EIB-NBP conference: Investment and Investment Finance – the Polish story
- Date: 27 February 2017
In the first of a series of events in Member States to discuss national investment trends, the EIB and the National Bank of Poland held a joint conference on “Investment and Investment Finance – the Polish story”. The conference was an opportunity to present to a public of economists, policymakers and business participants the annual EIB investment report and the results of the new EIB Investment Survey (EIBIS) on business investment dynamics in Europe, as well as the EIB Group contribution in Poland. The conference discussed investment dynamics, gaps and priorities in Poland, showcasing the EIB as knowledge based institution as well as a financial partner for the country.
Opening the conference, VP Vazil Hudák spoke about the impressive growth story in Poland, but also about future challenges for both Poland and the EU as a whole: “The survey shows that firms assess that only 44% of existing machinery and equipment is seen as “state-of-the-art” across the continent. The numbers are even worse in Poland. Polish firms say that a mere 28% of their machinery is state-of-the-art… In this context, doing more for innovation, R&D and skills becomes crucial for Europe overall and in particular for Poland, at the current phase of development. The investment plan for Europe tries to address this. And the new National Investment Plan in Poland is clearly targeting such activities: a great opportunity for complementarity.”
Debora Revoltella presented the EIB Economics Department’s findings, highlighting the peculiarity of Poland where a strong public investment push has been matched in the last years by relatively mild private investment dynamics. The following panel discussion, which brought together representatives of the national bank of Poland, the IMF and Secretary of State Jerzy Kwieciński of the Ministry of Economic Development, underlined the importance of a business friendly environment to support investment, with the largest share of firms in Poland complaining for uncertainty as one of the key barriers to investment.