Investing in Poland 2010 by WBJ

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									                                                                                   MINISTRY OF ECONOMY




                                                                   Warsaw Business Journal’s guide to




                                                         INVESTING
                                                           in POLAND 2010
ISSN 2080-671X – PLN 49 (VAT 7% included)




                                            in cooperation with:
1                                                                               Table of contents   Investing in Poland 2010




    Table of ConTenTs
    Introduction                             2-3     Special Economic Zones                                      52-59
    Macroeconomics                           4-5       EURO-PARK MIELEC Special Economic Zone                          53
    Voivodships                             6-50       Kamienna Góra Special Economic Zone
     Kujawsko-Pomorskie                      6-8       for Medium Business                                             53
                                                       Katowice Special Economic Zone                                  54
     Łódzkie                                9-11
                                                       Kostrzyn-Słubice Special Economic Zone                          54
     Lower Silesia                         12-14
                                                       Kraków Technology Park Special Economic Zone                    55
     Lubelskie                             15-17
                                                       Legnica Special Economic Zone                                   55
     Lubuskie                              18-20
                                                       Łódź Special Economic Zone                                      56
     Małopolskie                           21-22
                                                       Pomeranian Special Economic Zone                                56
     Mazowieckie                           23-27
                                                       Słupsk Special Economic Zone                                    57
     Opolskie                              28-29
                                                       “Starachowice” Special Economic Zone                            57
     Podkarpackie                          31-32
                                                       Suwałki Special Economic Zone                                   58
     Podlaskie                             33-34
                                                       Tarnobrzeg Special Economic Zone
     Pomorskie                             35-38       “EURO-PARK WISŁOSAN”                                            58
     Silesia                               39-41       Wałbrzych Special Economic Zone “INVEST-PARK”                   59
     Świętokrzyskie                        42-43       Warmia-Mazury Special Economic Zone                             59
     Warmińsko-Mazurskie                   44-46     Industrial & Technology Parks                               60-62
     Wielkopolskie                         47-48     Partners                                                          63
     Zachodniopomorskie                    49-50     Index                                                             64




                             Editor-in-Chief: E Blake Berry                        Managing Director: Monika Stawicka
                             Editor-in-Chief of Warsaw Business Journal:           Sales Department:
                             Andrew Kureth                                         Katarzyna Pinkiewicz
     Valkea Media SA         Journalists: Martyna Olik, Marcin Poznań, Robert      Jowita Malich
     ul. Elbląska 15/17
                             Szmigielski, Adam Zdrodowski                          Anna Grabowska
     01-747 Warsaw, Poland
     %     22 639 85 67-68
         (+48)               Proofreading and additional research: Roberto         PR & Marketing Specialist:
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                             Cover/Graphics/Design/DTP: Piotr Wyskok               Print & Distribution Coordinator:
                             Photo-editing: Mateusz Gołąb                          Krzysztof Wiliński
Investing in Poland 2010     introduction                                                                                                          2




                              Dear reader,
                              Welcome to the inaugural issue of Invest-       has helped to reform the political and bureaucratic classes to some
                              ing in Poland, a Warsaw Business Journal        extent, and a generous portion of EU Structural and Cohesion
                              guide for foreign investors. This publica-      Funds has assisted in smoothing this transition.
                              tion arrives, not incidentally, at a pivotal
                                                                              Problems remain, of course. For one, the Civic Platform-Polish
                              moment in modern Polish history, a mo-
                                                                              People’s Party government has not followed through on many of
                              ment in which decisive action could mean
                                                                              its pro-business election promises. It still takes too long to start
                              the difference between great profit and
                                                                              up a new business – the much vaunted “one-stop shop” start-up
                              tremendous loss. Indeed, a growing num-
                                                                              process still requires two stops too many. Yet for all these and other
                               ber of signs indicate that now is the right
                                                                              problems, Poland remains an investor-friendly country in which
                               moment to invest in this country:
                                                                              businesses are guaranteed protection under European law.
E Blake Berry,                  Poland’s fundamentals are strong. Through-
Editor-in-Chief                 out the economic turmoil of 2008-2009,        Poland is at a crossroads, both literally and figuratively. Situated on
                                its economy has been one of the strongest     the EU’s eastern frontier, the country effectively serves as a spring-
    – if not the healthiest overall – in the European Union. It has avoided   board to Russia, Ukraine, Belarus and other regional markets. At
    most of the traps which have mired other regional economies. It did       the same time, its large population and stable economy make Po-
    not participate in the sub-prime mortgage market, there have been         land a prime gateway for non-member states eager to penetrate the
    no major bank failures and no political implosion. Economic growth        EU market. It is both an economic staging ground and a profitable
    has slowed, but recession has been avoided thus far.                      place to do business in its own right.

