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"Untapped potential." "Poland: the regional leader." "A record year in terms of foreign investments in Poland." These are just a few of the headlines from articles praising Poland as an excellent place to invest.
If you are also considering investing in this Central European country, the following article should help you decide if it's worth starting your own business here.
They say the numbers don't lie, so let's begin with some data from various reports.
In 2020, the Polish Investment and Trade Agency completed 58 foreign investment projects with a total value of over €2.7 billion [1].
The value of the investments in Poland is estimated at $21.8 billion (data for 2020) [2].
Poland ranks 3rd in Europe in terms of the number of greenfield investments, thereby making it the CEE region leader [3].
Detailed studies are available online, including the Deloitte report “Investing in Poland: Untapped Potential. The Experience of German Investors” [4] and the information on the Polish Investment and Trade Agency www.paih.gow.pl website.
These reports are full of details, data and charts. The information presented in this article has been carefully selected to give you a brief overview of the subject of investing in Poland.
The geographical location of Poland is one of the country's main assets. Important European transport routes run through Poland, and the network of highways and expressways is constantly being expanded. Add to that the numerous transshipment terminals, ports and airports, and you'll end up with a perfect transport hub linking Western, Southern and Eastern Europe as well as China.
Poland is also a safe place to set up manufacturing plants. Considering the supply chain problems revealed by the COVID-19 outbreak, Poland offers a clear advantage over distant Middle Eastern countries.
Numerous research institutions, academic incubators and universities involved in technological research create a favourable climate for business development based on new technologies. Poland is also a source of well-qualified employees eager to grow and improve their skills. Poland's investment climate has been recognised by giants such as Microsoft and Google, which invested $3 billion to build a database in Warsaw [5].
If you are in the business of developing new technologies, Poland might be the place for you. It is noteworthy that the famous start-up Booksy, one of the world's most popular platforms for making appointments at beauty salons, took its roots from here.
The Polish economic landscape is as diverse as its natural landscape. Investment in e-mobility, smart cities, smart homes and renewable energy sources is on the rise. If your company specialises in IT or operates in the automotive sector, you won't be disappointed either. The furniture, fashion and cosmetics industries have the potential for success as well.
Let's not forget that there are people behind the numbers. Entering the Polish market means getting access to 38 million consumers who enjoy using mobile applications, playing video games and discovering modern technologies.
Poland was ranked 2nd among Europe's top 10 cashless countries [6]. The majority of Poles use payment terminals and other innovative solutions.
If you decide to set up a business in Poland, you can also find well-educated and specialised employees. According to the Polish Investment and Trade Agency, "nearly 1.3 million students study at Polish universities, which makes Poland 4th in Europe regarding the number of students" [7]. Many of those students specialise in science, engineering or mathematics.
Poland is recognised as a country with a stable economy and high growth dynamics. The economic crisis brought about by the COVID-19 pandemic has finally slowed down, and analysts say that Poland has fared better than the average European economy.
Could it be that Poland is the perfect country to invest in? Although the overall landscape seems very promising, you must be aware of the potential difficulties in doing business in Poland.
The common barriers to effective business development in Poland include tax regulations, tax rates and political instability. To invest in Poland successfully, you need to have a firm grasp of the economic reality, keep up to date with changing regulations and immerse yourself in the local atmosphere.
One of my tasks as a translator is to provide linguistic and business support to entrepreneurs starting their businesses on the Polish market. I will help you take the first steps by facilitating communication with various authorities or contractors.
The cultural context of translations, which goes beyond linguistic correctness, is critical in succeeding in a new market. My translations are properly localised and bring foreign brands closer to Polish audiences.
To sum up: Should you invest in Poland? Let the data answer that. According to the 12th edition of the investment climate survey conducted by Grant Thornton, the Polish Investment and Trade Agency and HSBC, 94% of foreign investors would invest in Poland again [8].
1 https://www.paih.gov.pl/20210113/paih_podsumowuje_rok, accessed on: 23.09.2021.
2 https://www.paih.gov.pl/polska_w_liczbach/potencjal_inwestycyjny, accessed on: 23.09.2021.
3 https://www.paih.gov.pl/polska_w_liczbach/potencjal_inwestycyjny, accessed on: 23.09.2021.
4 https://www2.deloitte.com/content/dam/Deloitte/pl/Documents/Reports/pl_inwestycje_w_polsce_raport_1%20.pdf
5 https://www.paih.gov.pl/polska_w_liczbach/innowacyjny_kraj_z_ogromnym_potencjalem, accessed on: 23.09.2021.
6 https://www.paih.gov.pl/polska_w_liczbach/kapital_ludzki_i_statystyki, accessed on: 23.09.2021.
7 https://www.paih.gov.pl/polska_w_liczbach/kapital_ludzki_i_statystyki, accessed on: 23.09.2021.
8 https://grantthornton.pl/publikacja/inwestycje-zagraniczne-w-polsce-dlaczego-warto/, accessed on: 23.09.2021.
