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NEWSLETTER
April 16th 2009, number 118
NEWS
FROM THE EDITOR
Dear Readers!
This week we present further expert analyses
confirming the good condition of the Polish
economy and especially the Polish finance
system. The data finds confirmation also in the
latest banks' economic forecasts which even
after adjustments continue to be the best among
European countries. In fact, Poland stands a
good chance to successfully apply for IMF's
Flexible Credit Line what may substantially
increase the reserves of the National Bank of
Poland. In this issue we also write about the
enlargement of two Polish special economic
zones and we provide the latest data on foreign
trade.
Last but not least, we invite everybody to a PAIiIZ
conference devoted to the issues of Polish
regions' investment attractiveness. For more
information on this and other events
recommended by PAIiIZ go to the News section.
Pleasant reading!
CONFERENCE: “INNOVATIONS VS
INVESTMENT ATTRACTIVENESS OF
POLISH REGIONS.”
The Polish Information and Foreign Investment Agency invites to a conference
“Innovations vs investment attractiveness of
Polish regions.” which is to take place on April
28th in the PAIiIZ Press Centre at 12 Bagatela
Str.
The aim of the conference is to present results of
investment attractiveness research of Polish
regions conducted by professor Hanna
Godlewska-Majkowska from the Enterprise
Institute of the Warsaw School of Economics
(SGH). Thanks to the in-depth research, the
regions' and communities' investment
attractiveness could be thoroughly diagnosed
and may be now presented in greater detail. The
meeting will also serve as an opportunity to
present results of the recently established cooperation between SGH and PAIiIZ in the field of
regional investment attractiveness analysis and
the Polish SEZs influence on the issue. Professor
Tadeusz Baczko will introduce reports
concerning the level of applied innovations in all
of the 16 Polish voivodships. The reports, which
were prepared at the Institute of Economics at
the Polish Academy of Sciences, contain
regional and microeconomic analyses of a
variety of innovations in the regions as well as a
useful list and a map of the most innovationoriented enterprises .
In the final stage of the meeting organisers plan
a debate attended by representatives of
governmental and academic entities, experts
and foreign investors.
To confirm your participation please contact
Agnieszka Schutte
at [email protected] (PAIiIZ)
GREEN VENTURES 2009 IN
POTSDAM
International Co-operation Forum for
Environmental and Energy Technologies will be
held in Potsdam, Germany, from June 10-12,
2009. The forum is organised by the Potsdam
Chamber of Commerce and Industry, the
German Ministry of Transport, Construction
and Development and the Komfort Consulting,
the forum's partner in Poland.
The forum is an annual meeting organised since
1998. Since then Green Ventures has been the
biggest platform facilitating trade relations
establishment in the sectors of environmental
protection, renewable energies and power
engineering. Effective business relationship
development translates directly into new orders,
contracts, clients and also in practical knowhow-transfer. This year's forum will be devoted
to the following topics: water and waste water
treatment, water management, air and soil
protection, energy management, renewable
energies and recycling.
Firms and institutions from China, Scandinavia,
Italy, Poland, CIS, the Baltic Countries, Great
Britain, Tunisia, the Czech Republic, Germany
and further countries are expected to
participate. Former editions of the forum hosted
up to 3,000 companies from 86 countries of all
continents. The 2009 forum will feature
business-to-business talks, presentations and
excursions to innovative enterprises operating in
the power sector and environmental protection
in the region of Berlin. For more information visit
www.green-ventures.com (Komfort Consulting)
3RD EDITION OF THE “GOOD
PRACTICES IN PPP” CONTEST
The 3rd edition of the contest is geared towards
public administration entities and aims at
selecting the best PPP projects which may be
realised in a variety of sectors.
The contest started on March 18th. Till May
14th,, 2009 applications may be sent in four
categories: communal infrastructure, network
structures, sport and recreation infrastructure
and small PPP projects i.e. worth not more than
100 mln EUR. Results will be announced on a
conference which is to be held from June 25th to
26th.
This year the winners will have the possibility to
attend an investment forum in France (study visit)
where the best projects will be presented to
potential investors. The visit will also offer an
opportunity to meet representatives of the
French local governments and companies and
to exchange experiences and gain insight into
the legal and financial aspects of PPP projects'
realisation in France. The aim of the forum
consist in promoting the winners' initiatives and
will also serve as a starting point for a public
discussion concerning the ways and issues
connected with the realisation of projects in the
Polish Information and Foreign Investment Agency
frame of public-private partnership.
Application form and the contest regulations are
available on www.dobrepraktykippp.eu. The
website has also an Internet forum devoted to the
forum-connected issues and the idea of publicprivate partnership.
The former two editions attracted over 70
projects. This year's edition enjoys the patronage
of the Ministry of Economy, Ministry of
Infrastructure, the Polish Information and Foreign
Investment Agency and local associations,
governments and chambers of commerce. PAIiIZ
act also as the contest's partner.
