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It
said the facility would create 250 jobs.
"This investment reflects our commitment as Ukraine's long-term
economic partner," Maksym Barabash, Chief Executive Officer of
Philip Morris Ukraine, said in a statement. "We are not waiting
for the end of the war - we are investing now."
Ukraine is in dire need of foreign capital to rebuild and revamp
its economy, hit hard by Russia’s invasion.
Gross domestic product fell by 29.2% in 2022, the largest annual
fall since the country's independence more than 30 years ago.
Officials and analysts forecast modest economic growth this year
as businesses adjusted to new, wartime realities.
Some large multinationals that were active in Ukraine for many
years have recently announced investment plans to launch
production in the country's central and western regions, far
from front lines.
Unilever said in March it would invest 20 million euro ($21.86
million) in a new production facility in the Kyiv region, with
the factory expected to open in 2024. Nestlé started
construction in May of a 40-million Swiss franc ($42.7-million)
production facility in the west of Ukraine.
Philip Morris has invested over $700 million in the Ukrainian
economy since the start of its operations in the country in
1994.
(Reporting by Olena Harmash; Editing by Timothy Heritage and
Conor Humphries)
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