Sharing a commitment to build ethical and responsible business practices across Myanmar, Building Markets and the Coca-Cola Company have joined forces to develop the capacities of local businesses. This endeavor will raise awareness of issues surrounding corruption in the marketplace, and ensure that Coca-Cola’s suppliers conduct business ethically and in-line with the highest international standards.
As part of the program, Building Markets will introduce local small and medium-sized enterprises (SMEs) to Coca-Cola’s business integrity standards, and equip them with tools to understand and conform to guiding policies, such as Coca-Cola’s Code of Business Conduct for Suppliers and its Anti-Corruption Policy. Building Markets will also encourage all SMEs to commit to the United Nations Global Compact and to utilize Transparency International’s tools to measure standards for doing business.
SMEs will participate in training, mentoring and monitoring services that further their understanding of ethical business practices and how to prevent corruption. The training sessions will also detail the legal framework for battling corruption based on Myanmar laws and regulations, and dispense practical tools to guide them to quell corruption within their own businesses.
Building Markets kicked off the first part of the program at the beginning of June, with a three day long Anti-Corruption and Bribery Awareness training that hosted 60 participants from 34 SMEs. These businesses represented a variety of sectors, from packaging and marketing to distribution.
This partnership evolved naturally from Building Markets’ activities to promote corporate social responsibility (CSR) and business ethics, that introduce what it means to operate not just for the bottom line, but also for the good of the local community. Building Markets is excited to be partnering with Coca-Cola to expand upon this work, and to further the development of the local private sector in Myanmar.
Coca-Cola re-entered the Myanmar marketplace in 2013 with a planned $200m investment that is expected to create 22,000 jobs over five years.