By John Lee.
PepsiCo has reportedly signed two strategic agreements with Iraqi partners covering expanded beverage manufacturing and agricultural development.
The agreements were signed at the US-Iraq High-Level Business Summit at the US Chamber of Commerce in Washington DC, on the sidelines of Prime Minister Ali al-Zaidi's visit to the United States.
The first agreement, with Baghdad Soft Drinks Company (BSDC), sets out a shared ambition to work towards annual production capacity of more than 250 million cases, with the aim of reinforcing Iraq's position as a major beverage manufacturing and bottling hub in the Middle East. The expansion is intended to support new jobs in manufacturing, engineering, logistics, and distribution, along with training and knowledge transfer for Iraqi engineers and technicians.
The second agreement, with Green Iraq Company (GICO), aims to expand manufacturing capabilities in support of Iraq's ambitions as a food exporter, and to deepen ties with Iraqi farmers through the transfer of modern irrigation and farming knowledge.
Both agreements were signed on behalf of BSDC and GICO by Tarek Al Hassan, majority stakeholder. Minister of Trade Mustafa Nizar Jumaa said the agreements would contribute to jobs, local industry, and economic diversification.
(Source: Mid-East.Info)
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