Japan Tobacco International (JTI) is entering the Croatian market with two well-known brands of its cigarettes, the company's representatives told a news conference in Zagreb on Thursday.
The JTI director for the Community of Independent States (CIS), Romania and Adriatica regions, Martin Braddock, said JTI had signed EUR 120 million with the Zagreb-based Fibis company on distribution of its products.
They hope that the contract would pave the way for creating 50 new jobs.
Braddock told the news conference that Japan Tobacco International was expecting a stable and reliable legislative framework as well as a fair competition on the Croatian market.
JTI managers believe that their company would contribute with more than EUR 90 million to the Croatian state budget in the next five years.
The sales revenues are forecast to be EUR 120 million in the next five years.
JTI cigarettes made in its factory in Germany will be on sale in Croatia.
JTI is the third largest global tobacco company with a market share of 11 percent. It employes 25,000 people and is present in 120 countries.
JTI reported last year's net profit of USD 9.6 billion.
