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Since then several changes have taken place on the Polish political scene. The present structure of the sejm as of June is presented in the following diagram.

General Information Executive power is vested in the prime minister and his cabinet, called the Council of Ministers, while judicial power is vested in independent courts.

At the very outset of the political and economic transformation process Poland focused its efforts on two major goals: economic integration with the European Community see Chapter VI and NATO membership.

The economic integration process aimed at re-establishing Poland as an integral part of the European economy. NATO membership, ensuring external security, has been achieved even earlier.

The first step in the process of joining NATO had taken place in March , when the military structures of the Warsaw Pact were dissolved.

A mere three months later, in October , in Cracow, the presidents of Poland, Czechoslovakia, and Hungary expressed the desire of their states to participate in NATO activities.

Finally, on 17 February , the parliament passed a law allowing President Kwa niewski to ratify the North Atlantic Treaty, which he did on 26 February Government Administration The government administration is composed of the central administration ministries and other bodies and the regional administration.

The administrative division of the country is based on three levels of administration, i. There are 16 provinces, districts, and communes in Poland.

General Information Some major ministries and their main functions, likely to be of interest to foreign investors and businessmen, are listed in the table below.

Ministry Ministry of Agriculture and Rural Development Ministry of Construction Ministry of the Economy Main Functions Developing and implementing policies regarding agriculture, rural development and the development of agricultural markets.

Directing government administration in the areas of architecture, construction, housing and land management. Initiating and co-ordinating policies regarding economic activity and development, including foreign trade and economic issues, energy policy, tourism, and co-operation with economic business organisations.

Ministry of Education Directing state activities in the field of education, including developing curriculum and social assistance to pupils.

Ministry of the Regulating all issues pertaining to environmental protection and water Environment resources, and particularly, developing and implementing policies concerning air and water protection, the avoidance of land degradation, water management and protection of the population and property against flood and drought.

Ministry of Finance Responsibilities include activities in the area of public finance, state budget development and implementation and financial institutions.

Ministry of Foreign Maintaining diplomatic relations with other countries and international Affairs organisations, representing and protecting the interests of Poland, its citizens and its entities abroad, promotion of Poland and the Polish language abroad, and co-operation with Poles living abroad.

Ministry of Labour and Regulating all issues pertaining to the labour market and work Social Policy conditions, the social security system, social benefits, directing state activities aimed at reducing poverty and at social integration.

Ministry of Regional Developing and implementing regional development policies aimed at Development the acceleration of social and economic development of all regions and at the prevention of a further differentiation between the most and the least developed regions of the country.

Ministry of Transport Developing and implementing state activities in the field of transportation, including transport infrastructure and road safety.

Dismantling of all central economy planning mechanisms and the introduction of a market economy was quick to produce effects.

Inflation, running at three digits in , fell to double digits in , and declined steadily in the following years to fall to as little as 0.

In it reached 2. Still, Poland was the only country in the region to achieve GDP growth in The recovery gained momentum in with a GDP growth rate of 3.

In , GDP grew by 3. Economic Environment To reflect the real degree of development in comparing Polish GDP per capita to that of other countries, overall price levels should be considered and appropriate adjustments made.

The Polish economy entered the s as the weakest in Central Europe. It emerged in the new millennium as one of the strongest.

However, in , the budget deficit doubled in comparison to the previous year and amounted to approximately 4. The next three years did not bring any improvement in this respect.

In , however, the budget deficit decreased to just 2. A breakdown of the state budget in the last two years is presented in the table below.

At the end of , it amounted to Budgetary expenditure in is presented in the following diagram. It is worth noting that foreign debt service expenditure is rather insignificant, amounting to just 1.

Foreign exchange operations are governed by Foreign Exchange Law of 27 July It came into force on 1 October and further liberalised capital exchange.

In line with mandatory EU regulations concerning foreign exchange, the law removed all restrictions in the flow of capital payments between Poland and the EU member states, the European Economic Area, and OECD member states.

Nonetheless, some limitations to capital exchange that are not contrary to the EU mandatory foreign exchange regulations are permitted.

These are defined in art. The limitations focus on capital flows relating to direct investments including investments in real estate , the provision of financial services, and the introduction of securities to capital markets.

The law also contains a provision stating that limitations resulting from other acts supersede the freedom of capital flow arising from the Foreign Exchange Law.

The limitations pertaining to foreign exchange terms and conditions may be abolished through foreign exchange permits. There are two types of permits: general and individual.

