Coke To Invest More in S. Korea
Apr. 02, 1998
SEOUL, South Korea (AP) _ Soft-drink maker Coca-Cola Co. said Thursday that it will invest an additional $200 million in South Korea this year.
Douglas Ivester, chairman and chief executive of the Atlanta-based company, made the commitment during a meeting with acting Prime Minister Kim Jong-pil.
Coca-Cola already had invested some $500 million in South Korea earlier this year, buying three local soft-drink bottling companies.
Details of the new investment were not known, but Ivester said his company will improve its distribution networks in efforts to capture one-third of South Korea's soft drink market.
The new administration of President Kim Dae-jung is actively wooing foreign investment to revive the nation's ailing economy.
South Korea called in the International Monetary Fund in December to bail out its troubled economy. In return for the IMF's $57 billion rescue package, South Korea has agreed to lower barriers to foreign investment.