BUSINESS COMPANIES ECONOMY INVESTMENTS

Philip Morris International inaugurates “Together for Romania” project, announces EUR 490 million investment. PM Tudose: Romania, attractive to big investments, proof of its stability

Romania is attractive to investments, big investments, which is also proof of Romania’s stability, Prime Minister Mihai Tudose said on Tuesday.

“What Philip Morris has done in Romania in fact strengthens something that has begun to be recognised: Romania is an attractive country to investments, big investments. It is a statement to those already in Romania and potential investors alike about Romania’s stability and attractiveness to investments,” Tudose told the release of Philip Morris International’s “Together for Romania” project.

He pointed out that Philip Morris’s investment of about 500 million euros will create 300 jobs and generate exports of the products made here, extending thanks to Philip Morris representatives for having chosen Romania to develop the project.

Philip Morris International Inc. is planning to invest approximately 490 million euros to transform its cigarette production factory in Otopeni, near Bucharest, Romania into a high-tech facility to manufacture HEETS, the tobacco units used with the electronic tobacco heating device IQOS.

The conversion of the factory into a HEETS production facility has already commenced and is expected to be completed and fully operational by 2020.

The investment will create about 300 additional jobs for highly-skilled employees at the Romanian facility, which currently employs approximately 600 people, according to a press statement by the company released on Tuesday.

“I am proud to be in Romania at this historical moment for Philip Morris. This investment, worth 490 million euros, means more exports, more taxes for the state budget, more jobs for Romanians, paid at a standard as close as possible to the European one. It is also an important project, not just for the local market, but also for IQOS users around the world, “said Branislav Bibic, General Manager Philip Morris Romania.

 

 

 

 

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