General foreign exchange permits are granted by the Minister of Finance, while individual foreign exchange permits are granted by the President of the National Bank of Poland.

Both general and individual permits will be granted if there is no threat to state security, public order, the equilibrated balance of payments, and other basic interests of the state.

An important safeguard mechanism is provided in art. Currently, general exchange permits are granted on the grounds of a decree of the Minister of Finance of 3 September on General Exchange Permits, as amended.

Generally, the decree provides for Polish currency and foreign exchange transfers, by both residents and non-residents exceeding the EUR 10, limit stipulated in the Foreign Exchange Law.

It also lifts various foreign exchange restrictions regarding operations with countries that signed binding agreements with Poland on the reciprocal promotion and protection of investments.

Moreover, Polish residents are allowed to conduct transactions and payments in Poland in euros and other convertible currencies, providing that a consumer is party to the transaction, or payment.

This allows, for example, shops to accept payments in euro and there are already some that do. A recent amendment to this decree came into force on 1 January It allows Polish residents to conduct transactions and payments in euros with regards to funds coming from the European Union budget, as well as those earmarked for co-financing projects implemented using funds coming from the European Union budget.

It increased by approximately just USD 1. The NBP, central and local governments were mainly responsible for this slight increase, while the companies reduced their foreign debt by over USD 2 billion, from USD However, it is not the absolute value of foreign debt, but its relation to other economic indicators that is important for the economy.

These relations are presented on the following diagram. In , the share of government foreign debt amounted to However, reversed this trend.

In , the share of government foreign debt further increased to Employment and the Labour Market Since , the number of unemployed and unemployment rate has been growing, to peak in , mainly as a result of industrial restructuring and structural changes in companies aimed at increasing productivity and competitiveness.

The sharp increase in the unemployment rate resulted from a verification of the economically active population. Since then, the situation on the labour market has been gradually improving.

At the end of the number of registered unemployed persons dropped to 2. The unemployment rate varied significantly from one province to another.

It was lowest in the provinces of Mazowieckie Of the 2. Many of them have acquired good qualifications but cannot find work because the vocational education system has not kept up with the changes in demand for specific professional skills.

The proportion of students in the 16 - 18 age group reached In , the average gross monthly salary in Poland was PLN 2, USD , 4.

Average gross monthly salary in the enterprise sector amounted to PLN 2, It was considerably higher PLN 4, On the other hand, average salaries in the manufacturing sector PLN 2, The relatively low labour costs and easy access to skilled workers are important assets for prospective foreign investors, particularly in regions with industrial traditions.

How to Do Business in Poland 27 Trade unions play a relatively important role both in national politics and at the enterprise level.

In addition to the Solidarity trade union there are also federations of branch trade unions former communist unions. Trade unions are particularly strong in big, still state-owned enterprises, but they are also active on a regional level.

Trade unions tend to present their demands directly to the government. Nonetheless, Poland was very peaceful socially in In , industry accounted for some The economic transformations have brought progressive modernisation, which is reflected, for example, in growing productivity and exports.

The structure of the Polish economy in , in terms of the number of economic entities by sector, taking form of ownership into account, is presented in the following table.

The figures encompass legal entities, entities with no legal personality, and single-person businesses, excluding branches.

At the same time, the private sector, already dominant in foreign trade for several years, was responsible for Similarly, the share of the mining and quarrying sectors remained at 5.

The production of food and related products beverages and tobacco articles occupies the most important place in the Polish processing industry, accounting for over a fifth of total production.

Other important manufacturing sectors are the automotive industry, the chemical industry, the coke and refined petroleum products sector, the electrical engineering industry, and the metalworking industry.

How to Do Business in Poland 29 The year witnessed only a slight growth of industrial output, which increased by an estimated 3.

The private sector accounted for The following table presents the branch structure of Polish industry in Please note that these figures refer to companies employing more than 9 persons, as data covering the entire economy was not available at the time of printing.

Economic Environment In , a very dynamic growth in sales was noted in the following areas: machinery and equipment On the other hand, a decrease in sales was noted in wearing apparel and furriery, and in leather and leather products, just as in the previous year.

Several branches of Polish industry are still undergoing organisational, managerial, and technological transformations based on restructuring programmes.

Most notably such programmes are being implemented in the coal-mining sector, fuel and energy, and defence industries.

In this context, it is worth pointing out that Polish science and technological research, while suffering from under-investment, is still able to produce some very interesting results.

