WARSAW, Oct. 8 (Xinhua) -- A report released on Tuesday by Bank Pekao, one of Poland's largest banks, warns that Poland needs to do more to boost the international competitiveness of its companies for its economy to keep growing.
The report, entitled "Is Poland ready to grow global champions?" was launched on Tuesday during the second edition of the CEO summit in Warsaw, an event organized by Pekao and the Atlantic Council, bringing together business leaders, politicians and representatives of key institutions to discuss new challenges to Polish businesses.
The report highlights Poland's evolution to a net exporter, while noting that this is mostly attributable to international corporations and that much more needs to be done to ensure that Polish companies too become global champions.
Almost half of Polish exports are generated by less than 11,000 companies with foreign capital and as many as two-thirds of Poland's top largest exporters are Polish subsidiaries of leading global corporations, says the report.
At the same time, Polish export production relies strongly on the EU market, with only about 20 percent of its value going to non-European economies.
For example, according to Pekao estimates, the value of Poland's exports to China equals only 15 percent of the value of Polish exports to the neighboring Czech Republic.
"The Polish economy should move away from the strictly export-based stage towards the stage of capital expansion," Michal Krupinski, Pekao CEO, said during the CEO summit in Warsaw during the launch of the report.
"Properly addressing the key challenges of this expansion may give a new, strong impulse to the internationalization of Polish companies," he added.
The report argues that some factors which supported the dynamic export growth of Poland over the last years are getting weaker in the context of demographic challenges, rising energy prices or potentially reduced EU funds.
In this context, concerted efforts by Polish companies, state actors and the financial sector are necessary to ensure continued growth, argues the Pekao report.