Philip Morris International plans to invest €100 million ($111.4 million) in Serbia, SeeNews reports, citing President Aleksandar Vucic.
“Such foreign investments are crucial for the development of the economy and business and further strengthen our country’s position as a major partner in innovation and modern technologies,” Vucic said on September 23 after meeting with PMI CEO Jacek Olczak in New York.
PMI operates in Serbia through two subsidiaries, Philip Morris Operations and Philip Morris Services.
In 2003, PMI acquired the largest tobacco factory in Serbia, DIN Fabrika Duvana in Niš. To date, the multinational has invested more than $800 million in its Serbian operations.