A major problem is the lack of financing necessary to develop this research into commercially viable projects, and this presents yet another opportunity for foreign investors to enter the market and launch successful businesses.

A large number of inventors, research and development companies, universities, and scientific institutions, are members of the Association of Polish Inventors.

The Association supports research activities leading to inventions, promotes Polish inventions in Poland and abroad and protects the rights of inventors.

Investment and co-operation opportunities based on Polish inventions and new technologies can be found in numerous industrial sectors in Poland.

The ones outlined below are just a few. The technology has been developed on a pilot plant scale. Calcipotriol is an active substance of a drug used in dermatology.

Calcipotriol is an antiproliferative and cell differentiating agent for epidermal keratinocytes in some types of psoriasis and other skin disorders.

Calcipotriol is also used in combination with other active substances in treating multiple sclerosis, hyperparathyroidism, osteoporosis, symptoms of rheumathitis, acne, skin atrophy, and inflammatory diseases.

In comparison to the commonly used method for the synthesis of calcipotriol, this technology shortens the synthetic route and substantially improves a number of synthetic steps.

An innovative synthesis of the side-chain fragment was also developed, resulting in a synthetic intermediate of high enantiomeric purity.

The critical coupling step of both advanced intermediates, vitamin S synthon and a side-chain fragment was developed as a single step procedure, as a concomitant addition and desulfonylation due to the intramolecular rearrangement of the intermediate product.

This way there was no need for sodium amalgam, a desulfonylating agent commonly used in such processes. A new method for the purification of a crude synthetic product to obtain calcipotriol as an anhydrous substance of high pharmaceutical quality has also been developed.

The key synthetic transformations and methods are subject to four national patent applications: P, P, P, and P This technology won the edition of the Polish Product of the Future competition in the Technology of the Future category.

The project provides an innovative method for recycling of all wastes from chrome leather production.

Moreover, it enables the recycling of very complex tannery effluent sludge together with municipal sewage sludge. This innovative idea results in a thorough purification of effluent water originally bound tightly to the former sludge because of a high pH-value.

All harmful impurities are removed selectively, step-by-step, and transformed into compounds of commercial value.

Effluents can be purified to an extent that makes it possible to dump them directly into surface waters or to use them instead of tap water for the preparation of all solutions necessary to run the entire plant.

Economic Environment The installation has been designed as a combination of eight units, bound functionally one to another.

Chromium III is leached from scraps, splits and shavings in the form of strong complexes, followed by precipitation to insoluble hydroxide, which is filtered off, while the complexing agent is recovered.

Filter cake is used for the manufacturing of a tanning agent. Purified collagen, with its original fibrous structure preserved, serves as the starting material either for technical gelatine or for biopolymers, or even organic fertilizers.

Tannery effluent sludge undergoes a different purification process. Extracted species are, in turn, transferred from the organic phase into a concentrated aqueous bisulphate solution, where they are selectively separated due to large differences in solubility.

The recovered catalyst in the organic solution may return to the process. Inorganic salts, either those selectively separated from the effluent water in successive units, or those gained in the bisulphate milieu, undergo a purification process and form valuable products.

This technology won a distinction in the edition of the Polish Product of the Future competition in the Technology of the Future category.

The SKZ haulage system is designed for the transportation of heavy machines, equipment and materials, or men in underground mine workings.

Its special feature is the option of operating on tracks already installed in the mines. In case of inclined track sections, the track is equipped with a rack bar mounted along its axis.

Such a solution enables the transport of heavy loads with no need for reloading, which is less time-consuming and cheaper.

The system consists of a diesel locomotive and of a transportation platform of a basic type, a transportation platform for men-riding, or a container platform for transportation of materials.

The straight sections mentioned above can be laid and fixed, using bolting sleepers. Rolling keeps mounted on the axles of braking cars protect the system against loss of stability on large inclinations.

During operation on horizontal sections of the rails, the keeps, whose bottom edges are below the level of the rails heads, are slightly raised, and during operation on inclined sections they are lowered and work in tandem with the rack bar guides.

Using an innovative transportation platform with articulated torsional cars it was possible to compensate for the tilting moment of the construction.

Moreover, the design of articulations was simplified, so the cost of their manufacture was reduced. The new SKZ haulage system eliminates the disadvantages of previous solutions, i.

This product won the edition of the Polish Product of the Future competition in the Product of the Future category. The ScanBright system is based on the innovative method of structure lighting measurement.

