Philip Morris International signed yesterday an agreement to buy 50% of Greece's production of oriental type tobacco, in the three years up to 2015.

The signing took place at Maximos Mansion, in the presence of Prime Minister Antonis Samaras. Agriculture and Food Minister Athanassios Tsaftaris noted that the agreement is a sign of the company's confidence  in Greece.

He also added that quality products are the best "passport" for Greek exports, and tobacco in particular was a high-revenue sector involving thousands of employees in cultivation and processing.

Philip Morris submitted a proposal to the Greek government at the beginning of February 2013, as was announced following a meeting between Greek tobacco company Papastratos chairman and CEO Nikitas Theofilopoulos and Prime Minister Antonis Samaras.

In December 2012, Philip Morris opened a  brand new production line in its Greek subsidiary Papastratos.