PepsiCo, Clinton Foundation tie up
May 23 2014 , New Delhi
Cashew will be sourced from more than 2,000 small farmers in 2014, with plans to scale the opportunity to as many as 15,000 of them over the next five years for the company's local juice business requirement, PepsiCo said in a statement.
The move is aimed at spurring social and economic development in emerging markets under a model founded by former US president President Bill Clinton and philanthropist Frank Giustra.
"It will also scale up and strengthen India's cashew supply chain to build the future potential of a domestic and export market," it added.
Clinton said: "Committed partners like PepsiCo demonstrate the tremendous impact that social enterprises and the private sector can make when they work together to solve business problems that also advance social good."
Expressing similar sentiments, Giustra said: "We believe that by creating, scaling and replicating social enterprises in selected value chains we can help disadvantaged populations work themselves out of poverty."
PepsiCo Chairman and CEO Indra Nooyi said the initiative embodied 'Performance with Purpose', the company's recognition that its success is inextricably linked to society's success.
"Sustainable agriculture is critical to PepsiCo's supply chain and we have a long history of working with local farmers around the world in ways that strengthen our business and the communities in which we operate," she said.
Nooyi further said: "This partnership is a great example of aligning business and societal priorities, and we see great potential in continued collaboration with the Clinton Foundation."
The programme's first India cashew harvest is currently underway. PepsiCo India plans to begin incorporating the fruit into some of its blended juice products starting in Spring 2015, the company said.
The programme will apply modern agricultural techniques to improve cashew farming practices, boost yields and productivity, and increase income for local smallholder farmers, it added.
The company said Clinton Giustra Enterprise Partnership's approach has been designed for replication in value chains throughout the world and is currently catalysing similar supply chain enterprises in Latin America and Haiti.
The programme’s first India cashew harvest is currently underway.