This is a full-field, non-contact optical method in which white light fringes are projected on the measured object.

Coordinates of the measured surface are calculated on the basis of images of the fringes deformed on the object.

ScanBright consists of a 3D scanner and a work-station with Mesh3D specialized software. Mesh3D enables the user to control the system as well as to carry out further processing such as advanced operations on clouds of points filtering, merging, simplification , and creating and editing triangle meshes.

The system was designed in such a way as to provide failure-free operation both in a laboratory setting and in the field. The 3D scanner is equipped with a unique vibration damping mechanism and a backup power system that protects it from detrimental voltage fluctuations.

The system has a comfortable grip and a professional-grade stand with a height range of 0. The ScanBright system is used in a wide range of applications, such as computer aided design and manufacturing, rapid prototyping, reverse engineering production quality assessment , multimedia, cultural heritage archiving, and medical systems.

Thanks to features like its userfriendly operation, mobility, high accuracy, reliable measurements, and high quality of texture reproduction, it has won wide recognition among engineers and artists.

The ScanBright system is the first 3D measurement system that fully integrates accurate noncontact digitalisation of complex 3D objects and the processing of coordinate and texture data.

This method, unlike tactile methods, allows measurement of delicate objects such as human faces or valuable museum exhibit items, while the software comfortably prepares the data for multiple 34 II.

Economic Environment applications. Due to its unique structural solutions the ScanBright system is recognized as one of the few mobile optical 3D measurement systems delivering high accuracy data.

This technology won a distinction in the edition of the Polish Product of the Future competition in the Product of the Future category.

This is a novel technology for the production of ruthenium and iodine ophthalmic applicators. It consists of a method of uniform deposition and fixing of a layer of radioactive isotope on the sliver surface of a spherical plaque, which is then hermetically sealed in acryl.

The shape and dimensions of the obtained acrylic insert are identical, regardless of the radionuclide used, hence allowing the multiple use of expensive and difficult to produce metallic capsules, which are used as holders of the applicators.

The use of an acrylic insert with a uniformly distributed layer of radionuclide resulted in several advantages over products offered by other processes.

Ophthalmic applicators are used for the conservative treatment of intraocular tumours. So far, cases of choroidal melanomas and retinoblastomas have qualified for radical surgery of the eye.

However, the applicators offered on the market are expensive, which limits their therapeutic application. In addition, the other applicator design has some distinct drawbacks, such as a complicated technique of sealing of the radioactive core in the case of ruthenium, or the necessity of placing the miniature radioactive sources of iodine in the spherical part of the acrylic insert, which in turn results in elevated radiation exposure to personnel during the mounting and handling of the applicator.

The new technology was oriented towards eliminating the need to use iodine seed sources and successfully led to the production of applicators with a monolithic radioactive core.

Applicators of ruthenium and iodine with a monolithic radioactive core present a novel and improved construction of much higher quality then other applicators on the market.

In comparison with the technical solutions offered by the competition, the main advantages of the new technology consist in the lowering of production costs, the lowering of radiation exposure of the personnel handling the applicators, and the reduction of the amount of liquid waste during the production process.

For the list of other awarded technologies and contact details of the technology providers, please refer to Appendix The Agency is subordinated to the Minister of the Economy.

The agency is involved in a number of assistance programmes and provides grants for the co-financing of initiatives supporting the development of entrepreneurship, as well as direct support to entrepreneurs.

PARP offers consulting services, facilitates access to know-how, economic information, studies and analyses, and organises informational and promotional events.

The activities of the agency are financed from the state budget and European Union funds. The agency co-operates with a number of local business advisory centres, which are grouped in the National SME Service Network.

Agriculture In Poland, There are some regions where agriculture is still the major sector of the economy, even though its importance has been declining steadily.

The Polish agricultural sector includes farms that vary considerably in terms of organisational structure, ownership, size, and output volume.

In there were 2. The average size of a farm was just 6. The structure of Polish farms in terms of size and number is presented on the following graph.

In , privately owned farmland accounted for approximately Unpredictable weather conditions and the constantly changing profitability of various crops and other produce have resulted in an instability of agricultural production, which is not regulated by quotas.

It is the producer who bears the entire production risk, with only a few crop deliveries being based on supply contracts concluded between producers and food processing plants , e.

Mixed farming with both crop growing and some animal production prevails in most farms in Poland, as a majority lack clearly defined specialisation.

How to Do Business in Poland 37 In , there were According to preliminary estimates, the agricultural output decreased by 2.

