According to Ukrainian media outlet inventure, Philip Morris International (PMI) began investing in development projects in Ukraine in 2014 and has recently announced the upcoming release of its latest tobacco product IQOS ILUMAA.
Due to ongoing conflict, the release of this product in Ukraine has been delayed, but the company has now stated that, even in challenging circumstances, it remains committed to executing its investment plans and strategic goals in Ukraine. Maxim Barabash, the General Manager of Philip Morris Ukraine, stated:
We are investing in factories in Ukraine as a strong support for the Ukrainian economy during challenging times.
Philip Morris International has been operating in Ukraine's tobacco market since 1994, with a total investment of over 700 million dollars to date. However, due to recent military actions by the Russian side, the company has had to suspend operations at its factory in Kharkiv Oblast starting from February 24, 2022, and shift towards importing products.
Philip Morris has planned to invest 30 million dollars in opening a new factory in Lviv region in the second quarter of 2024.
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