The conference presented the results of the EIB’s fifth survey on investment for Poland (available in English on the EIB website). This is an annual survey conducted by the EU bank to gather qualitative and quantitative information on investment activity, financing requirements and the challenges faced by both smaller and larger companies.

The future of the Polish economy

Investments are the foundations for the future and innovation of the Polish economy. The group of future winners will include those countries that will use the difficult time of the pandemic to initiate profound changes and reforms,

said at today’s press conference Deputy Prime Minister Jarosław Gowin, Minister of Economic Development, Labour and Technology.

As regards support for micro, small and medium-sized enterprises, it is crucial to focus the policy on providing investment funds and increasing operational capacity. And – which is extremely important in the times of the technological revolution – to guarantee access to the relevant know-how. Instruments have to be developed to help companies expand abroad, connect with other companies, or absorb the latest technologies – especially in the area of production automation. At the same time, the state must co-finance research on new advanced products, facilitate access to finance, build demand for products from the public sector and lobby for favourable regulatory solutions at EU level.

On the other hand, it is mainly large companies that can make technological breakthroughs, as they are able to design, implement and manufacture on a scale that allows for participation in the global competition. Therefore, one of the priorities of the Polish government is the New Industrial Policy, which is established in close dialogue with entrepreneurs and experts. Horizontal actions, based on five axes (digitisation, green deal, safety, production location, modern society), will be complemented by sectoral actions developed in dialogue with the entrepreneurs.

Such a co-existence of large state-owned enterprises and the private sector of SMEs indicates the target model for the functioning of the Polish economy. It would mainly be based on a network of medium-sized and large private companies operating globally, with institutional and effective state support. This network would be complemented by a carefully designed ecosystem for emerging companies from advanced economic sectors.

The crisis caused by the pandemic showed us how important it is to enter the two new – digital and green – development paths. Investments in new technologies play an increasingly important role, so it is encouraging that Polish entrepreneurs, when they see this opportunity, are increasingly adopting digital solutions for their business – as many as half of companies in Poland have already taken such steps,

said Teresa Czerwińska, Vice-President of the European Investment Bank.

We have a basis for optimism, but optimism alone is not enough: the pre-COVID economy model has basically reached its limits. In order to make the plan of overcoming crisis succeed, we need a strategic approach based on a specific investment programme comprising two essential pillars of the new economic model: green and digital transformation. This is one of the EIB's priorities, and therefore 40% of the financing granted to Poland is directed toward green investments, financing another step in the Polish energy transition. By 2050, the EIB Group plans to mobilise 1 trillion euros globally to support investment in the low-carbon economy,

Teresa Czerwińska added.

Results of the EIB survey in Poland

The EIB survey showed that despite the pandemic and fears of the future, Polish entrepreneurs are not neglecting innovation – 46% have implemented new services, processes and products in the last year (EU average – 42%), and 20% declare introducing innovation on the national and even global scale (EU average – 15%).

The EIB study also concerned the perception and fight against climate change by companies. Polish entrepreneurs are paying attention to this problem – 60% of them note that climate change affects their activities (EU average – 58%) and invest or intend to invest in measures to mitigate the impact of weather events or reduce carbon dioxide emissions. At the same time, however, they do so to a lesser extent than in the EU as a whole (60% in Poland compared to 67% in the European Union as a whole). We are lagging behind also in terms of increasing energy efficiency. Only 39% of Polish entrepreneurs declared investments in this type of activity, while in the EU as a whole this percentage amounts to 47%.

Similarly to what we are seeing across the European Union, investments in Poland have been affected by the crisis caused by the Covid-19 pandemic, and forecasts remain uncertain. However, the sense of urgency of strategic investment is now stronger. Our survey among European companies shows that digitisation is a key response to Covid-19. Although Europe is lagging behind the United States in terms of digitisation, it is at the same time a leader in the area of green and digital projects, making investment in climate action and digitisation even more attractive. In this respect, Poland's position seems to be good. Although fears may be caused by the short-term impact of the crisis caused by Covid-19, the forecasts for companies’ investments are less pessimistic than the European Union average. It proves the willingness to react by speeding up investment, creating jobs for the future and increasing competitiveness,

said Debora Revoltella, EIB’s Chief Economist.

Panel discussion

The conference also held a panel discussion devoted to the needs of entrepreneurs regarding the government support for investment in Poland and abroad. It was attended by: Mikołaj Budzanowski, member of the Management Board of Grupa Boryszew S.A., Piotr Garstecki, Chairman of the Management Board of Scope Fluidics, Paweł Przewięźlikowski, Chairman of the Management Board of Ryvu Therapeutics, Edyta Stanek, Vice-Chairman of the Management Board of ML System, and Paweł Wieczyński, Chairman of the Management Board of DataWalk S.A. The discussion was moderated by Marek Dietl, Chairman of the Management Board of the Warsaw Stock Exchange.

Polish entrepreneurs supported by the government saved Poland from a deep recession. What is particularly impressive, is their ability to conquer foreign markets and that industrial production is rapidly returning to the pre-pandemic growth. When we get out of a pandemic, we should work to create even more favourable conditions for investment. The position will we build on the economic map of the post-Covid-19 world will depend on the level of investment in the next three years,

 noted Marek Dietl, Chairman of the Management Board of the Warsaw Stock Exchange.

Summarising the conference, Robert Tomanek, Deputy Minister of Economic Development, Labour and Technology, thanked the participants and said:

I have no doubt that Poland is a good place to invest. Poland's industrial policy is being developed at the Ministry of Economic Development, Labour and Technology, which will support these investments. We will focus on digitisation, green deal, shortening supply chains, as well as security and social capital development. We will leverage private investment in this way.