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Who can resist the Polish Charm
11-03-2005, MaisValia


Growing 5% every year, Poland is already one of the favourite destinations for foreign investment. In 2003 alone, the country attracted around 3.1m Euros. Not even the Portuguese can resist them!

Today, Poland is one of the most important investment centres in Europe, and rightly so. It is the largest economy of the ten new members of the European Union (EU), with a GDP of around 45% (200bn euros) of the total GDP of these countries in 2003.
And there's more: for the past few years, the rate of economic growth has been about 5%. For this reason and more, Poland is already the 6th largest market in the EU, with 39 million people and possibilities to grow even more. After all, Poland has just joined the group of 15 and, until late 2006, the country will receive 50% of the total Community funds, i.e., 12.5bn euros.

If the economy is growing at a fast rate, the "charm" it exudes to foreigners has been producing good results. In 2003 alone, Poland attracted about 3.1m euros in foreign investment and it is already considered the 12th most attractive country in terms of foreign investment attraction and the 5th most interesting destination to achieve the first foreign investment.
France is already the biggest investor in Poland. According to the Polish Direct Investment Information Agency, the French spent 10m euros in 2003 alone.
Despite strengthening their presence on Polish soil, the Portuguese did not exceed the 319,000 euros, but are already "bewitched" by the country.
A motto for the Poland Meets Portugal - New Business Perspectives meeting, held last week in Cascais, gathering specialists from various areas, a discussion which helped call the attention to the potential and difficulties of the Polish market.

BUREAUCRATIC MARKET
If, for some, Poland is the synonym of success, others might not think the same way. Avoiding disappointment is simple. Andrzej Szlezak, Soltysinski's legal partner, advises: "it's important to find a good partner, since you're going to encounter a lot of bureaucratic obstacles along the way." He adds: "making business in Poland is like going into a dark corridor with a lot of closed doors and only a few of them lead to success."
But it's not worth losing courage "because once you walk past this corridor, the rest is easy." Just look at the indicators. For a start, you will find legal and economic infrastructures that are better than ever and will allow you to - imagine this - create a company in just 31 days. And this, knowing that you will have EU's cheapest workmanship - per hour spent in actual work - and with the singularity of being very qualified.
Labour flexibility is another added value. Dismissals are liberalized and do not imply major costs for companies. But these are not the only advantages: "its location in Central Europe, the economic growth's sustainability, the employment reduction as well as the reforms carried out in public finance during the past few years were the factors that drove IDE forward," said Richard Mbewe, General Director of Warsaw Investment Group.

WHEN IN ROME, DO AS THE ROMANS DO
Already about 30 Portuguese entrepreneurs were seduced by Poland. Portugal is the 20th largest foreign investor in the country. And the interest does not cease to grow. From banking to water, construction, textiles, footwear, food distribution, moulding and motorways, the Portuguese are - or want to be - present in this market.
An example of success is Eurocash, which had 1900 outlets in 2004. The secret is simple: "When in Rome, do as the Romans do; when in Poland, do as the Poles do." Those were the words by Luís Amaral, Chairman of Eurocash, who defended that investors are the ones who should adapt to the Polish market and not the other way round.
This is an idea shared by Jerónimo Martins (JM), owner of Biedronka distribution chain. The group has more than 600 stores, earning the company over 1.1bn euros in 2004. But if JM now has reasons to "smile", it hasn't always been so, due to the characteristics of the Polish consumers. In the market since 1995, JM quickly came to the conclusion that "Portugal's model cannot be followed in Poland because the Polish consumers do not want the Portuguese concept," said Pedro Silva, Chairman of JM. However, Poland will not be out of the company's plans, since he considers that the country will remain an investment point in ten years time, judging by the economic growth estimates above the EU average.
Millennium bcp also has its eye on the market. In the Polish market since 1998, it owns 50% of Bank Millennium, the ninth largest bank in the country, according to The Economist. But the financial initiative is to be taken further. "There is a whole lot to do in Poland: we want to grow and increase our ability to intervene," highlighted Jardim Gonçalves, Chairman of BCP. And the company has nothing to lose: in 2004, it achieved 53m euros, representing a 488% growth comparing to the previous year.
The businesses of the Portuguese investors in Poland seem to be getting on like a house on fire, a fact that can be proven by companies' investments. And judging by the expectations and advantages offered by the Polish market, the future might be promising. Nevertheless, it is important to analyse the risks and, above all, to have both feet on the ground: "The Polish market is very attractive but entrepreneurs go with the trends. It is important to have a notion of risk," concluded Francisco Van Zeller, Chairman of the Confederation of Portuguese Industry.

WHERE ARE THE OPPORTUNITIES?

TOURISM
Poland is already the 8th highest ranked European country in terms of visitors, a situation that is reflected on the 7% growth in the number of hotels. In 2003, there were 1107 hotels, a number that can reach 1437 until 2007, according to the Polish Institute of Tourism. In 2004, the building of hotels absorbed 390m euros. The predictions point to a 5% growth in the tourism sector. 47.1 million tourists are expected during the next three years.

RETAIL AND DISTRIBUTION
The retail sector is rising, thanks to the 40 million people "ready to buy" and consume. The value of retail sales grew 3% in 2002, and 9% in 2003, an amount that is already equivalent to the 49% of the GDP in 2003. During the same year, the Poles' food expenses represented 30% of the total expenses. This is one of the most competitive sectors in Europe.

BANKING
The sector witnessed a rapid growth and consolidation since the beginning of the 90s. The majority of banks belong to foreign investors. In March 2004, Poland had 57 commercial banks and 598 corporate banks. The Poles have more than 12 million in current accounts and more than 51bn euros circulating in bank accounts and deposits.