Lista Inwestorow 2004.Indd
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THE LIST OF MAJOR FOREIGN INVESTORS IN POLAND December 2004 Warsaw 2005 1 2 The List of Major Foreign Investors in Poland December 2004 The largest inflow of foreign capital to Poland since the year 2000 Ahead of the regional competitors Record high share of greenfield investments Almost 15,000 jobs created 1. Foreign in vestments in the world According to preliminary data of UNCTAD, value of Among the CEE countries, Russia enjoyed most of global flows of foreign direct investments is esti mated at the interest of foreign in vestors. According to the the level of USD 612 billion (Chart 1). The insti tution es ti mations of UNCTAD, the country attracted for- announced that last year entre pre neurs were increasingly eign in vestments worth USD 10 billion. Value of interested in under taking investment activities abroad. FDI in flow to Po land was estimated at the level of USD 5.2 billion, which ranks the country on the UNCTAD also stressed that the trend re lated to the second position among 19 CEE states. For detailed in flow of FDI to the CEE region is subject to large information please see Chart 3. fluc tuations. After a drop recorded in 2003 when the infl ow to the CEE amounted to USD 27 billion, the fig- Chart 3. The inflow of foreign capital to the CEE ure in creased to USD 36.5 billion in 2004. In creasing coun tries in 2004 (preliminary data) interest of foreign investors with the CEE coun tries is mainly the result of EU ex pansion. Annual FDI flows in the re gion are pre sented in Chart 2. Chart 1. FDI flows in the world over 1992–2004 (USD in billions) Source: UNCTAD 2. Inflow of foreign in vestments to Po land in 2004 Source: UNCTAD Similarly to previous years at the beginning of 2005, Business Intelligence Department of PAIiIZ carried out Chart 2. FDI inflow to CEE countries between the research concerning the inflow of foreign capital to 1992–2004 (USD in billions) Poland. The methodology of the research was described in details in the annex to the following report. In 2004 value of foreign capital inflow to Poland amounted to USD 7.86 billion. This is the high- est value since the year 2000, when the country re ceived a record high value of FDI inflow to the country. In comparison to 2003 the value of for- eign direct in vestments in Poland increased by Source: UNCTAD USD 1.44 billion in 2004. 3 Chart 4. The inflow of foreign capital to Poland Chart 6. Percentage share of particular forms of in- be tween the years 1993–2004 vestments in the inflow of FDI to Po land (USD in millions) in 2004 (according to PAIiIZ) Source: PAIiIZ Source: PAIiIZ Accumulated value of foreign investments ex ceeding USD 1 million in Poland on 31st De cem ber 2004 for 17% (22% in 2003 and 36% in 2002). According amounted to USD 80.65 billion. The value of capi- to the latest in for mation M&As constituted 25% of tal invested by en tities not included in the research the total FDI inflow in 2004. (with the share of for eign capital below USD 1 mil- lion) was estimated at USD 3.83 billion and thus the In 2004 foreign investors created in total 14,800 new accu mu lated value of for eign in vestments in Poland jobs directly, which is 4,800 more than in 2003. The amounted to USD 84.45 billion. in vestors also declared they would create roughly 13,000 new jobs in 2005. Chart 5. The accumulated value of for eign capi tal in Poland between the years 1993–2004 (USD in billions) 3. Foreign investors in Poland according to the origin of their capital In 2004 majority of foreign capital was invested by French investors who allo cated USD 1.57 billion in Poland, which constituted roughly 20% of the total FDI inflow to Po land. They were followed by Ameri- can enterprises, which in vested USD 1.43 billion in 2004 (18% of the total FDI in flow). The third larg- Source: PAIiIZ est group of foreign investors constituted compa- nies described, as in ter na tional cor por tations. This Analysis of the structure of FDI inflow to Po land is the effect of on going glo bal ization pro cesses and in 2004 confirms earlier ob ser vations that there is the resulting free flow of capital. Due to this foreign an in creasing interest in greenfield in vestments. In in vestment have tran sna tional fea tures and character 2002, this kind of investments constituted 37% of and thus in many cases it is impossible to point at all in vestments, while in 2003 the figure in