PepsiCo signed two strategic agreements with its partners in Iraq, Baghdad Soft Drinks Company (BSDC) and Green Iraq Company (GICO), aimed at boosting local industry and the agricultural sector and creating more job opportunities in Iraq, on the sidelines of the high-level U.S.-Iraq Business Summit recently held at the U.S. Chamber of Commerce.

The two agreements were signed during the visit of Iraqi Prime Minister Ali al-Zaidi to Washington, as part of the company's plans to contribute to developing manufacturing capabilities and modernizing agricultural methods, supporting Iraq's ambitions to establish itself as a regional hub for food and beverage exports.

The two agreements are part of a series of commercial understandings reached during the summit, which come within a broader wave of private sector investments coinciding with the prime minister's visit. These steps collectively represent the shared ambition to expand the long-standing partnership between PepsiCo, Baghdad Soft Drinks Company (BSDC), and Green Iraq Company (GICO).

Dr. Mustafa Nizar Jumaa al-Ani, Iraqi Minister of Commerce, said: "This visit comes within the framework of deepening bilateral relations between Iraq and the United States of America, a partnership based on common interests and mutual respect. The two agreements will contribute to providing job opportunities, supporting local industry, creating opportunities for our youth, as well as enhancing the diversification of the Iraqi economy and its competitiveness on the international stage."

The partnership with Green Iraq Company aims to expand the company's manufacturing capacities in the long term, supporting Iraq's ambitions to enhance its role as a food exporter. It also seeks to strengthen ties with Iraqi farmers through transferring modern knowledge in irrigation and agriculture, thereby contributing to strengthening the local agricultural sector.

For his part, Ahmed El Sheikh, CEO of PepsiCo's Food Division for the Middle East, North Africa, and Pakistan, said: "Iraq is one of the historical agricultural centers in the region, and we look forward to contributing to supporting its agricultural and industrial potential to become a regional hub for food exports. Through our collaboration with Green Iraq Company, we will work with local farmers to enhance the sustainability of our operations and build a more efficient supply chain that increases economic value within Iraq, while expanding the presence of Iraqi products in markets and retail stores across the region."

The investment with Baghdad Soft Drinks Company embodies a shared ambition to work towards achieving an annual production capacity exceeding 250 million cases, as part of efforts to strengthen Iraq's position as one of the most important beverage manufacturing and bottling centers for PepsiCo in the Middle East. This expansion is also expected to create new job opportunities over time in manufacturing, engineering, logistics, and distribution, in addition to providing training and knowledge transfer to Iraqi engineers and technicians.

Mohamed Shelbaya, CEO of PepsiCo's Beverages Division for the Middle East and Africa, said: "Baghdad Soft Drinks Company has been one of our most prominent manufacturing partners in the region for more than four decades. This new phase of the partnership represents an opportunity to explore new horizons for growth together, while continuing our long-term commitment to investing and building here in Iraq."

On behalf of Baghdad Soft Drinks Company (BSDC) and Green Iraq Company (GICO), Tariq Al-Hassan, the principal shareholder of both companies, said: "We have achieved continuous growth in partnership with PepsiCo for over seven decades. The two agreements announced today represent our ambition for the next phase of growth in our partnership with PepsiCo, and we hope through them to contribute to creating new job opportunities for Iraqi youth, enhancing the march of growth and progress for the benefit of our companies and Iraq alike."

PepsiCo has been operating in Iraq since 1950, establishing some of the longest-running private sector partnerships in the country. For decades, PepsiCo has supported skills development and community empowerment in Iraq through a range of initiatives, including the 'Tamooh' scholarship program in collaboration with the 'Baghdad Business Foundation', and support for the 'Buses of Hope' initiative by the Iraqi Children's Foundation. The most recent of these initiatives is the 'Youth Impact Studio', which provided Iraqi youth with the opportunity to develop practical skills in innovation and entrepreneurship.

The two new agreements represent an extension of PepsiCo's legacy and a translation of the shared ambition with partners to support long-term industrial and agricultural development in Iraq.