Philip Morris to Invest in Serbia

Philip Morris International plans to invest €100 million ($111.4 million) in Serbia, reports SeeNews, citing the country’s president Aleksandar Vucic.

“Such foreign investments are decisive for the development of the economy and business and further strengthen the position of our country as a major partner in innovation and modern technologies,” Vucic said Sept. 23 following a 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 Serbia’s largest tobacco factory, DIN Fabrika Duvana in Nis. To date the multinational has since invested more than $800 million in its Serbian operations.