By Tichaona Katsvamutima
Global beverage giant Coca-Cola contributed US$3.6 billion to economic activity across the Common Market for Eastern and Southern Africa (COMESA) in 2024, supporting more than 458,200 jobs and spending nearly US$1.5 billion on regional suppliers.
The figures were unveiled at the 19th COMESA Business Forum in Harare on Tuesday, following an economic impact study conducted by international consultancy Steward Redqueen.
According to the study, Coca-Cola’s operations and wider supply chains contributed approximately 0.3 percent of COMESA’s combined Gross Domestic Product (GDP), supporting businesses in agriculture, manufacturing, transport, packaging and retail.
Coca-Cola Africa Operating Unit President Luis Felipe Avellar said the findings demonstrated the company’s contribution to regional economic development.
“As this study shows, the Coca-Cola system continues to deliver substantial economic impact in COMESA, creating opportunities through local partnerships, investments, and supply chains,” Avellar said.
He said the company’s economic footprint extended beyond its direct workforce.
“For every direct job created by the Coca-Cola system in COMESA, an additional 28 jobs are supported throughout the regional economy,” he said.
The report also revealed that Coca-Cola spent nearly US$1.5 billion purchasing goods and services from suppliers across COMESA member states in 2024, benefiting industries including sugar production, manufacturing, packaging and logistics.
The findings come as Zimbabwe hosts the 25th COMESA Heads of State and Government Summit, scheduled for October 22 at the New Parliament Building in Mount Hampden, where Zimbabwe President Emmerson Mnangagwa is expected to assume the regional bloc’s rotating chairmanship from Kenyan President William Ruto.
Coca-Cola Vice President for East and Central Africa Operations Alfred Olajide said the company’s activities continued to create opportunities for local businesses.
“The Coca-Cola system operates as a critical economic engine across the COMESA region, empowering local suppliers, retailers, and distributors to thrive,” Olajide said.
Beyond its economic contribution, Coca-Cola highlighted its nearly US$25 million Africa Water Stewardship Initiative, aimed at addressing water-related challenges across 20 African countries by 2030.
The study assessed Coca-Cola’s economic impact through its direct operations, procurement spending and wider supply chains.
While the US$3.6 billion represents estimated economic activity rather than direct investment, the findings highlight the role of multinational corporations in supporting regional trade, industrial development and employment.
