Philip Morris may act as partner, advisor in Ukraine's recovery - CEO

MOSCOW. July 6 (Interfax) - Philip Morris Ukraine, a private joint stock company, may act as a partner and advisor on Ukraine's recovery process in line with the concepts adopted on Tuesday in Switzerland's Lugano, as the company has a solid record of operation in Ukraine in the economic, social, infrastructural, environmental, and technological sectors, Philip Morris Ukraine CEO Maksym Barabash told Ukrainian journalists on Wednesday.

"Philip Morris is a key American investor, employer, and taxpayer in Ukraine. And this is how we see our future in Ukraine. The conference participants discussed aspects of recovery along five avenues, namely the economic, social, infrastructural, environmental, and technological. We've pursued all these avenues since the very start of our work in Ukraine, since 1994," Barabash said.

The company has experience in both upgrading an outdated production facility in Kharkiv and building a production facility from scratch in the Kharkiv region, along with the installation of all utility lines, he said.

"Therefore, I see our role not only as an exporter, one of the biggest taxpayers, and an employer, but also as a partner and advisor on the country's recovery," Barabash said.

Philip Morris International, which incorporates Philip Morris Ukraine, is one the world's largest tobacco companies.

Philip Morris has operated in Ukraine for over 20 years and owns a factory in the Kharkiv region. Before February 24, its Ukrainian facilities employed about 1,300 people. The factory served as an export hub for over 20 countries, including such major markets and Japan and Egypt.

Philip Morris Ukraine increased its net profit in 2020 by 5% to 2.73 billion hryvni compared to 2019, the value of its assets grew by 18% to 11.51 billion hryvni, and retained earnings by 55.5% to 7.79 billion hryvni.