Bilateral trade reached almost $1b last year and UAE firms are showing keen interest in Poland’s realty sector
Bilateral trade between the UAE and Poland has tripled over the last five years, reaching around $1 billion (Dh3.67 billion) in 2015, and is expected to grow further, according to the Embassy of the Republic of Poland in Abu Dhabi.
“Statistical data on [UAE-Poland] trade for 2015 confirms the UAE remained the biggest trading partner compared to other countries in the GCC,” Sebastian T. Stepnicki, counsellor and head of the Trade and Investment Promotion Section at the Embassy, told Gulf News.
He said Polish exports to the UAE are dominated by telecommunications-related appliances, chocolates and food while the country imports aluminium, metal packaging and plastic products.
“Trade ties between the two countries are increasing with bilateral trade, reaching around $1 billion last year, and companies from the UAE are showing keen interest to invest in the real estate sector in Poland.”
The Embassy of Poland in the UAE and the Ministry of Economy of Poland held intensive talks with real estate companies Emaar Properties and Eagle Hills to invest in major Polish cities such as Warsaw, Wroclaw and Krakow, he said.
“Poland and the UAE have a lot to offer each other. Poland is highly ranked due to [its] very low investment risk. Our attractiveness can be attributed to a large domestic market, a competitive and well-educated human capital [market], political and economic stability, as well as the membership in the European Union,” Stepnicki said.
“On the other hand, Poland appreciates the high rate of economic growth of the UAE and seeks investments from the UAE into Poland.”
According to the embassy, the country is trying to attract investment through the creation of Special Economic Zones, industrial and technology parks and the provision of investment incentives in local municipalities like real estate tax exemptions.
The decision on Brexit will not have any impact on the future of Polish economy, he added.
“[The] stable economic fundamentals of Poland were confirmed during the 2008 crisis. There has been great improvement in [the] economic fundamentals of the country — both in the production sphere and in the labour market. Therefore we do not envisage that Brexit will influence the future of the polish economy.”
About 5,000 Polish citizens live in the UAE.
Reference to Gulf News published on: 16:53 June 19, 2016