On the anniversary of 90 years of continuous presence in the Greek market, Papastratos is “reborn” aiming at the end of smoking, said to OT Mr. Giannis Mastrokostas, Director of Corporate Affairs of the company.
Three years after the huge investment of 300 million euros for the transformation of the Papastratos factory into an exclusive production unit of heated tobacco rods (heets), the new investment of 125 million euros and the creation of 115 new jobs, the innovative tobacco products are exported in many countries as far away as Japan.
Guided by technology and science, Papastratos’ goal is to reduce smokers, said Mr. Mastrokostas.
The great scourge of smuggling
Regarding the great scourge of the smuggling of tobacco products, Mr. Mastrokostas characteristically noted that in Greece in 2020 one in four packs of cigarettes was illegal, according to the latest research of KPMG.
“Greece ranks second after France with the highest percentage of illegal cigarettes,” he noted.
It is reminded that in previous years our country had a negative lead.
Losses to the public coffers from the illicit trade in cigarettes reached 551 million euros in 2020 alone, while, cumulatively from 2015, the lost revenues for the State reached 4 billion euros.
The importance of public-private sector cooperation in the fight against smuggling is crucial, said Mr. Mastrokostas.
“The solution can only come through public-private partnerships, as it leads to multiplier benefits for all. The collaboration is a notion “innate” to Papastratos. “Since 2012, we have invested more than 6 million euros in actions in support of the work of law enforcement authorities and in public information actions.”
Latest News
Critical Week for Greece-Cyprus Cable
The study concluded that the social benefits of the interconnection, totaling 8 billion euros, far outweigh its 1.9 billion euros construction cost, resulting in a net social benefit exceeding 6 billion euros.
Roberta Metsola Re-elected President of European Parliament
Her second term will be for a period of two and a half years
ELSTAT: 1.5% Increase in Business Turnover in May 2024
The most significant increase in turnover in May 2024 compared with May 2023 was recorded from the enterprises of the Accommodation and Food Service Activities, sector which grew by 14.8%.
Cosco: Container Traffic Decline at Piraeus Port Continues
This strategic shift has diminished Piraeus's standing as a prominent Mediterranean port and a key transshipment hub post-Suez Canal.
Gov’t Eyes Return of Power Subsidies Amid Spike in Rates
According to reports, the government will resume an electricity subsidization program, given that forecasts cite disruptions – i.e. higher rates
ELSTAT: 6.3% Increase in Output Price Index for Agriculture and Livestock
The 6.3% rise in May 2024 is largely driven by an 8.8% increase in the crop output group, particularly due to changes in olive oil prices, and a 0.5% increase in the animal output group.
Balkans Blackout Highlights Climate Threats to Power Grids
The surge in electricity demand during the heat wave and the power deficit in Balkan markets have driven up prices in the Greek wholesale electricity market.
Greece in Top 4 Destinations Favored by European Tourists
Greece was selected by 5.9% of respondents who were asked where they would vacation this year, up from 5.4% in the same survey last year
Scope Affirms Greece’s BBB- Ratings; Revises Outlook to Positive
The international ratings firm raised Greece to investment grade in early August 2023
First Seaplane Test Flights to Skopelos, Alonissos, Skyros
After decades of on-again, off-again efforts to schedule regular seaplane routes to Greece's numerous island and coastal destinations the prospect now appears within sight