creased one coun try, from which the capital origi nated. to 51%. According to the latest data the share of greenfield in vestments stands at 58% of total FDI Due to this many entrepreneurs described their share- inflow in 2004. This con cerns both en tre pre neurs who holders, as international cor po rations. Value of in- commenced business activity in Poland last year, as vestments of such corporations amounted to USD well as those who re in vested their profits posted in 1.3 billion, which constituted 17% of the total FDI pre vious years in the form of greenfield in vestments. in flow to Poland. This marks a 7 per centage points increase in com- Value of investment outlays of investors registered pari son to pre vious year. in the “old” EU countries con sti tuted 70% of the re- Privatization and M&As also have a significant share searched inflow of FDI to Poland. Apart from France, in the structure of foreign direct in vestments inflow. most of the capital was invested by German cor po- Over the last three years the share of priva ti zation has rations (USD 1.17 billion), Dutch (USD 987.1 mil- been gradually decreasing and last year it accounted lion) and Swedish (USD 437.5 million). 4 In 2004 PAIiIZ recorded an increasing interest of The capital is also pouring into metals and metal Asian investors in the Polish market. En tre pre neurs prod ucts, as well as ma chin ery and apparatus sectors from the Republic of Korea invested USD 202 mil- (mainly house hold appliances). In 2004 first of them lion, while Japa nese investors – USD 108 million. re corded in vestments of USD 468.5 million, which The inflow of for eign direct investments to Poland con sti tuted 14% share in the total inflow. Inflow of according to the country of registration of the in- foreign capital to the sector of household appliances vestor in 2004 (millions of USD) is presented in was es ti mated at the level of USD 450.6 million, Table 2. In terms of accu mu lated values, French which con sti tuted 6% of the total FDI in flow in 2004 com pa nies remain the largest group of foreign in- and 14% of the inflow to the manu fac turing sector. vestors in Poland (20% of all foreign in vestments The capital is mostly originating from re-invested carried out in the country). The second most im- capital. portant group are Dutch investors (14%). They are followed by Ameri can and German in vestors The second most attractive sector for foreign in- (13% each). Accu mu lated value of foreign direct vestors is widely understood financial intermedia- in vestments in Poland with regard to the country tion. In 2004 in vestors allocated USD 2.1 billion of registration of the investor (December 31, 2004) in this sector, which con sti tuted 27% of the FDI is shown in Table 3. inflow to Poland. Chart 7. Percentage share of coun tries in the stock Foreign direct investments were also flowing to the of FDI in Poland real estate sector and the value of investments in (as of De cem ber 31, 2004) this sector is estimated at the level of USD 865.5 million, which marks an increase of 10 percentage points in comparison to a year before. The inflow of foreign investment to Poland according to the sec- tors of Polish Classification of Activities (PKD) in the year 2004 is presented in Table 4. In terms of accumulated values of foreign direct in vestments with regard to the sector structure, it is similar to the structure observed in previous years. 4. Foreign investments with regard to the sectors of Manu fac turing and financial intermediation sectors the economy are still dominating and in vestors have invested in them USD 32.2 billion (40%) and USD 18.8 billion Sector structure of foreign direct investments in 2004 (23%) re spec tively. Other sectors with significant confirms that still ma jority of investments is flowing importance to foreign investors include trade and into the manufacturing sectors of the Polish economy. repairs (12%) and trans port (10%). The accumu- In 2004 inflow to this sector amounted to USD 3.25 lated value of foreign direct investments in Po land billion, which constituted 41% of total FDI inflow according to Polish Business Classi fi cation (PKD) to the country. (De cem ber 31, 2004) is shown in Table 5. Special stress should put on the automotive sector, which received most of the in vestments – USD 703 million (9% of all investments carried out in 2004 5. Foreign investors in Poland and 22% of total investments in the manufacturing sector).