Polish economy – the story of a major transformation
08.07.2022
International trade and commerce factored heavily in Poland’s economic growth and prosperity since its political transformation in 1989. Since then Poland has harnessed change for competitive advantage and built the largest Central European economy by responding to key global challenges.
After transformation, as Poland became more integrated into global supply chains, it continued to embrace foreign investments as a source of capital, growth and knowledge, making great use of various technological transfers and an emerging R&D base. All of this contributed to its prominent position amongst the most attractive FDI destinations in Europe. Between 1990-2019, Poland recorded one of the highest GDP per capita growth rates in the OECD and EU countries, and was the only economy in Europe to stave off the recession in 2008. It should come as no surprise then that in the years 1990 – 2018 Polish economy grew by 381%.
From local to international
Here are examples that illustrate the transformation that Poland has undergone over the last three decades. Nowadays, Poland is a well-known hub for electromobility. After Ochang in South Korea, Naning in China, Holland and USA, LG Chem chose Wrocław to be a part of its global production system. 68 km from there, in Jawor, Daimler AG, one of the world’s leading car manufacturers, launched its engine production facility, specialized in the production of four-cylinder engines. Korean SKC Group, in turn, chose the city of Stalowa Wola, near A4 expressway and Rzeszów-Jesionka Airport, to be the centre of its European base of operations. Each year Poland attractiveness increase in terms of the FDI. Including the above mentioned examples, in 2021 Poland attracted 423 new FDI projects, many of them in STEM and green energy fields.
But there is a much larger story behind this success. Stalowa Wola is part of the Tarnobrzeg Special Economic Zone, one of Poland’s 14 special economic zones spread across the country. This, as well as the other Zones, are aided in their mission and endeavours by the Polish Investment and Trade Agency, which cooperates with both local and international institutions. Through its network of over fifty Foreign Trade Offices, PAIH promotes Poland and the Polish economy abroad, supporting export from the country and attracting FDI. Foreign investors are provided with reviews of macroeconomic and microeconomic factors and cost drivers at each location. Investors, who decided to visit Poland, are supported by a Project Manager that will arrange all necessary meetings in public administration and with owners of selected sites, as well as prepare itinerary of a trip. Large multinationals like LG Chem, smaller enterprises and entrepreneurs alike can rely on the PAIH’s professional consultants helping them find partners, suppliers or an adequate site for their investment. Currently, PAIH is providing assistance in multiple projects across a variety of sectors, including BSS, electromobility, automotive, food processing, R&D, and others. Entrepreneurs from South Korea, USA, Belarus, Germany and China, constitutes the biggest group of beneficiaries of the projects supported by PAIH.
Since its inception, PAIH has finalized projects worth over 30 billion EUR in total, which in turn contributed to the creation of over 250 thousand new workplaces. Since 2016, the agency had supported dozens of investment projects in the electromobility sector alone worth more than 6 billion EUR. Thanks to these projects, over 13,000 jobs for highly qualified workers and engineers were created.
Why Poland?
Poland is the largest country in Central and Eastern Europe and the 6th largest in Europe. 60% of its the population is at working age, which means a workforce of 23 million people. Human capital and cheap skilled labour costs attract foreign entrepreneurs to invest in Poland. Each year Polish universities turn out 37,500 engineers, which places us second behind Germany in the EU. Talented and well-educated employees as well as a healthy environment for start-ups attracted the most Venture Capital investments in the CEE region. It is worth mentioning that Poland has one of the highest levels of public support for new investments, which can reach up to 70% of the investment costs!
Thanks to the country’s stable, predictable and diversified economy, Poland was the only country in Europe to avoid the financial crisis of the years 2007 – 2008. Polish companies figure strongly in the European production chains. Owing to its strategic location in the heart of Europe, Poland provides excellent connection to both Eastern and Western countries, which translates to unlimited access to the EU market of 446 million inhabitants that can be reached overland, by flight or freight.
As part of a larger EU budget for the years 2021-2027, Poland will be spending 8.6 billion Euros on development of research and innovations. This programme is going to follow five major thematic objectives set out by the EU, focussed on smarter, greener and carbon-free Europe in accordance with the plans for future sustainability. As the cooperation between the business and science strengthens, support for large investments in the so-called “priority sectors”: automotive, electronics, aviation, biotechnology, and modern services: IT centres, BPOs and telecommunications will continue to increase. These also happen to be some of the sectors Poland is most renowned for.
Are you thinking of investing abroad? Why not invest in Poland? Our investment team would be delighted to help you and there is a plethora of investments incentives waiting for you! Get in touch with PAIH via the contact form at: https://www.paih.gov.pl/contact.
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- Polish companies (652)
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Sklep meblowy – NovoDom
Do you dream of transforming your home into a unique space that reflects your individual style? NovoDom is the key that will open the doors to an extraordinary world of furniture and accessories, where every detail matters. Our store is an oasis of inspiration where anyone longing for modern style, classical elegance, or avant-garde extravagance will find something special. The richness of our collections, the diversity of styles, and a wide range of colors will help you find what you need.
