Financial Daily from THE HINDU group of publications
Friday, Feb 18, 2005
Financial Daily from THE HINDU group of publications Friday, Feb 18, 2005 |
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Industry & Economy
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Foreign Trade Poland lures Indian industry with sops Our Bureau
Hyderabad , Feb. 17 THE Republic of Poland has announced major tax and other incentives to the Indian entrepreneurs setting up manufacturing units in the country, which include grants for new investments, creation of jobs and training employees and support from International funding agencies. Addressing a gathering of industrialists at the headquarters of Federation of Andhra Pradesh Chambers of Commence and Industry (FAPCCI) here, the Polish Ambassador to India, Mr Krzysztof Majka, has said that Poland was an ideal gateway for Indian businesses to access the huge European markets. Explaining the advantages of investing in Poland, Mr Majka said the country was listed by international agencies to be one of the global hotspots for FDI investments due to its high human productivity combined with low labour costs and access to the common European markets. Apart from having strengths such as seventh largest human capital, highly skilled labour at one of the lowest costs in manufacturing, huge market size, lowest inflation and high success rate of foreign companies, Poland also has the advantage of support from International institutions such as IMF and World Bank, he said. "India will benefit from EU enlargement because it will deal with bigger and more uniform market where the same set of rules, standards and trade procedures apply. The size of the common market, after enlargement, has increased about 20 per cent and the new EU countries are becoming a growing segment of the EU exports and imports. India will benefit because of generally easier access to the new member countries' market, because of lower customs tariffs, which will benefit exporters," Mr Majka said. According to Mr Majka, the areas where greater cooperation possibilities between India and Poland existed include power generation, mining, railways, infrastructure and construction, food processing, chemical industry, civil aviation and maritime economy.
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