Philip Morris International is launching a $30 million production facility in Lviv, western Ukraine, in the first quarter of 2024, reports Reuters.
The facility will create 250 jobs, according to PMI.
“This investment reflects our commitment as Ukraine’s long-term economic partner,” said Maksym Barabash, CEO of Philip Morris Ukraine. “We are not waiting for the end of the war—we are investing now.”
Ukraine needs foreign capital to rebuild its economy following Russia’s invasion.
Gross domestic product fell by 29.2 percent in 2022, the largest annual fall since Ukraine’s independence over 30 years ago. Some other large multinationals have recently announced investment plans in the central and western regions, including Unilever and Nestle.
PMI started operations in the country in 1994 and has since invested more than $700 million in the economy.