The most important crops in Poland are cereals, especially wheat and rye. Next, there are potatoes, fodder crops, sugar beets, oilseeds and pulses.

Pigs and cattle dominate the livestock sector, though poultry, and sheep in southern Poland, are also quite popular. The basic agricultural output in is presented in the table below.

Polish strawberries and excellent apple juice are very well known and popular both in Poland and abroad. It is important to note that Polish agriculture is characterised by a low use of chemicals.

In , the chemical fertilisers used to grow the crops harvested in that year amounted to Economic Environment Construction Industry The construction sector is regulated by the Construction Law of 7 July as amended and accounts for 5.

The Construction Law regulates professional requirements, professional liability, rights and duties of parties involved in the construction process, the commissioning and maintenance of construction works, and pre-construction issues, including construction permits.

Construction works may only be started upon obtaining a construction permit, which is granted in a form of an administrative decision authorizing the commencement and conducting of construction works.

However, there are numerous exclusions from the permit requirement pertaining to, generally speaking, small-scale construction works.

Assuming the land is zoned for an intended type of investment, the permit may be issued on the grounds of the local land management plan, though not many exist at present.

If there is no local land management plan, a decision on the conditions for site development warunki zabudowy must be obtained first, which is a quite lengthy and challenging process.

Furthermore, in some cases, issuing a decision on the conditions for site development is not possible, due to restrictions imposed by the Spatial Zoning Law of 27 March A construction permit expires, if the construction work has not started within two years from the date it became final.

It also expires if construction work is halted for a period exceeding two years. The output of the construction industry has been increasing significantly since , primarily as a result of foreign investment, and particularly in the industrial, retail and office sectors, although developments financed by Polish capital have also been on the increase.

The following diagram presents the construction output structure current prices in Please note that it is based on data covering companies employing more than 9 persons, as data covering the entire economy was not available at the time of printing.

An increasing average usable floor area since the early s is yet another indicator of economic growth in Poland. In it amounted to Its main objective is to ensure the stability of prices.

Most banks in Poland operate as multipurpose institutions. They are involved in various types of deposit taking and financing activities, and offer a wide range of commercial and personal banking services.

Some of them are also active on the capital market through their own brokerage houses. Some of the banks are involved in investment banking activities, such as underwriting issues of bonds and stocks, or advisory services.

There are also some mortgage banks and other specialised credit institutions. As of 1 May , branches of foreign banks which have their registered office in a member state of the European Union are considered to be branches of credit institutions, as defined in the Banking Law.

The Commission for Banking Supervision exercises supervision over branches of credit institutions with respect to their maintenance of adequate liquidity.

However, these branches are not subject to the regulations on capital adequacy. At the end of , there were banks operating in Poland.

This number included 53 commercial banks in the form of joint-stock companies, one state bank, and co-operative banks.

Furthermore, there were 7 branches of credit institutions. The State Treasury directly owned two banks, with a further two being controlled indirectly.

Head offices of banks excluding co-operative banks and branches of credit institutions operating in Poland are listed in Appendix The co-operative sector, although very important for Polish farmers, does not play a significant role in Polish banking.

By the end of the year co-operative banks granted 7. Their total assets increased during the year by The consolidation process in the co-operative banking sector also continued.

In eight co-operative banks disappeared through mergers. In , the domestic office network of commercial banks excluding head offices and representative offices comprised over 3, branch offices and over 4, other offices sub-branches, customer service outlets, etc.

Moreover, co-operative banks operated almost 1, branch offices and over 1, other offices. The bankcard market is certainly one of the fastest growing segments of new services in Poland.

In , the number of bankcards in use reached almost Polish banks offer all types of bankcards, although debit cards account for some There were To meet the challenges of competition, Polish banks have had to invest heavily in their networks, as well as in automation and information technology.

Commercial banks, as well as some co-operative banks, offer bank services through the internet. Some banks allow their clients to carry out operations via phones, cellular phones using WAP technology, or via teletext.

Moreover, there are some virtual banks operating on the 42 II. Economic Environment market. Their number did not change in the last year.

The modernisation of banks is progressing rapidly. However, huge investments in IT are increasing the costs of their operations significantly.

Even more costly is increasing the quality of consumer service and introducing new banking products.

Nonetheless, the end result is decidedly positive, especially for the clients. In , favourable economic conditions in Poland helped the banking sector to achieve even better financial results than in In fact, from the financial point of view, this was the best year for the banks since the beginning of transformations.

