The new Philip Morris investment in Ukraine is an important signal and support

The recently announced Philip Morris investment in Ukraine is an important signal for international business and strong support for the weakened economy, Jacek Piechota, president of the Polish-Ukrainian Chamber of Commerce (PUIG), assesses in an interview with ISBnews. Philip Morris International has announced that it will invest USD 30 million in the construction of a new factory in the Lviv region. The new plant creates over 250 jobs, mainly in the field of production.

According to Piechota, “it is an expression of business courage and far-sightedness of an international company led by a Pole.” From February this year one of the three vice-presidents of Philip Morris International for Europe is the president of Philip Morris Poland and the Baltic States, Michał Mierzejewski. The Pole heads the region covering Poland, the Baltic States, Ukraine and Moldova.

“More than USD 30 million that PMI will allocate for the construction of a new production plant in the Lviv region is, on the one hand, a significant strengthening of the weakened economy, and on the other hand, a strong, positive signal for other international investors who are considering their future in an important market for the West. Other international companies, including Polish ones, should follow this path. Philip Morris, who at the beginning of the year included Ukraine in one cluster with Poland, is once again setting the right path,” Piechota said in an interview with ISBnews.

He stressed that Ukrainian President Volodymyr Zelensky has repeatedly emphasized recently that the war with Russia is fought on two levels – the battlefield and the economy.

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Philip Morris International announced that it will invest over USD 30 million in the construction of a new production plant in the Lviv region in western Ukraine. The investment will allow the company to fully meet domestic demand, create hundreds of new jobs and support Ukraine’s current and future economic growth.

“Preparatory works for the new factory will start in July 2023, and the start of production is expected in the first quarter of 2024. The new factory will employ over 250 people, mainly in the production area. Employees of Philip Morris Ukraine (PMU) from the factory in Kharkov will be offered employment in the first place.

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Since entering the Ukrainian market in 1994, PMU has invested over USD 700 million in the Ukrainian economy. In 2022, the PMU paid UAH 25.3 billion in taxes in Ukraine, according to the information.

Philip Morris Polska is the largest tobacco company in Poland and one of the largest employers, employing approximately 7,000 people throughout the country.

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