ECONOMY

BAT plans to invest 30 mln euros in Greece next year

British American Tobacco Hellas, the local subsidiary of the multinational tobacco giant, is planning to invest more than 30 million euros in Greece in the 2015 financial year, chairman and chief executive officer Gianpiero Pazzanese told Kathimerini in an interview.

Just over five months after assuming his post, Pazzanese siad that British American Tobacco Hellas supports 13,000 Greek tobacco producers and over 10,000 retailers and distributors around Greece.

He went on to reveal that his company has an ambitious plan, including investment, product innovations and business initiatives, intended to contribute further to the recovery of the Greek economy, despite the serious problems the sector has run into in Greece due to consecutive hikes in the special consumption tax on tobacco. He noted that these increases have had the opposite effect to that intended as cigarette smuggling has grown dramatically, resulting in a decline in state revenues.

The company’s headquarters support the multinational’s operations not only in Greece but also in Cyprus, Israel and Malta, contributing to employment in this country.