    Poland is on the right path to catch up with Western Europe. This will    The country is also at a turning point in another sense. The year
    admittedly take time, but that’s all the better for the far-sighted in-   2009 has marked the close of 20 years of economic, political and
    vestor. Statistics show that Poland lags well behind the European         social transformation; 2010, meanwhile, signifies the opening of
    average in areas like housing and retail space saturation, broadband      Poland’s third decade as a modern, independent nation. Terms
    penetration and, most spectacularly, transport infrastructure.            such as “emerging market” and “post-communist” are taking on an
                                                                              increasingly historical character.
    The sheer volume of work that remains to be done guarantees that
    profitable investment opportunities will abound for years to come.        Bring all of the aforementioned points together and a portrait
    Moreover, many projects will be eligible for Polish investment in-        emerges of a market in which investment risk is steadily falling and
    centives and EU aid.
                                                                              yet growth potential remains high. The purpose of Investing in Po-
    Poland is maturing politically. In 1991, following its first free elec-   land 2010 is to serve as a compass for investors interested in this
    tions since WWII, 29 political groupings entered Parliament; today        market, offering insight into regional and municipal economies, and
    there are just four, and polls indicate that support for these groups     to provide the uninitiated with basic knowledge about the spectrum
    has largely stabilized. The adoption of European Union standards          of opportunities in the country.




                              DesTinaTion PolanD –
                              foCuseD exPansion in CenTral euroPe
                              By Martin Oxley,
                              Chief Executive Officer, British Polish Chamber of Commerce (BPCC)
                             At a time when the global economy is in          frastructure and human capital development. Poland is poised to
                             turmoil, Poland continues to be a solid          become a powerful economic engine in Europe.
                             and sustainable destination for business
                                                                              The BPCC can see that many of its members who have been doing
                             growth. With its large and stable domes-
                                                                              profitable business in Poland for years are currently upping their
                             tic market, the country offers an excel-
                                                                              investments in this market. Companies like Tesco, GlaxoSmith-
    lent platform for export sales.
                                                                              Kline, Cadbury, Shell and Aviva are increasing production or em-
    Poland’s strategic location also makes it a natural choice for EU         ployment in Poland.
    investment in research, manufacturing and logistics. Road, rail and       Paradoxically, however, we can see little new interest in Poland
    air infrastructure are developing apace, with UEFA’s EURO 2012            among companies that have not yet investigated this market. With
    targets providing a catalyst.                                             the global crisis, companies are too often following the motto that
                                                                              “now is not the time for something new.” Yet it is exactly now that
    Looking at external economic indicators, Poland is one of the only
                                                                              companies should be looking at Poland. It has the right level of low
    EU markets with positive growth. The current currency exchange
                                                                              business risk and high business opportunity.
    and significant investment incentives provide an attractive frame-
    work for international companies seeking expansion in Europe.             Whether you need to cut costs, source more cheaply, find a new
    Over the next five years, E93 billion of public sector based financ-      export market or outsource services, Poland is the right place to be
    ing will be available to maintain the momentum in enterprise, in-         doing business right now.
3                                                                                                          introduction    Investing in Poland 2010




                               Germany: a lonG-Term ParTner for PolanD
                               By Lars Bosse,
                               General Director,
                               German Polish Chamber of Industry and Commerce

