Philip Morris Invests $100 Million in Global Project to Eradicate Illegal Trade

[Asia Economy Reporter Seungjin Lee] Philip Morris International (PMI) announced on the 29th that it will proceed with the third round of support for 'PMI IMPACT,' a project aimed at reducing and preventing illegal trade.

Since 2016, PMI has been conducting 'PMI IMPACT' to eradicate illegal trade occurring worldwide in various forms, including illegal tobacco trade, drugs, weapons, and wildlife trafficking. It is a global project designed to reduce or prevent illegal trade and address the negative impacts illegal trade has on individuals, their families, and communities. PMI has pledged a total funding of 100 million USD (approximately 110 billion KRW).

In this third round of support, PMI plans to back a broader range of projects to combat illegal trade in various forms, not only illegal tobacco products but also consumer goods, counterfeit medicines, and electronics. In the first and second rounds, funding was provided for research programs to enhance knowledge about illegal trade and for technology development to promote efforts to eradicate illegal trade. So far, 60 projects have been implemented in 30 countries, allocating 48 million USD (approximately 53.3 billion KRW).

Alvis Justiani, PMI Vice President of Illegal Trade Prevention, explained, “Since illegal trade knows no borders, more effective measures are needed to confront this international threat,” adding, “Illegal trade is also a top priority for PMI to resolve because it undermines efforts toward a smoke-free future.”

PMI is placing high hopes on proposals to prevent illegal trade in counterfeit vaccines, substandard vaccines, medicines, medical supplies, and personal protective equipment amid the ongoing COVID-19 pandemic in this third round of support.

This content was produced with the assistance of AI translation services.