10/20/2008

Coca-Cola CEO states full confidence in Turkey

Zaman - Coca-Cola Icecek CEO Michael A. O'Neill has said he believes Turkey will escape the current global financial crisis with very few losses. Speaking at the annual general meeting of the European Council of American Chambers of Commerce (ECACC), hosted by the Turkish-American Business Association (TABA/AmCham), O'Neill asserted that Turkey, a safe haven for investors, would overcome the crisis in a short period of time. O'Neill said Coca-Cola Icecek had already invested more than $500 million in Turkey and that their investments will have amounted to $600 million with a new plant to be built in Elazig by the end of this year. He also noted that Coca-Cola increased its market share in Turkey by 11% in the first half of this year. O'Neill added that they trusted Turkey's potential, stressing that the markets around Turkey were home to 500 million consumers. He said they have recently decided to control their operations in five countries in this region from Turkey.
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