PMI has committed a US$30.3 million investment for a new factory in Ukraine, expected to be running early next year. Photo credit: PMI
Philip Morris International (PMI) has announced plans to construct a new factory in western Ukraine at a cost of €27 million (US$30.3 million). The factory is expected to be operational by the beginning of 2024.
Construction work for the new factory is to commence soon, and the company aims to employ around 250 individuals, with priority given to those who lost their jobs due to the destruction of another factory during the war in Kharkiv.
The proposed location for the factory is in the Lviv region of western Ukraine, which was recommended by UkraineInvest, an organization established in 2016 to attract foreign direct investment.
A recent report on the tobacco industry revealed that Ukraine is among the top five countries in Europe with the highest consumption of illicit tobacco products.
"This investment reflects our commitment as Ukraine's long-term economic partner," Maksym Barabash, c.e.o of Philip Morris Ukraine, said in a statement. "We are not waiting for the end of the war - we are investing now."
Massimo Andolina, president Europe Region at PMI, emphasized that this investment serves as a strong signal to other international investors, demonstrating their trust in Ukraine's economy and future.
During the Ukraine Recovery Conference in London, over 400 companies pledged to increase their investments in Ukraine's economy.