                               Germany is still a priority country for the      location, and Poland is moving up in the ranking of investment
                               Polish economy, not only when it comes           locations in the Central and Eastern Europe region, overtaking
                               to foreign trade – it is the destination for     the Czech Republic and Hungary. In general, the CEE region ac-
                               over 25 percent of Polish export – but           counts for about nine percent of German foreign direct invest-
                               also as its most important foreign inves-        ment worldwide, and the significance of this part of Europe from
    tor. In Poland there are about 6,000 companies with some German             the German perspective is continuously growing.
    capital, representing over 17 percent of total foreign capital in the
                                                                                As some of the most important advantages of investing in Po-
    country.
                                                                                land, German entrepreneurs cite: EU membership; employees’
    Over 700 German firms have each invested more than $1 million               increasing competence and commitment, which translates into
    in Poland, and the level of accumulated German investments in               increased productivity at work; and the availability of local sub-
    Poland surpassed E20 billion in 2008. The vast majority of this in-         suppliers.
    vestment falls in the automotive, mechanical engineering, chemi-
    cal & pharmaceutical, banking & insurance, energy and wholesale             Among the things they rate poorly are public infrastructure, the
    & retail trade sectors, but business process outsourcing is also            tax system and its administration, as well as the low predictability
    gaining significance. The trend in the BPO sector demonstrates              of economic policy and legislation.
    that foreign investors, including those from Germany, value the
                                                                                In addition to the traditional arguments in favor of investing in
    quality of Polish work.
                                                                                Poland, new ones are emerging: looking at Poland’s positive GDP
    Surveys carried out by the German Polish Chamber of Industry                dynamics through the prism of the whole of Europe in times of
    and Commerce among German investors show that 82 percent                    global crisis, foreign investors view the crisis in Poland as mild,
    of them are satisfied with their choice of Poland as an investment          and the economy as stable.




                               The invesTmenT ClimaTe in PolanD
                               from a norDiC PersPeCTive
                               by Peter TærØ Nielsen,
                               Chairman,
                               Scandinavian Polish Chamber of Commerce

                               Having traveled in Denmark, Sweden               Close proximity to northern markets and well-arranged trans-
                               and the UK during the summer of 2009,            portation and communication channels have created business
                               it was my clear impression that the crisis       opportunities in Poland. The number of interested Nordic com-
                               was retiring, slowly but steadily.               panies is growing and those firms already present are generally
                                                                                very satisfied.
    In Poland, the crisis mainly consisted of a hangover after a real es-
    tate and mortgage loan boom as well as the effects of international
                                                                                Poland offers many other advantages. Opportunities for EU fund-
    commercial and financial relations. Therefore Poland has not and
                                                                                ing have never been better. In addition, the modest tax burden for
    probably will not be hit by recession.
                                                                                both companies and individuals is attractive, as are the favorable
    At the same time, the so-called analysts in Western financial centers       conditions offered in special economic zones.
    finally realized that expressions like “emerging markets” or “Eastern
    Europe” are not specific and precise enough. These terms cover a lot of     There are also obstacles, which are confusing and strange from
    different countries and luckily Poland is at the absolute top in terms of   Nordic investors’ point of view. The main barrier is “paper-
    key economic figures, even when compared to Western economies.              work” and bureaucracy. For Nordic investors it is difficult to
                                                                                see a reason for a lot of the “indispensable” paperwork in Po-
    Poland is poised to be a winner after the crisis.
                                                                                land. Such inefficiency nowadays costs money – a lot of it. This
    For Nordic investors, Poland is a very attractive country. It has a         is something the Polish government should improve dramati-
    well-trained and well-educated workforce which is eager to work             cally if it wants Poland to remain as fantastically competitive
    hard for further prosperity.                                                tomorrow as it is today.
                                                                                                                          -520
                                                                                                                                                Trade deficit as % of GDP                                                            Source: National Bank of Poland 6%
                                                                                                                   Regional stock markets: debuts and de-listings, 2000-2009*
                                                                                                                                   0




                                                                                                                   de-listings
                                                                                                                        100                                                                                                                                                                                                   5%
                                                                                                                        -1020                       Warsaw Stock Exchange                                                                         *to July 2009
Investing in Poland 2010        macroeconomics                                                                                80                                                                                                                                                                                         4 4%
                                                                                                                                 40                 Prague Stock Exchange
                                                                                                                                          2000            2001          2002         2003        2004          2005          2006          2007              2008                                           2009
                                                                                                                         60                                                                                                                                                                                                   3%




