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British American Tobacco -- Photos Photiades Group: Committed to supporting the Cyprus economy.

Significant investments and further contribution to efforts to put the Cyprus economy back on the road to recovery through the two companies' three-year collaboration

With a shared vision to continue to bring value to Cypriot society, British American Tobacco Cyprus and the Photos Photiades Group presented their plans for further investments and continued support to the thousands of Cypriot suppliers they cooperate with. During an event to mark their three years of collaboration, which took place in Nicosia in the presence of Finance Minister Mr Harris Georgiades, as well as MPs, state officials and other key local stakeholders from the commercial and financial world, the two leading companies in Cyprus' retail sector underlined their commitment to contributing to the island's economic recovery.

British American Tobacco Cyprus and the Photos Photiades Group currently support some 2,700 families across the supply chain of tobacco products and offer thousands of jobs. Their overall investments in Cypriot suppliers and local businesses exceed 15 million euros annually. At the same time, British American Tobacco Cyprus has paid around 520 million euros in taxes to the Republic of Cyprus over the past few years. The collaboration between British American Tobacco in Cyprus and Photos Photiades Distributors began in 2012 and covers the distribution of all of the company's products in the Cyprus market.

Addressing the event, Finance Minister Mr Harris Georgiades stressed the important and substantive contribution of British American Tobacco Cyprus and the Photos Photiades Group in supporting the Cyprus economy, especially during these difficult times for our country, noting that their business activities have helped maintain and create new jobs, and simultaneously open up new prospects for the country. Mr Georgiades congratulated both companies for their initiatives and investments and assured that the state was an ally and supporter of the business community.

Despite striking up their cooperation during a difficult time for both the retail sector and the economy, the two companies managed in a very short period of time to cover 95% of tobacco product outlets across the island with their services and products, with access to some 3,000 outlets covering all categories.

The Photos Photiades Group's wealth of experience and history in the retail sector, combined with British American Tobacco's leading position in the tobacco products' market has led the latter to not only maintain its share in the Cypriot market, but to increase it, enriching its range with new products and substantial innovations.

"We are extremely proud that this collaboration brings value to the Cypriot economy and society on a daily basis. Our commitment to Cyprus is demonstrated through our investments, the thousands of jobs that we offer and our overall support for the Cypriot market," said the General Manager of British American Tobacco Cyprus, Mr Andreas Thoma.

On behalf of the Photos Photiades Group, Mr Alexis Photiades, Managing Director of Photos Photiades Distributors, said: "Our collaboration combines the huge international experience of a multinational company with the in-depth knowledge of a local market, for the benefit of the Cyprus economy. Through our collaboration, we have realised that the leading position held by British American Tobacco in the Cypriot market is not coincidental by any means, and together with our Group, which is continuously expanding organically, geographically and into other fields of activity, this constitutes the secret to our success."

Outlining the next steps, the Head of Finance at British American Tobacco, Mr Marios Argyrides, said: "We have an ambitious plan for the Cypriot market and the challenges it faces, filled with innovations and actions that, above all, will benefit the Cyprus economy."

Turning their commitment "Together, we bring value to Cyprus" into action, British American Tobacco Cyprus and the Photos Photiades Group announced the commencement of their joint collaboration with the Cyprus Red Cross, with a new social responsibility initiative to help 20 families cover their basic needs over the next few months, helping their effort to reintegrate into society.

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Publication:Cyprus Mail (Cyprus)
Geographic Code:4EXCY
Date:May 29, 2015
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