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On Polish-Chilean investment opportunities in Warsaw

Friday, 18 July, 2014

Natural resources and excellent conditions for agriculture and food processing, combined with a well-developed financial sector, a reasonable monetary policy, liberal business environment and openness to foreign investors, make Chile one of the most competitive economies in the world. Traditionally, most investments are attracted by the resources industry, mainly copper. The example of KGHM, which is carrying out its largest foreign investment project in Chile, shows that in the nearest future a clear potential for co-operation with Poland lies in mining and infrastructure. What is worth emphasizing, part of the Sierra Gorda project was developed by Polish contractors, who profited from KGHM’s presence on the Chilean market by gaining new commissions and increasing revenues.

The seminar, which took place on July 17 at the National Stadium in Warsaw, was devoted to these investment opportunities of Polish companies in Chile. “I am glad to see the growth of interest in the Chilean market among Polish entrepreneurs. This is particularly important in the context of KGHM’s ongoing investment projects. They open a new chapter in the economic relations between Poland and Chile and create development opportunities to Polish businesses. We wish to share our experience and know-how with companies and academic institutions in order to facilitate their growth through international expansion and gradual development on new markets,” said in his welcoming speech Herbert Wirth, President & CEO of KGHM.

Detailed information on how to bid for orders in international projects and examples of Polish suppliers were presented by Marek Bednarz, Executive Director of KGHM’s Central Purchasing Department. Among speakers were also Zdzislaw Gawlik, Secretary of State at Poland’s Treasury Ministry, and Katarzyna Kacperczyk, Undersecretary of State at Poland’s Foreign Ministry. "Sierra Gorda mine is a perfect example of international expansion of Poland. It shows that polish companies both: should and are able to use the potential of development. Among them, there are also the businesses with the Treasury shares. If the business has a potential to cross the border, the Ministry of Treasury supports the company’s management board with the initiatives of that kind. In this way, we want to create a polish repute and give them the opportunity to gain the new competences and know-how as well" said Zdzislaw Gawlik, Deputy Minister of the Treasury.

Ambassador of Chile to Poland, Alfredo García Castelblanco, and Aleksandra Piątkowska, Polish Ambassador to Chile, spoke on the challenges in investments and trade between both countries. “For several years, we have seen the dynamic growth of foreign investment in the Chilean market. Last year foreign investments amounted to over US$20 billion, while in the first quarter of 2014 this was over US$7 billion. This result is impressive, but the economic potential of our country will certainly encourage more investors,” said Ambassador Castelblanco.

In recent years, the trade volume between Poland and Chile has been gradually rising. The value of exports from Chile to Poland amounts to almost US$258 million, while Polish exports to Chile is 0.13% of its total imports, with a value of more than US$94 million. Polish-Chilean bilateral economic co-operation is regulated by the Association Agreement on Economic, Political Consultation and Co-operation between the European Union and Chile from 2002, as well as Polish-Chilean intergovernmental agreement from 2000 on the mutual promotion and protection of investments. The two countries also signed a bilateral convention on avoidance of double taxation. Thanks to efforts supporting the development of mutual trade, Poland profits from the zero duty rate. It is one of the reasons why a growing number Polish entrepreneurs begin to invest in the Chilean market.

Chile is known for its vast natural resources that make this country a world class manufacturer and exporter. Geographical specificity of the country, which extends for almost all climate zones, creates unique conditions for cultivation, farming and fishing. Currently, Chile ranks 17th in the world in terms of exports of food products, with the prospect of entry into the top ten in the next few years. Chile is the undisputed leader in world’s exports of wine, fresh, frozen and dried fruits, dairy products and meat, as well as fish and seafood.

Polish-Chilean Investment Seminar is organized by KGHM Polska Miedź S.A. The Co-organizers and Honorary Patrons are ProChile – an institution reporting to the Chilean Ministry of Foreign Affairs, responsible for the promotion of exports, investments and tourism in Chile – as well as the Ministry of Treasury and the Ministry of Foreign Affairs of the Republic of Poland.

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