                                                                                                                debuts
                                                                                                                        -15
                                                                                             Wiener Börse
                                              Currency exchange rates, January 2007 – July 2009 (monthly average) Warsaw Stock Exchange, Prague Stock Exchange, Wiener Börse
                                                                                                             Source:
                                                                                                                              40                                                                                                                                                                                              2%
                                               6

                                                                                                                         20                                                    USD                             EUR                                GBP                                                                              CHF

    I
                                                                                                                        -20                                                                                                                                                                                                   1%
                                                                                                                                         2000           2001             2002          2003           2004            2005          2006           2007                                      2008
       n this publication you will find information on the state of the     Yearly unemployment*, inflation and GDP growth, 2000 – Q2 2009
                                           5                                    0
       Polish economy as evinced by the most important economic                        Current account balance (in  billion)                  As % of GDP




                                                                                                                de-listings
                                                                              20
    indicators, as well as essential data concerning our country’s re-        20                                             * figure indicates unemployment rate
                                                                                       Trade deficit as % of GDP                 at the end of the periodBank of Poland
                                                                                                                                         Source: National
    gions. This compendium will also present you with opportunities                                                          ** Economy Ministry estimate
                                           4                                  40
    for development and incentives offered by investment areas such           15  2000     2001   2002    2003      2004  2005      2006     2007      2008     2009
                                                                                                        Unemployment rate
    as special economic zones and industrial and technology parks.                                         Source: Warsaw
                                                                                                        CPI growth Stock Exchange, Prague Stock Exchange, Wiener Börse
    We hope that the investment guide which you are holding in
                                           3                                                            GDP growth**
                                                                              10
    your hands will prove both useful and profitable, and that the tips
    within it will provide you with solid knowledge of this country. 2007 – July 2009 (monthlyinflation and GDP growth, 2000 – Q2 2009
                                          Currency exchange rates, January Yearly unemployment*, average)
    We hope above all that it will help you to answer the question: “Is
                                           2
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    it worth investing in Poland?”




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    Poland is one of the fastest developing countries in Europe in                                                                                                                                             ** Economy Ministry estimate
                                                                                                                                                                                                                                                                                                                                                          Source: Nationa
    terms of its economy. Solid macroeconomic fundamentals, the
                                       5                                                                               15 %
                                                                                                                                        2000        2001          2002         2003   2004
                                                                                                                                                                               Unemployment 2005 2006 2007 2008 Q1 2009 Q2 2009
                                                                                                                                                                                               rate
    prospects of further economic growth and the safety guaranteed                                                                                                             CPI growth PAIiIZ, Central Statistical Office, National Bank of Poland
                                                                                                                                                                                      Sources:
    by membership in the EU, WTO, OECD and NATO – these                                                                                                                        GDP growth**
                                       4                                                                               10
    things make our country the subject of growing interest among
                                                                                                                   Foreign direct investment (in  billions)*
    investors all over the world. Moreover, according to Eurostat
                                                                                                                          20
    data, Poland is one of the few European countries likely to note                                                      5
                                       3
    economic growth in 2009.                                                                                                             * Methodological changes occurred in 2004 and 2006
                                                                                                                                         ** NBP estimate
    Investing in Poland gives entrepreneurs direct access to 38 million                                                   15
                                                                                                                         %
    consumers within the Polish market and 500 million potential cus-
                                          2                                                                                            2000        2001          2002        2003        2004        2005       2006         2007        2008      Q1 2009 Q2 2009
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    tomers in the internal EU market. It is also worth noting that Poles
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                                                                                                                                                                                         Sources: PAIiIZ, Central Statistical Office, National Bank of Poland
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    constitute a fourth of Central Eastern Europe’s population, and                                                   Current account balance
                                                                                                                       10
                                                                                                                                                                                                                                                                                                                                                        Source: Nationa
                                                                                                                                                                                                                                                                                                                               8%
    that our country’s GDP constitutes a third of regional GDP.                                                          bln


