Imperial Tobacco Plans to Invest 23 Mln Euro in Macedonian Unit

Britain's Imperial Tobacco plans to invest 23 million euro ($30 million) in its Macedonian unit this year, the Skopje-based Economic Chamber said on Tuesday.

The investment is aimed at providing new manufacturing and packaging equipment that will increase the annual output of the Macedonian unit to 10 billion from six billion cigarettes, the Economic Chamber said in a statement quoting Richard Parratt, the general director of Skopje-based Imperial Tobacco TKS.

Electronic equipment, tobacco and clothes spur Macedonian Economy

In the first two months of the third quarter this year, volume of the total industrial production grew by 3.2 percent year-on-year, which represents growth slowdown, however it still is much better than any country in the Eurozone.
Despite the fact that growth depends significantly on trends in the Eurozone, Macedonian economy can demonstrate great resistance to negative effects of the environment in line with structural changes in economy and expansion of production capacities, which is expected to contribute to additional increase of the Macedonian growth potential.
Production of electronic equipment, tobacco products and clothes has greatly contributed to the economic growth in the past period.

New Tobacco Factory in Kavadarci

Company Alliance One has invested EUR 4 million in the opening of a new tobacco processing plant. Another investor is Kadavarci-based IGM Trade.

The Management of Alliance One says they cooperate with more than 9,000 producers and this year, they signed contracts on more than 6,700 tons of tobacco.

Alliance One has been present in Macedonia for the past 13 years. Prior to that, the company Diamond entered the market by buying two Macedonian companies in Kadavarci and Vinica. Alliance One ranks tenth in Macedonia by export.