People category powered by

Philip Morris Cyprus GM Greg Kamperis on why the island could be the first smoke-free European country

Underlining that the organisation's strategy remains unwavering, focusing on innovative alternative products for adult smokers, always based on the strategy of harm reduction, the General Manager, Cyprus & Malta of Philip Morris International, Greg Kamperis has revealed that "Philip Morris Cyprus is optimistic that Cyprus will become the first country in Europe to be smoke-free."

In an interview with InBusinessNews, as part of the ‘IN Business Forecasting 2025’ series, Kamperis indicates that over the last ten years, Philip Morris International has largely succeeded in transforming itself and redefining its sector of activity.

"Using technology, science and innovation, it has brought sustainable alternatives to cigarettes to the consumer public," he points out, going on to express the assessment that in its field of activity, the situation is not changing and that the upward trend of alternative products will continue.

Referring to the challenges facing the sector, according to the General Manager of Philip Morris Cyprus and Malta, the most important ones stem from the need for a properly structured operating framework, which will ensure the correct implementation of harm reduction policies.

Regarding Philip Morris Cyprus in particular, Gregory Kamperis emphasises that sustainable development practices are the central axis of its activities.

"And we wish to continue to be pioneers in this field as well, shaping a better tomorrow for everyone," he emphasises.

How do you think the Cypriot economy will perform in the new year? How optimistic are you about its prospects?

The Cypriot economy ended 2024 remaining strong, recording a growth rate of 3.7%, one of the highest in the Eurozone.

At the same time, a decrease in the debt-to-GDP ratio was recorded by 2%, approaching 70%, while the country achieved another record year in the number of tourist arrivals.

Additionally, the upgrade of Cyprus' credit rating and the completion of important agreements in various sectors of the economy confirmed its dynamic course.

Based on these solid foundations, I am therefore extremely optimistic about the growth path of the Cypriot economy for the new year.

It is important to recognise that Cypriot business has played a decisive role in shaping this positive course, offering innovation and flexibility that contribute to the broader development of the country.

The biggest challenges for the economy

What do you consider to be the biggest risks to our country's economy? What should be considered in order to ensure its growth trajectory?

The growth rate of the European economy has been shaken in recent years, due to a series of systemic challenges.

The innovation deficit compared to the United States and China, the correlation between decarbonisation and competitiveness, and the need to strengthen security have also been identified by the Draghi report as determining factors for the future of the European economy.

In Cyprus, beyond the general European challenges, exogenous factors related to the country's geopolitical position make the country's economy vulnerable to unpredictable developments.

It is important that the country unwaveringly continues on its path, deepening relations with its strategic partners and strengthening cooperation in key sectors.

The protection of the Cypriot economy is something achieved through the continuation and completion of structural reforms.

In my opinion, the greatest challenges facing the Cypriot economy are long-term, with the energy strategy being a key pillar that can unleash possibilities and growth prospects.

At the same time, the country's economic and productive model must be strengthened, so that the country's infrastructure, both tangible and intangible, is sufficient to meet future challenges.

The country's rebranding strategy

What should Cyprus do to become an even more attractive destination for foreign investments? And how important, in your opinion, are they for its economy?

Cyprus, in addition to existing advantages such as the favourable tax framework and favourable climatic conditions, must proceed with a deeper digital transformation of its infrastructure.

Such a step will help reduce bureaucratic red tape, making the country more efficient and attractive to businesses and investors.

An equally important role will be played by the country's rebranding strategy, which will highlight the progress that Cyprus has made in recent years.

Such a strategy will focus on diversifying the country and making it an attractive destination for new types of investments, further enhancing its competitiveness.

Foreign investments have multiplier benefits, especially in relation to the size of the Cypriot economy.

Among the advantages they offer are the enhancement of the country's negotiating power in international fora, the strengthening of the country's workforce through upskilling and reskilling programs, and the improvement of citizens' well-being.

Driven by technology, science and innovation

Regarding your company's sector of activity, how do you estimate it will develop in 2025? Are there any issues that concern you?

Over the last ten years, Philip Morris International has largely succeeded in transforming itself and redefining its sector of activity.

Using technology, science and innovation, it has brought sustainable alternatives to cigarettes to the consumer public. I believe that in our sector of activity, the trend is not changing and the upward trend of alternative products will continue.

An issue that is the subject of concern is the adequate and correct information of the public through open public debate based on scientific data.

What are the biggest trends/changes you expect to occur in your sector and what are the most significant challenges?

As mentioned before, our sector of activity is already in a phase of constant transformation, with the continuous development of innovative products.

The most important challenges we face stem from the need for a properly designed operating framework, which will ensure the proper implementation of harm reduction policies.

A strong trend that seems to be taking hold in Cypriot business is that of acquisitions and mergers. Will we see it strongly in your sector as well?

The previous year was a landmark year for Cypriot business across the entire spectrum of the real economy.

Both foreign and Cypriot investors revived investment interest, creating dynamic growth and new prospects.

Our sector is dominated by organisations with a multinational presence, such as Philip Morris Cyprus, and I would say that any developments are the result of broader strategic positioning.

A notable example is the acquisition of Swedish Match by Philip Morris International in 2022 for $16 billion. This move, which focuses primarily on innovative products, is a strategic investment in the transformation of our company.

The strategy of Philip Morris Cyprus

What can we expect in terms of your organisation's plans and development strategy in 2025? What moves do you intend to make in this direction?

Philip Morris Cyprus' strategy remains unwavering, focusing on innovative alternative products for adult smokers, always based on the strategy of harm reduction.

Philip Morris Cyprus is optimistic that Cyprus will become the first country in Europe to be smoke-free.

The central axis of our activities is sustainable development practices and we wish to continue to be pioneers in this field, shaping a better tomorrow for all.

(Source: InBusinessNews)

Read More