Why Poland? An Introduction of Poland

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1 Why Poland? An Introduction of Poland Elena Lee Centre Director Europe Group 15 August 2013

2 Agenda 1 Why Poland? 2 Bilateral Trade 3 Opportunities for Singapore Companies

3 Why Poland?

4 Poland The Green Island Poland is the 6 th largest economy in the EU and the 19 th largest in the world. It was the only country in the EU that did not fall into recession at the height of the global financial crisis in Between , the Polish economy grew an average of 5.2% annually. Even as the crisis hit Western Europe, Poland managed to grow by 4.5% in 2011 and 1.9% in Although Poland s economy has recently decelerated and the growth is expected to be around 1%, it is predicted that the country will outpace large Western European economies in terms of growth for the next couple of decades (GDP growth of 3% p.a.) (PwC, World in 2050) 4

5 Key Drivers for Economic Growth Poland is the biggest recipient of the EU funds Between Poland received over 101.5bn EUR from the EU s budget mainly for infrastructure improvements such as new roads, airports, motorways, modernisation of rural areas and agriculture Between Poland also benefited from extra investments related to the Euro 2012 soccer championship. Poland has received some 25bn EUR of investments related to the championship and created several thousands extra jobs (Capital Economics) For the next EU budget period , Poland will receive 4.2% more funds from the EU than it was allocated in the previous cycle, even though the Union s overall budget is to be reduced by about 3%. Poland s overall allocation has been agreed at 105.8bn EUR for areas such as scientific research and its commercialization, the key road connections (motorways, expressways), business development, environmentally friendly transport (rail, public transport), digitization of the country (broadband Internet access, e government services) etc. Big domestic market reduces Poland s dependency on export (population of 38.2mln on 312,685sqm of land) 5

6 Regional Hub for Multinational Corporation Poland is the leading FDI destination in CEE with a volume of USD15.14bn in 2011 (E&Y, European attractiveness survey 2013) With 13,111 jobs created by FDI Poland ranked 3 rd in terms of job creation for the whole of the continent (after the UK and Russia) up from seventh place in 2011 (E&Y, European attractiveness survey 2013) Top FDI projects by sector in 2011: 1. Automotive 2. Business Services 3. Electronics 4. Machinery 5. Food Processing Reasons: Gateway to the European Union, Ukraine and Russia Highly qualified personnel relatively low employment costs (e.g. compared to Germany, France or UK) stable political and economical situation 6

7 Asian Companies making Inroads into Poland - China More than 20 major Chinese companies and 300 small and medium sized enterprises have registered businesses in Poland Chinese businesses in Poland are mainly centered on consumer electronics, the electro machinery industry, IT and construction machinery In Feb 2012, Guangxi Liu Gong Machinery Co Ltd took over Huta Stalowa Wola, a Polish road machinery maker, for about USD 100 million This year, a Chinese car firm is to invest USD 95 million in a ball bearing manufacturer. The Tri Ring Group will buy FŁT Kraśnik, which employs some 2,000 people and has annual sales of around 63mln EUR. 7

8 Asian Companies making Inroads into Poland - Japan According to a KPMG report, during the last decade Japanese investment stock in Poland rose more than tenfold to approximately USD 1.6 billion in 2010 Poland is top destination for Japanese manufacturing firms in Europe, mainly in the automotive and electronics sector Currently about 300 Japanese companies have invested in Poland of which 100 are manufacturing companies In February 2013, the Japanese company Fanuc, a world class manufacturer of industrial robots, opened its new headquarters in Wrocław. In addition to sales operations and implementation of modern automation, the company plans to provide training, consultancy and customer services. In April 2013, Japanese company Denso Corporation has announced its plan to launch production of indicators for dashboards for the automotive industry in the new plant in Mysłowice. The production will be commenced in August this year. Sanden Manufacturing Poland (automotive air conditioning compressors) has announced the launch of a third production plant in Legnica Special Economic Zone. 8

9 Bilateral Trade

10 Bilateral Trade 2012 (Source: IE Singapore) SINGAPORE S ANNUAL IMPORT FROM POLAND 2012 PERIOD 2011 OPTICAL PHOTOGRAPHIC CINEMATOGRAPHIC MEASURING INSTRUMENTS ETC (HS 90) BEVERAGES SPIRITS & VINEGAR (HS 22) 2010 TOOLS CUTLERY ETC OF BASE METAL & PARTS (HS 82) 0 50, ,000 VALUE (SGD THOUSANDS) Poland was Singapore s 19 th largest trading partner in the EU and our 74 th largest trading partner globally Total trade 2012 : S$563 million (334mln EUR) Imports from Poland to Singapore : S$255 million (151mln EUR) Exports from Singapore to Poland : S$308 million (183 million EUR) PERIOD 2010 SINGAPORE S ANNUAL EXPORT TO POLAND RUBBER & ARTICLES THEREOF (HS 40) 0 100, , ,000 VALUE (SGD THOUSANDS) OPTICAL PHOTOGRAPHIC CINEMATOGRAPHIC MEASURING INSTRUMENTS ETC (HS 90) NUCLEAR REACTORS BOILERS MACHINERY & MECHANICAL APPLIANCES & PARTS (HS 84) 10

11 Bilateral Agreements Boosting Trade Avoidance of Double Taxation Agreement (DTA) (since 1993) Investment Guarantee Agreement (since 1993) EU Singapore Free Trade Agreement (concluded in 16 Dec 2012, expected to come into force in early 2015) 11

12 Opportunities for Singapore Companies

13 Opportunities for Singapore Companies Environmental Sector Water Waste Conventional Energy Renewable Energy Information and Communications Technology E Gov Intelligent Traffic Management Solutions Electronics & Precision Engineering Manufacturing base to serve clients in Europe, e.g. in the automotive or electronics sectors 13

14 Elena Lee Singapore Centre Bleichstrasse Frankfurt Germany Tel Thank You

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