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

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.