This led to ROE reaching The ratio of banking sector assets to GDP amounted to At the end of , of the 54 commercial banks operating in Poland, 13 were listed on the Warsaw Stock Exchange, and their share in the WSE capitalisation amounted to It is important to note that competition in the Polish banking sector has been growing rapidly in the past few years.

This is reflected in mergers, as well as in the ever growing involvement of foreign banks. Since the privatisation processes started, foreign shareholders have been steadily increasing their investments in the Polish banking sector.

In , banks controlled by foreign investors accounted for Foreign branches of credit institutions accounted for another 0. The following diagram presents the ownership structure of the banking sector in Poland as of 31 December At the end of , out of 54 commercial banks operating in Poland, foreign shareholders controlled Moreover, foreign shareholders had minority stakes in a further 3 banks.

Foreign involvement in the banking sector in Poland in terms of country of origin is further illustrated in the following diagram.

Economic Environment In , the consolidation processes continued, resulting in the disappearance of two banks. These, however, were merely transformed to became a part of the newly opened branches of credit institutions.

Two banks Cetelem Bank Polska S. As of 1 May this protection refers to banks covered by the Polish deposit insurance system. Moreover, the NBP protects savings in those banks by strict supervision and by imposing receivership management in case of financial problems.

Ranking of Banks by Balance Sheet Total as of Bank Pekao S. Bank BPH S. ING Bank l ski S. BRE Bank S. Bank Handlowy S. Bank Millennium S.

Kredyt Bank S. These are listed in Appendix Insurance and reinsurance services may be provided only after the approval of the KNUiFE, which grants an insurance licence and also has the power to revoke it.

Its scope of activity also includes supervision over insurance mediation, pension funds, and employee pension plans.

The only legal forms permitted for conducting insurance activity are the joint-stock company and the mutual insurance company.

Insurance companies are obliged to distinguish between life insurance and other types of insurance and can not engage in any other form of economic activity.

Out of 68 operating insurance companies, 32 were insurers licensed to run life insurance businesses, including two mutual insurance societies.

A further 36 were licensed to render non-life insurance services, the number including seven mutual insurance societies and one main branch of a foreign insurance company.

In two companies, PZU S. Initially, membership was voluntary; however, since , PIU membership has been obligatory.

In there were over 35 thousand registered insurance agents in Poland. Number of companies Number of Insurance Companies 90 80 70 60 50 40 30 20 10 0 64 50 25 38 41 72 74 78 69 72 71 54 30 Source: KNUiFE, In , the market was still dominated by the PZU S.

The industry remains heavily concentrated. In terms of gross written premium, two companies PZU S. None of their competitors managed to secure more than 6.

The situation is not much different in the life insurance market. Two companies PZU ycie S. The overall gross written premiums of the Polish insurance market amounted to approximately PLN Life insurance premiums increased by an impressive This means that the premium collected per capita in Poland still lags far behind European levels, even though the proportion of insurance premiums to the GDP has been increasing steadily, reaching 3.

However, the European Union average is twice as high. In comparison to , the net profit grew by In order to protect the insured, the Insurance Guarantee Fund was established in In the case of foreigners the Insurance Guarantee Fund pays compensation on the principle of reciprocity.

The Fund also satisfies claims if an insurance company declares insolvency, subject to certain limitations. It has the form of a joint-stock company with most of the shares being owned by the state.

Since , it has been insuring Polish companies, primarily against commercial risk, offering solutions that combine export and domestic contract insurance with credit information and credit portfolio management.

Its services are available to all exporters, regardless of the scale of their operations and the countries to which they export, providing them with the opportunity to insure export receivables from over countries worldwide.

By the end of almost insurance companies from the EU and the EEA declared their intention of starting operations in Poland, based on the freedom to provide services principle.

Moreover, seven domestic insurers offer their services abroad. The share of foreign investments in the life insurance sector and in the non-life sector was about the same.

The following diagram presents the foreign investment structure in the Polish insurance sector as of 31 December Major investments in the Polish insurance sector have come from German companies, which have invested PLN 1.

Significant investments, amounting to some PLN 0. Presently there are only a few Polish insurance companies that do not have a foreign strategic partner.

The development of the insurance sector in the next few years will be influenced substantially by new market players from the EU and the EEA entering the market on the freedom to provide services principle.

At the same time, consolidation of the market will continue, encompassing an increase in the share capital of major insurance companies, merger and acquisition processes, and strengthening capital links between the banking and insurance sectors.

