Poland’s capital market to underpin economic growth

By Axel  Reiserer

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  • Government adopts strategy for the sector, drafted with EBRD and EU support
  • More efficient markets to support strong, sustainable economic growth
  • EBRD and EU support drafting and implementation of strategy

Laying the foundations for the continuation of strong economic growth and for addressing future challenges, the government of Poland has adopted the country’s capital market development strategy, drafted with support from the European Union (EU) and the EBRD.

The strategy is one of the tools for developing the Polish capital markets and is in line with the Strategy for Responsible Development adopted by the Polish government in 2017.

The document sets out 90 steps to make the local capital market more efficient, so that it can serve the economy better. It includes steps to improve the regulatory environment by creating a frictionless marketplace, as well as measures to develop the market infrastructure and introduce new products and services.

The strategy aims to create a capital market that can help the national economy to compete successfully in rapidly changing and challenging international markets. It aims to increase innovation by Polish companies, boost the investment rate and the internationalisation of the economy and allow people to benefit from economic progress through growing savings.

While Poland has been enjoying higher growth rates than the EU average in recent years, the strategy focuses on how to translate this strong performance into future success. The strategy recognises the decisive role of an effective capital market in facilitating investment. Diversifying access to capital Polish entrepreneurs will benefit from lower transaction costs, improving their competitiveness.

The strategy covers the period 2019-23 and was adopted following a process of public consultation. The document was drafted with technical support provided by the EBRD under the EU Structural Reform Support Service, which helps EU countries to design and carry out structural reforms. The EBRD will also remain actively involved in the implementation of the strategy.

Jerzy Kwieciński, Poland’s Minister of Finance, Investment and Development, said: “The Capital Markets Development Strategy (Strategia Rozwoju Rynku Kapitałowego) is a fundamental part of the Polish government’s policy aimed at developing further the Polish economy through an improvement of business conditions for companies, especially SMEs, and increasing the attractiveness of Poland for foreign investors and issuers. We are therefore very proud to have worked on this document with the EBRD, which provided us with global experience and knowledge. The next step is to implement all the 90 initiatives foreseen in the Strategy and put words into action as there is a huge ambition for this on the part of all stakeholders of the Polish capital markets.”

Grzegorz Zieliński, EBRD Regional Director, Central Europe, added: “This is a major step forward in addressing the key issues facing the Polish economy, in order for it to become fit for the fourth industrial revolution. An economy built on technology and digitalisation will rest on innovation, creativity and skills. But it will still be powered by capital, and making this indispensable resource available in a way that is fit for the 21st century is the huge achievement of this strategy.”

The EBRD has been investing in Poland since the Bank’s establishment in 1991 and has invested more than €9.8 billion in 419 projects there. The development of the local capital market is a focus of the EBRD’s work, with €900 million invested across 26 projects in Poland to date.

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