Home' Trinidad and Tobago Guardian : June 20th 2013 Contents JUNE 2013 • WEEK THREE www.guardian.co.tt BUSINESS GUARDIAN
NEWS | BG5
Poland, Eastern Europe s largest economy
and the sixth largest in the European Union
(EU), is seeking new investments in T&T, said
Piotr Kaszuba, ambassador of Poland.
"I am very impressed with the speech of
Trade Minister Vasant Bharath and the envi-
ronment that is being created for investors. I
see that there are obstacles that existed before
that are going to be removed and this is pos-
itive. I will communicate the information to
the companies in Poland that T&T is a place
for doing business easily and there are new
opportunities," he said.
Kaszuba said he is impressed that T&T is
diversifying the economy from its reliance on
oil and gas.
"We have heard that T&T is looking for
new branches of activity and we would like
to compliment this. In the coming years, this
Kaszuba spoke to the Guardian on June 12
on the first day of the Trade and Investment
Convention (TIC), which ran from June 12-15
at the Hyatt Regency Trinidad hotel, Port-of-
Last week, he presented his credentials to
the Government of T&T as the new Polish
ambassador to T&T. The Polish Embassy is
based in Caracas, Venezuela.
Poland, which has a population of 38.5 mil-
lion, has had diplomatic relations with T&T
Areas of co-operation
Kaszuba gave a number of areas both coun-
tries can explore.
"One area we can have joint ventures in is
the aviation industry. This industry in Poland
is very strong. We are developed and we have
corporation with the United States in heli-
copters and planes. We also have our own
production of aircraft in Poland. We also want
to share our own experiences, technology and
technical assistance," Kaszuba said.
He spoke about opportunities in the areas
of agriculture and the maritime sector.
"In agriculture, Poland is like the warehouse
of food for the whole of Europe. We have a
great tradition in this area and we can lend
expertise to T&T to improve the quality and
supply of food. Poland is not an island like
T&T, but we have access to the sea with 525
kilometres of seashore and we have big ship-
yards and we can offer the building of ships
and drydocks for these new ships."
Kaszuba said Polish construction companies
would have interest in T&T.
"They can construct houses and design
infrastructure. Right now Poland supplies
materials for roofs and some machinery to
Representatives from the Hemlecki Group
were at TIC.
Hemlecki is a Polish company which pro-
vides consulting services, designing services
and financing for construction of buildings
and advice for investors wishing to enter the
Despite the geographical divide between the
two countries, Kaszuba said T&T is rich in
resources and Poland is one of the few EU
members with a strong economy.
"Our country is in a strong economic posi-
tion with positive growth. Despite the economic
crisis, we have remained an island in Europe,
not heavily affected by the crisis. The political
decision was taken this year by our government
for assistance of companies to do more busi-
nesses with the Caribbean and Latin American
region," Kaszuba said.
The Polish economy
The economy of Poland is a high income
one and is the sixth largest in the EU. It is
one of the fastest growing economies in Europe,
with a yearly growth rate of more than three
per cent before the recession of the late 2000s.
It is the only EU member country to have
avoided a decline in gross domestic product
(GDP). Put another way, Poland in 2009 created
the most GDP growth in the EU.
As of December 2009, the Polish economy
had not entered recession nor contracted.
According to the Central Statistical Office of
Poland, in 2010, Polish economic growth rate
was 3.9 per cent, which was one of the best
results in Europe.
Poland has made great economic progress
over the last decade, and now is ranked 20th
worldwide in terms of GDP. The largest com-
ponent of its economy is the service sector.
According to an Ernst and Young report,
Poland ranks seventh in the world in terms of
investment attractiveness. However, Ernst and
Young s 2010 European attractiveness survey
reported that Poland saw a 52 per cent decrease
in foreign direct investment (FDI) job creation
and a 42 per cent decrease in number of FDI
projects since 2008.
