Time is right for heavier investment by Poland in Sri Lanka

“Poland is the largest of the ten mainly Central and Eastern European countries that joined the EU in May 2004. After distinguishing itself during communist times as a key centre of steelmaking and shipbuilding, Poland has branched out into a more diversified export base with the EU as its most important export market. Poland has coped with the effects of the global crisis much better than other countries. Domestic demand was the main factor driving the Polish Economy in recent times. Household consumer spending was on the rise,” said Ambassador of the Republic of Poland Prof. Piotr Klodkowski (based in India) addressing the participants at the  briefing session on ‘Current Market Opportunities in Poland’ organised by the Sri Lanka – Poland Business Council recently.

Welcoming the Polish Ambassador Sri Lanka – Poland Business Council of the Ceylon Chamber of Commerce President Kumara Semage said, “The main objectives of the Council is to promote trade, investment and tourism between Poland and Sri Lanka.” While the trade promotion activities carried out by the Council has contributed notably to the strengthening of bonds and increased business between the two countries, Semage emphasised the importance of attracting investment from Poland to Sri Lanka, since it has not reached the level of expectations in the past due to many reasons.

“We feel that the time is right for heavier investment by Poland in Sri Lanka. While we know that the Government of Poland is very well disposed towards our country and has been very generous in its aid, we think that the businessmen from Poland, who are quite rightly concerned with the bottom line, would do well to examine closely the performance of companies in the private sector here. They will be astonished to find that the growth rate of profits of some of the well-run companies in our private sector has been far above average for other countries in the region despite the financial crisis in Europe and USA,” said Semage.  He further announced that the Sri Lanka – Poland Business Council will be organising a trade, investment, tourism and services promotion mission to Poland and Bulgaria in May 2012 and invited companies to join the delegation.

Consul General for Poland in Sri Lanka Deshamanya Ken Balendra, stated that the number of visas issued for Sri Lankans travelling to Poland has increased considerably in recent times. Deshamanya Balendra further stated that Sri Lankan entrepreneurs should establish joint ventures for food processing with prospective Polish investors taking into consideration the potential for processed food industry in Sri Lanka.

Poland is among the world leaders in the production of many industrial goods. It belongs to the world’s top 10 producers of refined copper, nitrogenous and phosphate fertilisers, sulphur, hard coal and brown coal, and is one of the top 20 producers of ships, power stations equipment, machinery for mines, food processing units, sulphuric acid, cement, crude steel, TV receivers, passenger cars and trucks and electric energy.