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KUKE to assist in exports of Polish goods and services to Belarus

26-10-2016

The boosting of Polish exports to Belarus, the establishment of a Polish-Belarusian IPO Centre for training and the potential involvement of Polish companies in privatisation in Belarus - these are the main points of Polish-Belarusian economic cooperation that were laid out during the visit of Deputy Prime Minister Mateusz Morawiecki to the XX Dobrososedstvo Economic Forum in Minsk.

Around 150 Polish enterprises, representatives of Polish companies traditionally cooperating with Belarus, but also entrepreneurs  looking for new contacts and opportunities beyond Poland’s eastern border, took part in the Economic Forum. Piotr Stolarczyk, the Vice President of the Management Board of KUKE, was among participants of the meetings.

Poland is currently the third trade partner of Belarus, the third biggest exporter to Belarus and the ninth largest investor. For Belarus, on the other hand, Poland is its sixth export market. This is a good starting point for the further development of trade and investments between the two countries.

The Deputy PM, Mateusz Morawiecki, when opening the Forum pointed to the fact that such institutions as the Export Credit Insurance Corporation or the State Development Bank of Poland (Bank Gospodarstwa Krajowego), which “know this country well”, may be of great help and assistance in facilitating exports of Polish goods to Belarus. KUKE has a long standing experience with insuring export transactions on the Belarusian market. Among the main product groups sent across the eastern border are machinery and equipment, means of transport, as well as the delivery of turnkey hotel facilities as well as industrial and residential facilities.

“Trade has decreased in recent years but this is slowly taking a turn for the better. Our exports to Belarus will see an increase this year,” Piotr Soroczyński, KUKE’s Chief Economist, asserts. “The value of exports over the 8 months of the current year has already come to EUR 800 million, which is 3% more than during the same period last year. This is worth emphasising, particularly that we experienced a stable regression linked to the difficult economic situation in Belarus that followed the events unfolding in Russia over the last two years. Russia’s problems spilt over into Belarus and also affected its suppliers, which, coupled with the deteriorating economic situation of Belarusian households, led to our companies selling less of their goods there,” Piotr Soroczyński explains.

Poland was also invited to take part in the planned privatisation processes in Belarus. A list of Belarusian companies was created that that could potentially become the subject of sale.

A letter of Intent was signed at the Forum concerning the establishment of the Polish-Belarusian IPO (Initial Public Offering) Centre aimed at building a professional centre for education, consultation and legal advice extended to Belarusian entrepreneurs. The Centre is intended to facilitate access of Belarusian entrepreneurs to modern sources of financing harnessing the Polish capital market.