INTER-VION SPÓŁKA AKCYJNA
Other goodsShow allOther goodsShow allInter-vion is the market leader in cosmetic accessories in Poland. We are stable and reliable partner. Our product range consists of several thousand items, and every year we introduce several hundreds of new products, including promotional and fashionable products of the season. Our brands: KillyS, Intervion, Glamour, Auri, and Elephant (cleaning products) include products in categories: hair, make-up, manicure, pedicure, spa, travel. We export our products to more than 30 countries worldwide
Yury Ahabalayeu Business Automation
Our company is engaged in system integration and is an official partner of DocuSign and Microsoft, operating under the trade mark Automation Fans. Specializations: 1. Implementation of DocuSign eSignature and DocuSign CLM. 2. Business ChatBots development; 3. System integration with Microsoft Azure, Microsoft Power Platform, Dynamics 365, SAP, Hubspot, DocuSign eSignature, DocuSign CLM etc. Languages of communication: English, Polish, Russian. Free consultation and project assessment.
EXACO SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ
IT and TelecommunicationShow allIT and TelecommunicationShow allAs a Sofware House, we specialise in custom software development, IT specialists outsourcing (offshore, nearshore), and Service Desk services. We provide full support from the beginning (analysis phase) to the end (implementation phase + maintenance). We handle the entire development process, and our team includes roles such as Project Manager, Business Analyst/Product Owner, UX/UI Designer, Backend and Frontend Developers, Testers (QA), and DevOps. Our core tech stack is Java, mobile and PHP.
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PPF HASCO – LEK S.A.
Biotechnology and pharmaceuticsShow allBiotechnology and pharmaceuticsShow allPPP Hasco-Lek S.A. is a leading manufacturer of drugs, dietary supplements, cosmetics, and medical devices, delivering over 48 million product packages every year. Product quality is confirmed by EU-GMP and ISO certificates. Hasco-Lek has 40 years of experience and keeps stable 6-th position among Top 10 companies selling OTC products on Polish market. Hasco-Lek is a part of family-owned Hasco Group that consists of two drug manufacturing plants, R&D center, distribution center and a hospital.
TOBO SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ
FurnitureReady-made furniture and parts thereofLaminated wood, plywood and wood framesOther goodsShow allFurnitureReady-made furniture and parts thereofLaminated wood, plywood and wood framesOther goodsShow allTobo is a family-owned company with 25 years of tradition. It specialises in the production of furniture for offices, reception areas, conference rooms, hotels, banks, hospitals, schools, public facilities and flats. In addition to standard collections, the company has introduced a novelty – pro-health furniture. The offer is also characterised by a wide range of complementary furniture. Tobo works with leading manufacturers of chairs, armchairs, metal furniture, safes and other furnishings.
ELASTOGUM SŁAWOMIR PIENIEK
Renovation and construction materialsMinerals, metals and fuelsAluminium and articles thereofCopper and articles thereofMinerals, ores and articles thereofIron, steel and articles thereofPrecious metalsOther metals and articles thereofPlastics, rubber and articles thereofRubber and articles thereofPlastics and articles thereofPolymers, resins and articles thereofMachinery and parts thereofIndustrial machinery and mechanical appliances and parts thereofMeasuring instruments and apparatus and parts thereofAgricultural machinery and parts thereofOther instruments and apparatusElectromechanical appliances and parts thereofVehiclesAutomotive industryCombustion engines, motors and parts thereofLocomotives, rolling stock, special vehicles and parts thereofElectric engines and batteriesAerospace industryTiresVehicle parts (excluding engines)Show allRenovation and construction materialsMinerals, metals and fuelsAluminium and articles thereofCopper and articles thereofMinerals, ores and articles thereofIron, steel and articles thereofPrecious metalsOther metals and articles thereofPlastics, rubber and articles thereofRubber and articles thereofPlastics and articles thereofPolymers, resins and articles thereofMachinery and parts thereofIndustrial machinery and mechanical appliances and parts thereofMeasuring instruments and apparatus and parts thereofAgricultural machinery and parts thereofOther instruments and apparatusElectromechanical appliances and parts thereofVehiclesAutomotive industryCombustion engines, motors and parts thereofLocomotives, rolling stock, special vehicles and parts thereofElectric engines and batteriesAerospace industryTiresVehicle parts (excluding engines)Show allWe manufacture technical seals with a wide range of applications. We make seals from many popular materials such as silicones, nitrile rubbers, fluorine rubbers, and many others. In addition to the production of technical seals, we also trade in seals and other technical materials. We have our own tool shop where we can make any tools if necessary. If necessary, we also make unit seals.
Deko-Tech Sp. z o.o.
Other metals and articles thereofMachinery and parts thereofIndustrial machinery and mechanical appliances and parts thereofMeasuring instruments and apparatus and parts thereofAgricultural machinery and parts thereofOther instruments and apparatusElectromechanical appliances and parts thereofVehicle parts (excluding engines)Show allOther metals and articles thereofMachinery and parts thereofIndustrial machinery and mechanical appliances and parts thereofMeasuring instruments and apparatus and parts thereofAgricultural machinery and parts thereofOther instruments and apparatusElectromechanical appliances and parts thereofVehicle parts (excluding engines)Show allDeko-Tech Sp. z o.o. Company with a very large potential and capabilities with modern machinery facilities, which deals, among others, with professional sheet metal processing ( laser cutting, CNC sheet metal bending, sheet metal punching, laser welding, product designing, production). Our products are characterized by high quality, original and functional design. We use the best materials. We work with the best suppliers. If you care about quality, reliable and fast service, choose Deko-Tech
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