No. 35 (633),  August 30, 2004
Archive
  

Financial Support for Investments
 
On August 24, the Polish cabinet adopted a draft of the law on amending the law on supporting investments. The change resulted from the necessity of adapting Polish legislation to EU provisions. The draft envisages shifting the date of filing applications for support from March to January. The catalogue of qualified expenditures has been limited.
 
 
Matching Polish and US Companies
 
Another edition of the "Mining & Matching" programme prepared by the Warsaw-based Fire Foundation is to facilitate the entry of Polish products, promotion of Polish inventions on the American market and procurement of modern projects from the USA. The foundation operates within the framework of the offset connected with the purchase of the F-16 planes. The programme helps Polish entrepreneurs to establish and develop business contacts with US companies and to open foreign markets for Polish products and technologies. Lockheed Martin covers the cost of the project. The Fire Foundation assures that all companies which will send a filled in form to www.innowacje.org.pl will receive help in search of a matching partner or technology on the US market and the possibility of establishing cooperation with American companies which acceded to the programme and are interested in starting their operations and investments in Poland. The "Mining & Matching" programme covers transfer of knowledge and technology, development of products and services, distribution and marketing, joint production, joint venture, cooperation on know-how development, running of joint research and implementation projects. The Fire Innovation Centre was established at the initiative of the Ministry of Economy with the Industrial Development Agency being its founder.
 
 
Very Good Results of Enterprises
 
During the first six months of 2004, Polish companies netted nearly 31 billion zlotys, 3.5 times more than in the corresponding period of 2003. Exporters fared extremely well. Polish companies gained on the economic recovery and lower corporate income tax. Foreign demand also contributed to an improvement of their financial condition. All this caused that sales value in companies grew faster than costs. Gross profit - 38.4 billion zlotys - was 12 billion zlotys higher than a year ago. Simultaneously, the lowering of CIT from 27 to 19 percent caused that enterprises channelled less money to the budget than in 2003, which means that more money was left for their own purposes.
 
 
Higher Investments in Polish Companies
 
In the first six months of 2004, Polish companies spent 24 billion zlotys on investments, nine percent more on a year ago. Many companies are planning to increase investment spending this year. A clear improvement of the economic situation is being observed since the beginning of the year. Sales in industry and retail trade are growing fast.
 
 
Financial Condition of Polish Banks
 
A rating carried out by the Market Economy Research Institute indicates that, of the biggest banks in Poland, the PKO BP Bank reported the best financial condition in 2003. The Pekao SA, BPK-BPH SA and BZ WBL SA followed it. The rating covered the financial condition of Poland's ten largest commercial banks. The Institute put special stress on the effectiveness indexes and financial safety. The value added creation index also was important.
 
 
Poles - a Hard-Working European Society
 
The OECD reports that an average Pole works nearly 42 hours a week and more than 43 weeks a year. We are in the lead of the most hard-working societies in Europe especially so that Polish people take sick leaves for less than a week.
 
 
Polish Parts for F-14
 
The PZL Świdnik Plant will supply spare parts for the modernisation of US F-14 Tomcat fighter planes. A contract worth 275,000 dollars was signed on August 23. The cooperation is to be extended in the future. The plant from Świdnik is already supplying fuselages for Italian Agusta helicopters, doors for Airbus passenger planes, tail booms for Bell 412 helicopters, elements for Cessna and Challenger planes. In 2003, the company recorded 14 million zlotys in net profit. This year, the sales value is to exceed 200 million zlotys.
 
 
Good Results of Szczecin Shipyard
 
At the end of July, the Szczecin Shipyard Nowa recorded nearly 400,000 zlotys in net profit although still at the end of June it had a one million zloty loss. The improvement was due to the sale of a ship to a German shipowner. From January until the end of July, net revenues from sales amounted to 796,800 zlotys and net profit - to 7.4 million.
 
 
Another Section of A2 Motorway
 
The section of the A2 Motorway from Komorniki to Nowy Tomyśl is to be opened on October 28. After commissioning of the third section, the A2 from Konin to Nowy Tomyśl will be 150 km long.
 
 
Defence Ministry: New Location
 
A huge, fulfilling world safety standards, seat of the National Defence Ministry and the most important commands and central military institutions, will be erected in Warsaw. The value of the project is estimated at 1-1.5 billion zlotys. The edifice, patterned after the US Pentagon, is to be the safest building in Warsaw: anti-aircraft defence systems and additional anti-terrorist safeguards will protect it. 3,500 to 5,000 officers and civilian personnel will service the helicopter landing grounds, the newest generation communication and information installations. There will be full social hinterland, reserve command stations and rescue systems allowing for at least a several-day functioning of strategic commands in conditions of isolation.