Every job at the Coca-Cola System supports 11 additional jobs in the economy, equal to 0.6% of the labour force
The Coca-Cola System creates €225 million value added in the local economy, or 0.7 percent of GDP, while every job at the company supports 11 additional jobs in the economy. Every euro created by the System supports additional €7 of value added in the Serbian economy, in the form of employees’ salaries, profit of companies and tax revenues from the Coca-Cola System and the companies it cooperates with, according to results of the latest “Socio-Economic Impact of the Coca-Cola System in Serbia” study, presented in cooperation with the Serbian Chamber of Commerce and Industry.
Serbia’s budget earns a total of €9 million in direct tax revenues from the Coca-Cola System, while as much as €139 million tax revenues are supported in the System’s total value chain, equivalent to 1.1% of total tax income in the country. The System employs 1,000 people directly and supports another 10,700 jobs throughout its value chain for a total of 11,700 jobs, equal to 0.6% of the labour force in Serbia.
“This study confirms that we accomplish successful business operations and provide contribution to the economy owing to exceptional cooperation with partners, employment of the local labour force and investments in the community. Furthermore, from one year to another, it verifies that our commitment and ambition have been huge support to the broader economy, as well as to Serbia’s budget,” noted Aleksandar Ružević, General Manager of Coca-Cola HBC Serbia.
The study is devised by Steward Redqueen, a consulting firm, led by Prof. Ethan B. Kapstein, a renowned expert in the area of consulting and design of economic analyses. It is based on the input-output model which was developed by the Nobel Prize winning economist Wassily Leontief and provides an insight into the Coca-Cola System’s contribution to the local economy via: employment, revenue and taxes. This is the third study presented by the Coca-Cola System and continuation of the practice from 2011 and 2013. It was presented to guests at the Serbian Chamber of Commerce and Industry by Prof. Ivan Vujačić from the Faculty of Economics in Belgrade.
Representatives of printing company Papir print and Univerexport talked about direct cooperation with the Coca-Cola System. They underlined the significance of the partnership for improving business operations, as well as direct results, such as the implementation of the highest business standards.
“As a local company, we highly appreciate experience brought by multinationals which operate in different markets of the world. Cooperation with the Coca-Cola System is a business partnership where we execute innovation and set new benchmarks in the fastest possible way. It is not the case in cooperation with us only, as their influence is important for the entire market, and that is best reflected through the overview of their impact. They are among the few that always take one step further and we are glad that we have complete understanding in that concept,” pointed out Vesna Vučurović, CEO of Univerexport.
Petar Obradović, CEO of printing company Papir print also discussed significant innovation. “Owing to cooperation with the Coca-Cola System, we operate in accordance with global standards today. We apply the latest materials and technologies and our employees are educated on a day-to-day basis. Furthermore, this cooperation has made us more competitive and we are successfully developing our business,” noted Obradović.
The study presentation was attended by numerous partners of the Coca-Cola System and the Serbian Chamber of Commerce and Industry from the public, civil and corporate sectors.
