PepsiCo today (6 July) announced that it plans to invest US$1bn in Russia over the next three years in a bid to grow its food and beverages businesses in the market.

"I am delighted to announce that over three years we expect to invest $1bn in our beverage and food businesses in Russia," said PepsiCo chairman and CEO Indra Nooyi. 

Speaking during her tour of Russia to mark Pepsi-Cola's 50th anniversary in the market, Nooyi reaffirmed PepsiCo's commitment to expansion Russia.

"This investment reflects very clearly our great confidence in Russia and our long-term commitment to this very important market," she said.

The investment, which is being made together with its partner The Pepsi Bottling Group (PBG), will bring the US snack giant's cumulative investment in Russia to over $4bn.
 
The company said that the investment would be used to expand its manufacturing and distribution capacity, including the opening of a new snacks manufacturing plant in Azov.

PepsiCo added that, as the largest private user of potatoes grown in Russia, the company plans to continue to invest in local agriculture in order to drive productivity and quality standards.