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146 new news items in the last 24 hours
  1. Home
  2. Economy

Kostas Salvaras (Philip Morris) underlines Europe's urgent need to catch up with the US and China in innovation, criticizing excessive bureaucracy

Călin Nicolescu
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3 June 2025, 13:51
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Economy
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In an interview, Kostas Salvaras, Area Vice President at Philip Morris International, points out that Europe needs to improve innovation to compete with the US and China. He says over-taxation and red tape are hurting economic growth, suggesting a more flexible framework to stimulate investment in technology. Salvaras underlines the importance of developing an innovation ecosystem, highlighting the positive impact of Philip Morris' investments in Romania, including job creation and contribution to GDP. The Otopeni plant is an example of re-industrialization, demonstrating Romania's ability to attract high-value investment.

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Kostas Salvaras, Philip Morris International: Dacă Europa vrea să rămână competitivă, stimularea și expansiunea economică trebuie să fie prioritare

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Philip Morris International has invested over 1.1 billion dollars in Romania, mostly in the factory in Otopeni, converted for smoke-free products. Over 90% of production is intended for export.
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Philip Morris Kostas Salvaras Europe Competitiveness USA Romania bureaucracy

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