€290 billion economic footprint: PMI is the driver of the EU’s smoke-free future

Europe is on the cusp of a new era, where technological progress, scientific innovation and investment in human resources can be the keys to regaining competitiveness and strengthening industrial resilience. However, for sustainable growth, it is essential to have an accurate picture of the continent’s economic structure, in particular the contribution of key market players.

In this spirit, the latest study by EY-Parthenon was presented in Brussels on Wednesday, which explores in detail the economic impact of Philip Morris International, committed to a smoke-free future, in the European Union between 2019 and 2023. According to the research, the company, in addition to being at the forefront of the tobacco industry transformation, also plays a strategic role in Europe’s innovation and competitiveness efforts.

The key findings of the study, which puts PMI under the microscope, are as follows:

• 1 million jobs in the EU economy, of which approximately 21,500 direct employees in 2023 alone, with additional employment in related industries and retail.
• EUR 19.6 billion of investment, supporting more than 45,000 SMEs, strengthening “Made in EU” industrial ecosystems and the resilience of the supply chain.
• €625 million in tobacco leaf purchases, supporting European farmers and farming communities.
• Over €2.3 billion in research and development (R&D) investment to drive innovation and scientific progress.
  EU exports of over €33 billion, including €8.4 billion in 2023.