    Factors especially favorable for investment in Poland include                                                              5
                                                                                                                                                                                                                                                                                                                               7%

    above all: the size of Polish market, its low labor costs, accessibil-                                                       -5
                                                                                                                                                                                                                                                                                                                               6%
    ity of educated staff, stable political situation and favorable geo-                                          Foreign direct investment (in  billions)*
    graphical location. The country also offers numerous instruments                                                  bln
                                                                                                                                         2000             2001           2002            2003         2004            2005          2006           2007                                    2008**
                                                                                                                                                                                                                                                                                                                               5%
                                                                                                                       20
    supporting investors, such as:                                                                                      -10
                                                                                                                                         * Methodological changes occurred in 2004 and 2006                                         Source: National Bank of Poland 4%
       • investment incentives in special economic zones and munici-                                                                     ** NBP estimate
         palities (e.g. income tax exemptions or purchase of land for                                              Current account balance
                                                                                                                       15                                                                                                                                                                                                      3%
                                                                                                                        -15
                                                                                                                      bln                                                                                                                                                                                                    8%
         competitive prices)
                                                                                                                                                                                                                                                                                                                               2%
       • a favorable quality-cost ratio                                                                                                                                                                                                                                                                                       7%
                                                                                                                          10
       • the possibility to make use of EU funds                                                                          -5
                                                                                                                           -20
                                                                                                                                            2000           2001           2002            2003          2004           2005           2006          2007                                                 2008
                                                                                                                                                                                                                                                                                                                               1%
                                                                                                                                                                                                                                                                                                                              6%
       • a wide choice of brownfield and greenfield locations at com-
         petitive prices                                                                                                                           Current account balance (in  billion)                                                     As % of GDP                                                                     5%
                                                                                                                   Percentage of households and enterprises with broadband access*
                                                                                                                      5
                                                                                                                    -10
       • the possibility to locate an investment within industrial or                                                         60                   Trade deficit as % of GDP                                                          Source: National Bank of Poland4%
         technology parks, equipped with modern entrepreneurship                                                                                    Households                      *Data prior to 2004 unavailable
         infrastructure                                                                                              bln                                                                                                                                                                                                     3%
                                                                                                                       50
                                                                                                                      -15                2000           2001             2002          2003           2004            2005          2006           2007                                   2008**

       • the low cost of conducting business (corporate income tax                                                                                  Enterprises                                                                     Source: National Bank of Poland 2%
                                                                                                                              40
         rate of 19%)
                                                                                                                         -20                                                                                                                                                                                                  1%
                                                                                                                                                                                                                                                                                           (EU27 average in 2008 = 81)
                                                                                                                                                                                                                                                        (EU27 average in 2008 = 49)




                                                                                2000
    Our economy’s high marks in various international rankings at- 200730– July 20092001
                                        Currency exchange rates, January
                                                                                                  2002     2003
                                                                                           (monthly average)
                                                                                                                   2004     2005   2006       2007        2008


    test to the friendly investment climate in Poland. In Ernst &
                                         6                                           Current account balance (in  billion)             As % of GDP
    Young’s “2009 European Attractiveness Survey,” Poland held an          20
                                                                                                                                                                                                                                                                                                                                     CHF
                                                                                                       USD
                                                                                     Trade deficit as % of GDP             EUR                GBP
    excellent second place in Europe in terms of the number of new                                                                Source: National Bank of Poland

    workplaces created thanks to FDI projects realized in 2008. Ac-        10
                                         5

    cording to E&Y experts, Poland also saw 21% more FDI projects        Percentage of households and enterprises with broadband access*
                                                                            %
    than in the previous year.                                             60        2004           2005           2006          2007                2008
                                                   4
                                                                                       Households                                                                                   *Data prior to 2004 unavailable                                             Source: Eurostat
    Among investors planning to build service centers, interest in Po-      50
    land has been growing for several Currency exchange rates, January 2007 – July 2009 (monthly average)
                                         years. International concerns                  Enterprises
    are increasingly often putting Poland3 on the list of countries to
                                           6                                40
    which it is worth relocating non-production divisions, such as                                    USD                                                                                                      EUR                                GBP                                                                              CHF
                                                                                                                                                                                                                                                                                          (EU27 averageovin 2008 = 81)
                                                                                                                                                                                                                                                      (EU27 average in 2008 = 49)




    accounting or call centers. Google, Faurecia or First Data Cor-         30
                                           52
    poration are just a few examples of firms that have already sited
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