Economic Environment Pension System The Polish pension system embodies the idea of security through diversity, which is achieved by basing the system on three independent pillars.

It links the future pension closely to the contributions paid. Out of the three pillars, two are mandatory and one is voluntary. The mandatory pension contribution amounts to It is predominantly a notional defined contribution pay-as-you-go scheme, with the pension amount related to the amount of contributions made that are index-linked to the contribution base and the average life expectancy.

Consequently, the later a person retires, the larger the pension paid. The second pillar, accounting for the remaining 7. ZUS collects the whole contribution of An employee can select a fund of his choice only one fund from the ones registered.

It is also possible to change funds. As of 31 December , there were 15 pension funds in Poland, managing assets of approximately PLN At the end of the year most of their portfolio was invested in bonds This means that the pension funds are very important players on the Polish capital market.

In fact, their share in the WSE trade amounted to 6. It is also certain that their role will still be increasing, in proportion to the size of the assets under their management.

On the other hand, the voluntary third pillar allows for diverse organisational principles and forms of participation, which means that it can be better adjusted to individual preferences.

In this pillar contributions are paid into life insurance pension and investment funds, and employee funds. Companies are allowed to establish employee pension funds and mutual insurance funds on an entirely voluntary basis.

Contributions are paid from after tax income, although, the benefits are tax-free. As of May , there were operational employee pension plans.

As of 1 September it is possible to save for a future pension on individual pension accounts IKE , managed by banks, insurance companies, investment fund societies, and brokerage houses.

The most important benefit of this type of pension plan is that capital gains generated are taxfree.

The first four months since the introduction of individual pension accounts indicated that this form of pension saving would be quite popular.

By the end of there were already over , IKEs. However, in , only some , Poles decided to open an IKE, resulting in approximately , individual pension accounts held by the end of Almost two-thirds were managed by insurance companies, and almost a quarter by investment fund societies.

Economic Environment Each of the pillars may be characterised by the various types of risks to which it is exposed.

For example, the first one is exposed to political pressure, the ageing of the population and increasing unemployment risks, while the other two are more vulnerable to persistent inflation as well as to disturbances on the financial markets.

It is governed by the Telecommunications Law of 16 July , effective as of 3 September One of the key elements introduced by this law is a relaxation of the regulation of the telecommunications sector exercised by the Chairman of the Office of Electronic Communications.

Now, the regulation is more focused on real market needs, i. The licensing system has been abolished, save for permits required in some cases to operate radio broadcasting equipment.

Operation in the telecommunications sector requires only registering in the Register of Telecommunications Entrepreneurs kept by the UKE Chairman.

As at the end of May there were some companies authorised to conduct telecommunications operations. The UKE Chairman is empowered to perform typical regulatory activities with regards to the telecommunications sector.

These include resolving disputes between market players, ensuring the stimulation of competition in the sector, determining professional qualifications in the area of telecommunications, co-operating with the competent minister in drafting new laws and regulations, and co-operating with international telecommunications organisations.

Moreover, the UKE Chairman manages the frequency allocations. It should be noted that the Ministry of Transport and the UKE are focusing their activities on de-monopolising the Polish telecommunications market, and this has included the introduction of the current telecommunications law and the privatisation of TPSA.

The Polish telecommunications market is the largest in Central Europe. It is characterised by relatively low rates of penetration per capita, both in fixed-line and mobile segments.

Low fixed-line penetration is due mainly to undeveloped infrastructure, as well as the fact that a significant part of the population lives in rural areas.

The fixed-line telecommunication market in Poland is highly concentrated. The dominant fixed-line operator TPSA , practically services the whole local fixed-line telecommunications market.

As of December , there were also 47 operators that have been assigned an NDS Network Access Number , which enables them to provide long-distance and international calls.

However, only a few of them have started operations. Nevertheless, TPSA has local competitors everywhere now and the pressure in the longdistance and international call segments is growing.

Moreover, there are several companies offering VoIP services, which are very popular in Poland. Use of internet communicators, such as Skype, instead of a phone, is on the rise, as such communicators are much cheaper than traditional phone services.

However, it has been slowing down ever since. In , the fixedline telephone operators increased the number of main lines by just 2.

It seems that marks an end to the era of fixed-line infrastructure development. Traditional telephone services are just not good enough to compete with mobile networks and other means of electronic communication.

