Poland's Development Ministry is creating a new institution that will support international expansion of Polish companies, deputy Development Minister Radoslaw Domagalski told a news conference.
The new all-in-one agency, called Trade and Investment Agency (PAHI), will be based Poland's current FDI promotion agency PAIIZ but will have a wider scope of activities and a ten-fold larger budget.
PAHI will command more than PLN 100 million budget already in 2017 to coordinate efforts of promoting the Polish brand and exports, supporting investments of Polish firms abroad and attracting new FDI in Poland.
PLN 60 billion in financing programs will encompass PLN 36 billion in export and investment funding for large-cap export supports, including PLN 22.5 billion in foreign buyer credits, a presentation from the Development Ministry showed.
A portion of the programs will bring in the state-controlled bank PKO BP as strategic partner, in large part for its market position amongst Polish SMEs, the chief of the state investment vehicle PFR, Pawel Borys, said.
Other initiatives, directed both at large-caps and SMEs, encompass PLN 8.2 billion in guarantees (including a PLN 200 million capital boost for KUKE export insurer to increase its credibility), PLN 9.6 billion in insurance and factoring initiatives (including a PLN 3 billion insurance program for SMEs and microfirms), PLN 3.5 billion in trade clearance limits.
For foreign investments by Polish firms, Poland will put PLN 1.5 billion to a new 'Foreign Expansion Fund' managed by the state investment vehicle PFR, Borys said.
Poland will additionally rebuild its network of "inefficient" and EU-centered network of foreign trade offices, so as to focus it on more distant and difficult markets, Domagalski said.
Poland will increase the number of trade offices to 69 from the current 49 and turn its geographical focus to a larger extent to Asia, Africa, and North America, Domagalski said. The new trade offices will operate like enterprises rather than embassy units, which will help expand their offer for enterprises.
The first trade offices operating under the new system will be opened in the US (San Francisco), Iran, Kenya, Singapore and Vietnam.
Source: The Warsaw Voice