According to a report from Reuters, Philip Morris International (PMI) is planning to build a new factory in the Lviv region of western Ukraine that will cost $30 million and be operational in the first quarter of 2024. Maksym Barabash, CEO of PMI Ukraine, stated in a release that the company is committed to investing in Ukraine's future and that the new factory will be a significant development in advancing this goal.
This investment reflects our commitment as a long-term economic partner in Ukraine. We are not waiting for the end of the war, we are investing now.
PMI has announced that the factory will create 250 job opportunities. Due to the impact of the Russia-Ukraine conflict, Ukraine urgently needs foreign capital to rebuild and improve its economy. In 2022, Ukraine's GDP fell by 29.2%, the largest decline since the country gained independence. However, Ukrainian officials and analysts predict that the economy will grow this year as businesses adapt to the new wartime situation.
Since 1994, PMI has invested over $700 million in Ukraine.
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Philip Morris, the tobacco giant, is set to open a new production facility in western Ukraine worth $30 million.
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