This is true especially in Poland, where phone calls are quite expensive. Economic Environment The number of main lines decreased by 2.

Approximately 9. At the end of , average telephone density, measured by the number of main lines per inhabitants, was For comparison, average telephone density in Sweden reached 77, in Germany 66, in France 56, and in Spain 43, as of 1 January Telephone Subscribers per Inhabitants 80 70 In June , the three mobile operators were still the only players in this market segment.

This situation may change if new mobile virtual network operators MVNO enter the market. There are already well over 50 MVNOs authorised to provide services, although, by June none had begun offering services on a commercial basis.

This pushed up the average mobile telephone density to Still, mobile phone penetration in Poland does not yet compare very favourably with the European average.

As of 1 January , the mobile telephone density reached in the Czech Republic, in Sweden, 86 in Germany, and 74 in France. Power Industry The Polish fuels and energy sector, significantly reshaped by the transformation process started in the early s, is still far from uniform in regard to ownership and market structure.

The situation in individual sub-sectors varies widely, from dominance of a single company in the gas sector, to highly de-monopolised structures in the liquid fuels and electricity sectors.

The legislative framework is based on the Energy Law of 10 April , significantly amended in March Economic Environment industry-based power plants, which form a part of industrial plants, with the industrial plant using most of the electric energy produced.

Professional power plants generate approximately This situation is a result of the abundance of these natural resources in Poland.

Poland exported The Czech Republic and Slovakia remain the leading export markets for Polish energy. The energy law passed in April has created conditions for competition on the energy market and for improving the financial standing of companies in the energy sector.

The essential component of the law is the liberalisation of prices of energy and fuels that will be allowed to respond to the demands of the market.

The law provides for the gradual introduction of market mechanisms. The competitiveness of the market is achieved through de-monopolisation and by introducing the third party access principle, which means opening the electric energy market to the final consumers.

The price of electrical energy is clearly divided into a production element and an energy transfer element. The electrical energy market can be divided into the wholesale market and retail market.

In the wholesale market, providers, both producers and trade companies , sell energy on a competitive basis. The energy trade is organised through direct contracts between the market participants, however, it is expected that in future most trade will take place on the already established Electrical Energy Exchange.

The wholesale market includes both energy exports and imports. The dominant wholesale market player is Polskie Sieci Elektroenergetyczne S.

How to Do Business in Poland 57 Presently the right to select an electric energy provider is granted to all institutional customers all customers other than households.

On the grounds of the Energy Law, as of 1 July , all electric energy consumers in Poland will have the right to select their electrical energy provider.

Similarly, as of 1 July , all gas fuel consumers will have the right to select their provider. Currently, this right is granted to all institutional customers.

It is worth noting that already as of 1 January all thermal energy consumers have the right to select a thermal energy provider.

It provides for diversification of supply, development of energy generation from renewable sources, further application of the third party access principle, and further restructuring and privatisation of the sector.

Foreign involvement in the energy sector is already quite substantial and other major projects are pending. Economic Environment Transportation Infrastructure and Highway Construction Poland has an extensive transport infrastructure.

There are over , kilometres of hard surface roads, i. However, only some 19, kilometres of railway lines are in use, which gives a density of just over 6 km per km2.

In , a total of 1. This represents a very minor decrease in comparison to 1. Of this number, million passengers travelled by rail, million by road, and some 4.

The structure of the Polish transportation system is best reflected in the share of goods delivered in All in all, approximately million tons were transported 4.

Please note that the data for the whole economy including companies employing 9 persons or less is roughly twice as high, with road transport accounting for approximately half of goods delivered.

The primary reason for the major problems with the quality of road transport infrastructure is the continuously low share of relevant outlays in the GDP.

The result is the poor state of Polish roads. However, one must note the positive trend, which has continued since , to increase the amount of road repair work, as reflected in the following graph.

Total length of sections repaired km Roads Repaired 0 Source: General Directorate for National Roads and Motorways, 60 II. Thus the programme of building a network of highways in Poland was adopted by a decree of the Council of Ministers in September The experience of the first six years of the programme, during which not a single kilometre of toll highway had been put into operation, indicated that it needed larger support from public funds.

In return, the state would gain the right to participate in the profits. Since then the programme has been significantly modified.

It calls for the construction of a network of three highways, two running from east to west, and one from north to south, with a total length of some 2, km.

It will be complemented by a network of motorways exceeding 5, km. Die zahlreichen Luxusanwesen der Geissens verschlingen einiges an Geld.

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