Global beverage company Coca-Cola is reportedly planning to invest $200m in Bangladesh over the next five years.

The plan was announced by the company’s president and (COO) Brian John Smith.

The company is also seeking a reduction in supplementary duties and value-added tax (VAT), which is levied on its beverage products in the country.

According to Bangladesh Finance Ministry press release, Smith met the Bangladesh Finance Minister AHM Mustafa Kamal to put forward the proposal.

The Finance Minister did not give any assurance on the proposal. However, he said that he would consider the proposal subject to investment in Special Economic Zones (SEZ) and enlistment of the company in the stock exchanges in Bangladesh.

The Minister said that the new investment from the company would create new employment opportunities in Bangladesh.

Coca-Cola operates its business in Bangladesh under a subsidiary named International Beverages Private Ltd (IBPL).

Additionally, Brian Smith-led six-member delegation also met with the country’s Industries Minister Nurul Majid Mahmud Humayun and informed him about its plan.

According to the Industries Minister, Coca-Cola is planning to invest $50m in the country in the next year.

He added that his ministry would offer all kinds of support to Coca-Cola for investment in the country.

Furthermore, he urged the company to produce bottled water and other healthy drinks in Bangladesh.

In April, Coca Cola bottler Arca Continental announced its plans to invest around MXN13bn ($681m) this year to strengthen its operations.

The company manufactures, distributes and markets non-alcoholic beverages under The Coca-Cola Company brand. The money will be used for market execution in its food and beverage divisions.