In the media the event will be promoted by:
Rzeczpospolita, Gazeta Samorządu i
Administracji, Redakcja Samorządowa PAP,
Forum PPP, Internet portals: RegioPortal.pl,
publiczni.pl.
Partners: PKO BP, French Trade and Industry
Chamber, Wolters Kluwer.
For more information go to
www.dobrepraktykippp.eu
WARSAW STOCK EXCHANGE RANKS
1ST IN EUROPE
After the 1st Q of 2009 the Warsaw Stock
Exchange again classifies on the 1st position in
Europe in terms of stock-market flotations and
the value of stocks on offer.
The1st Q of the year saw only 18 IPOs of a joint
value of 9 mln EUR issued on the European stock
exchanges. The results show not only a
substantial fall in comparison to the same period
last year (72 IPO jointly worth 1942 mln EUR) but
also when compared to the 4th Q of 2008 (64 IPO
worth 1238 mln EUR). Such a considerable drop
in IPOs volume and value of the offerings reflects
the global slowdown in the world markets.
PricewaterhouseCoopers experts, who for the last
eight years have been analysing the Europebased stock exchanges, declared the last quarter
was the weakest since the beginning of 2001.
For the first time, the Warsaw Stock Exchange
(WSE) resulted to be the biggest European market
both in respect of the volume of stock-market
flotations and the value of the offerings. There
were 6 IPOs (including 3 out of the 5 biggest
offerings issued in Europe in the 1stQ of 2009)
worth 6 million EUR on the WSE. Hydrapres made
the most impressive debut worth 4 mln EUR. In
fact, two third of the joint European IPO value for
the last quarter fell to the Warsaw-based stock.
Besides Warsaw only London and Luxembourg
recorded any IPOs. The London main market
recorded only two IPOs while the AIM market had
only one release for circulation. NASDAQ OMX,
the second market in terms of the volume of IPO
recorded four IPO all without share's offer. NYSE
Euronext which together with the London stock
ranked 3rd witnessed three IPO in comparison to
17 IPO jointly worth 620 mln EUR in the 1st Q of
2008. (www.gpw.pl )
www.paiz.gov.pl
POLSKA POLAND POLSKA POLAND POLSKA POLAND POLSKA POLAND POLSKA POLAND POLSKA POLAND POLSKA POLAND
MACROECONOMIC POLAND
Active balance in foreign trade
The National Bank of Poland informed that
February 2009 saw an active balance on the
current account to the tune of 525 mln EUR.
Poland received more capital mainly thanks to
the high transfers of the EU funds which
accounted for 1.15 bln EUR due to advance
payments in the frame of the 2007-2013
programmes.
The surplus in current turnover was also
influenced by the drop in import and export
viewed year on year. Export fell by 28.2% and
import by 33% y-o-y.
Economists assess the data to be positive and
envisage the situation in the Polish current
turnover to continue to improve. Also the
weakening of złoty against the two major
currencies i.e. euro and dollar should make a
positive contribution. (NBP, Puls Biznesu)
Exchange rates (as of 9.04.2009)
USD
Buy
3,2058
3,2706
Sell
EUR
4,2256
4,3110
Source: www.nbp.pl
FROM THE REGIONS
NEW INVESTMENTS IN THE
KRAKÓW SEZ
This is the 68th permission for business activity
issued by the management of the Kraków
Technology Park.
The investing Kon-Ins-Bud Montaż Sp.z o.o. will
realise its project in the Tarnów sub zone of the
Kraków SEZ. In the new facility the company
wants to manufacture steel structural parts. The
investor normally realises a complete
construction process i.e. from the designing
phase through all legal arrangements to the
physical realisation of a given project. The
second direction of the company's activities
focuses on assembling steel structures for
production shop floors and warehouses.
Kon-Ins-Bud is about to invest 4mln PLN and
hire 40 persons. (Kraków Technology Park)
ALMOST 10,000 WORKPLACES
AND NEW INVESTMENTS IN THE
SPECIAL ECONOMIC ZONES
On April 14th the Government accepted
regulations concerning the area of the
Kraków and Wałbrzych SEZs with the aim of
attracting more investment and stimulating
employment.
Regulations prepared by the Ministry of
Economy enlarge the area of the two SEZs. Due
to the changes the Wałbrzych SEZ gaines
another 107ha and the Kraków SEZ further
113ha.
The lots attached to the Kraków-based SEZ are
already destined to host concrete investment
projects i.e. while in Andrychów there are plans
to situate a factory manufacturing metal
containers and a facility producing elements for
crankshafts and ships, Zabierzów is envisaged
to host three service centres. The incorporation
of new lots and thus attraction of the investments
to the Kraków SEZ is bound to generate over
3,200 new workplaces in the SEZ and round 800
in the SEZ's direct vicinity and in its sub zones i.e.
in Andrychów, Zabierzów, Bochnia, Gorlice,
Książ Wielki, Limanowa, Niepołomice and Zator.
