Poland expected India to emerge as a leading trade partner among developing nations, said Daniel S Zbytek, First Counsellor, Head of Economic and Commercial Office, Embassy of the Republic of Poland, at a meeting with the Bengal National Chamber of Commerce and Industry (BNCCI), today.
During 2004-2005, the volume of Indo-Polish bilateral trade amounted to Rs 1150 crore, as compared to Rs 843 crore recorded during 2003-2004, said Nayantara Palchoudhuri, president of BNCCI. He showed interest in trading Polish mining equipment with India. In West Bengal, the only sector he showed interest in was the tea industry.
He said that with living standards in Poland getting better, the country would like to get good quality tea from India.
The tourism industry in Poland banks heavily on shopping, other than the country's historic monuments and popular tourist spots, said Zbytek.
He urged the tourism industry in West Bengal to provide cheap and quality accommodation and reasonable travel fares to facilitate tourist exchange between Poland and West Bengal.
Zbytek reported that in 2005 itself, Poland had attracted foreign investment in the amount of $1 billion. Poland offers a market of 38.7 million people and continues to have a market-oriented policy, irrespective of political changes, said Zbytek.
Adding to the favourable investment climate are factors like equal treatment for foreign and domestic investors, income tax exemption in special economic zones and exemption from local taxes and levies, financial support for creating new jobs and training facilities in Poland and very low inflation rates, said Zbytek.
He estimated an inflation rate of 1.5 per cent for this year. Among Indian investors, tata Sons is already operating in the expanding service sector in Poland and L N Mittal has acquired a Polish Steel company. However, the Polish counsellor did not mention any other ventures undertaken either by Polish or Indian investors.
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