The stock market of Poland s capital, War-
saw, is considered as the financial hub of Cen-
tral and Eastern Europe.
The Polish economy grew in the first quarter
of 2013 by 0.4 per cent, although it is much
stronger than the rest of the EU, it is still lower
than the past few years.
Marcus Sveldberg, chief economist, East
Capital, went so far as to say in March that,
there are many similarities between the Polish
and German economies, with the lone excep-
tion that there are more investment and eco-
nomic opportunities in Poland than Germany.
East Capital is a leading independent asset
management firm specialising in the emerging
markets of Eastern Europe and Asia and is
headquartered in Stockholm, with offices in
Hong Kong, Kyiv, Moscow, Oslo, Paris, Shang-
hai, Luxembourg and Tallinn.
TIC exhibitor Poland
wants to explore
aviation with T&T
From Page 4
Economy of Argentina
Argentina is considered an emerging market
economy by the FTSE Global Equity Index,
and is one of the G-20 major economies.
It is Latin America s third largest economy
behind Brazil and Mexico.
Manufacturing is the largest single sector
in the nation s economy, with a gross domestic
product of 19 per cent and is well-integrated
into Argentine agriculture, with half the nation s
industrial exports being agricultural.
Leading sectors by production value are:
food processing and beverages, motor vehicles
and auto parts, refinery products, and biodiesel,
chemicals and pharmaceuticals, steel and alu-
minim, and industrial and farm machinery,
electronics and home appliances.
In 2011, Argentina manufactured almost one
million cars. The country has 314 industrial
The construction sector accounts for more
than five per cent of GDP, and two-thirds of
the construction were residential buildings.
The International Monetary Fund (IMF)
projects that Argentina s will grow by 2.8 per
cent in 2013, but with a relatively high inflation
rate of 9.8 per cent, one of Latin America s
Out of the 25-plus embassies and missions
with a presence in T&T that were contacted
by the organisers of the Trade and Investment
Convention to participate in this year s show,
the Argentine Embassy initiated the idea of
having a substantial presence.
"The Argentinian Embassy decided that
instead of just informing Argentine about TIC,
it wanted to send a delegation to develop a
presence. Brazil always has a large presence.
Argentina matched their presence this year,"
said one of the TIC organisers. "Argentina
came in a large way."
The TIC spokesperson said buyers to the
trade show were excited about the Latin Amer-
ican presence at the four-day event as they
were searching for new products and possi-
bilities, with CNG being part of it.
About a dozen Argentinian companies
formed the delegation for TIC.
There were five delegates from the Argentina
Chamber for Natural Gas Vehicles, delegates
from the food and beverage and wine indus-
Argentina is a leader in the production of
CNG technology. It is the world s fifth largest
wine producer, the seventh largest exporter
The delegation arrived in T&T with con-
struction supplies and medical equipment.
"We worked hand in hand with the embassy
to make sure everyone benefitted from their
participation," said TIC chairman Anthony
Aboud in a brief interview.
Aboud said the embassy decided to bring
to T&T seven of its chambers of industry and
commerce spanning several sectors, including
information and communication technology,
manufacturing and food and beverage.
"In communicating with their directors and
trade people, I was told they had 140 meetings
over their week-long stay," Aboud said.
He said he received a letter from Argentinian
ambassador to T&T Marcelo Salviolo thanking
the TIC secretariat for its support and the
success of the delegation s efforts.
"He referenced in the letter the meetings
they had and how successful they were," Aboud
He said the Argentinian delegation did not
only meet with the T&T business community,
but also people from other markets, namely
North and South America, including a 100-
member-strong Canadian delegation.
"Having Argentina here was a nice forward
step in the South-South trade for us. I heard
that they did $5 million in business. I assume
that is in US dollars. Whether they bought or
sold, I don t know," Aboud said.
Piotr Kaszuba, ambassador of Poland
Seven chambers, many sectors showed
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