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Tuesday, 22 October 2013

Polish president meets Korean investors

Polish President Bronislaw Komorowski on an official visit to Seoul encouraged South Korean companies to invest in Poland.

 

Addressing a meeting with Korean investors Komorowski argued that changes which took place in Poland in 1989 brought sustained economic growth even during the ongoing economic crisis in Europe. "At one point, Poland was the only country that managed to save itself from the crisis in the European Union," the president stressed.

 

 

Komorowski pointed out in the past 20 years Poland had never been in recession. "We have experienced a slowdown but not a recession...," said the president.

 

 

President Komorowski recalled that Poland itself is a large almost 40-million market but also, due to its geographical location offers a relatively easy access to other markets, both in western and eastern Europe, to a 500- million market of the European Union and non-EU countries.

 

 

The president also recalled that Poland is a leader in attracting South Korean investments to Central Europe. He noted that Poland is ranked second, after Germany, most attractive country in Europe. "We look forward to further growing interest of Korean companies in investing in Poland,” said the president.

 

 

According to Komorowski prospective fields for bilateral cooperation include household appliances, aviation and yachting industries, electrical engineering, renewable energy and green technology industry as well as research and development services in the IT sector, food and chemical industries, including cosmetics and pharmaceuticals.

 

 

President Komorowski said that one of the challenges is the improvement of the Polish-Korean trade balance. He also expressed hope that together sides will manage to "take advantage of new cooperation opportunities" offered by the EU-South Korea Free Trade Agreement.

 

 

"A breakthrough in Polish-Korean political and economic relations took place in 1989, today we do not need a breakthrough, we must look for an opportunity for a wise continuation and development of what we have managed to achieve together over the past 25 years," argued the president adding that that the prospect for the two countries is clear - "two young economic tigers, one in Korean colours and one in white and red colours."

 

 

According to Economy Ministry data, Poland for years recorded a high trade deficit with South Korea chiefly resulting from a significant level of imports generated by Korean investors placing their production in Poland and whose products are exported to other European markets.

 

 

Since the EU-Korea FTA came in force in 2011, Polish exports to that country have been growing faster than imports.

 

 

In 2012, bilateral turnover stood at EUR 3.9 billion, slightly higher than in 2011. Polish export to South Korea increased during that period by EUR 112 million or some 37.0 percent, reaching a record high level of EUR 412 million. Imports grew by EUR 120 million or 4 percent. (PAP)

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