Greenfields of Poland tempting investors

A rapid growth in exports in recent years has ben crucial for Poland's economy. Its ratio to GDP has significantly increased as compared to 2002, according to a report prepared by the Ministry of Economic Affairs and Labor (MGiP). The survey sums up Polish export and import volumes, the inflow of foreign capital, as well as Polish business abroad. 

According to the Polish central bank, Polish exports amounted to EUR 65.6 (zł.256) billion last year, which was EUR 11.8 (zł.46) billion higher than in the previous year. As compared to 2003, last year imports grew by EUR 11.3 (zł.44) billion to reach EUR 70.1 (zł.274) billion.

The Polish Information and Foreign Investment Agency noted that the inflow of foreign capital to Poland last year was $7.86 (zł.25.1) billion and exceeded 2003's level by $1.44 (zł.4.6) billion. What is interesting is that last year's results were the best since 2000, when a record of foreign direct investment (FDI) was noted.

Greenfield ventures are proving increasingly attractive to foreign investors. While in 2002 they constituted 37 percent of annual FDI, in 2004 the share was already 58 percent. In the last few years the share of privatization in FDI has been gradually decreasing, from 36 percent in 2002 to 17 percent last year.

Last year, MGiP notably modified its tools for promoting and supporting Polish exports. In order to boost FDI, attempts were made to encourage the regions to promote themselves more effectively. "The local governments play a significant role in attracting investments. Wrocław remains a role model," says the Minister of Economic Affairs and Labor, Jacek Piechota.