis Bay near St Ives in Cornwall.
What will be discussed this year?
After almost two years of remote communication, this will be the first in-person G7 summit since the novel Coronavirus first took hold of the globe, and Britain wants “leaders to seize the opportunity to build back better from coronavirus, uniting to make the future fairer, greener, and more prosperous.”
The three-day summit, running from Friday to Sunday, will see the seven leaders discussing a whole host of shared challenges, ranging from the pandemic and vaccine development and distribution to the ongoing global fight against climate change through the implementation of sustainable norms and values.
According to the UK government, the attendees will also be taking a look at “ensuring that people everywhere can benefit from open trade, technological change, and scientific discovery.”