The expected investment outlays account for
almost 500 mln PLN.
In turn, the Wałbrzych-based SEZ expects to host
investment projects worth round 1.5 bln PLN
which are bound to generate round 4,900 jobs.
The SEZ enlargement is also expected to
stimulate employment in the SEZ's surrounding
area and is estimated to generate some 970
workplaces.
While the new regulations concerning the
Kraków SEZ enter into force on April 30th, the
changes regarding the zone in Wałbrzych come
into effect on April 22nd, 2009. (Government
Information Centre, Ministry of Economy)
ANALYSES AND REPORTS
FURTHER FORECASTS OF GDP
GROWTH IN POLAND
Latest economic prognoses published by the
Swiss UBS, Canadian RBC and the Bank
Zachodni WBK foresee GDP growth and
emphasise the country's good economic
outlook for future development, the best in the
whole CEE region.
Economic prognoses provided by the banks
foresee a weaker economic growth for Poland in
2009: GDP growth is estimated to decrease according to RBC by 2%, UBS by 0.9% and BZ
WBK by 0.4%. According to the latest forecasts
issued by the Swiss UBS, GDP growth in Poland is
bound to fall to 1% from the expected 1.9% and
in 2010 from 2.8% to 1.9%. UBS analysts explain
that economic forecasts across the world have
been deteriorating. In fact, demand for the Polish
exported goods has been diminishing what
translates negatively into economic forecasts.
Experts from Bank BPH also expect GDP growth
in 2009 to hover at 1% against the formerly
anticipated 1.6%. Similarly, specialists from BZ
WBK reduced the forecasts from 1.2% to 0.8%.
Despite all that analysts emphasise that Poland
does stand out in the region as far as
development possibilities are concerned as the
country has not been so dependant on export
and has a big domestic market. (Puls Biznesu)
THE INTERNATIONAL MONETARY
FUND (IMF) APPRECIATES THE
STABLE CONDITION OF THE
POLISH ECONOMY
Jacek Rostowski, the finance minister
informed that the Polish Government is to
apply for IMF's Flexible Credit Line and thus
wants to become a member of the prestigious
“Platinum Club” which gathers strong
economies.
Thanks to the Flexible Credit Line (FCL) the
reserves of the National Bank of Poland will
increase by 20bln USD. Joining the mechanism
will defend Poland against uncontrolled
depreciation of the zloty and generally against
effects of the global crisis. - I may confirm that
during the talks with IMF it was clear that Poland
continues to be perceived as a pillar of the stable
situation in the region - said Rostowish at a press
conference.
Minister Rostowski informed also that the
mechanism does not form part of a support
scheme of the IMF and the resources will not be
available for the Polish budget as they will
constitute part of international reserves
available for the National Bank of Poland (NBP).
Rostowski emphasised the positive and
regulatory influence the FCL access may exert
on the Polish finance system. It is not only about
restricting the uncontrolled depreciation of the
zloty but also about considerable improvement
of the availability of debt financing for the state
treasury.
The so called “Platinum Club” admits only
countries with a very strong track record of viable
economic policy and those which give confidence
that their economic policies will remain strong in
the future. Poland will be the second country after Mexico - to apply for the International
Monetary Fund's (IMF) new instrument available
for financially viable countries. Rostowski
stressed that the accession results from a cautious
and responsible economic policy conducted by
the Government before and in the era of global
crisis.
Also the Prime Minister Tusk emphasised that the
FCL is one of the effects the consistent economic
policy of the Government which has recently
been reflected not only in high world ranking
positions but also in the positive opinions
provided by experts. Consistent financial policies
may attract further considerable financial means
which IMF wants to distribute among the most
developed and promising from among the
emerging markets, like Poland. (Government
Information Centre)
DID YOU KNOW THAT...
OVER 10,000 INCOME-TAX
RETURNS VIA THE INTERNET
The first week since the inauguration of the
online service saw over 10,000 people file and
sign the income tax return using a Digital
Signature. The interactive service
www.edeklaracje.gov.pl, initiated on April 9th, provides
an online PIT-37 application. The site contains
also detailed instructions and a section devoted
to the frequently asked questions with answers.
(Ministry of Finance)
Polish Information and Foreign Investment Agency
Polish Information and Foreign Investment Agency
00-585 Warsaw, ul. Bagatela 12
tel. (+48 22) 334 98 15, fax (+48 22) 334 99 90
e-mail: [email protected]
Public Relations Division
Economic Promotion Department
www.paiz.gov.pl