Polish capital at the core of New Deal investment programme says PM

Bartłomiej Wójtowicz/PAP

The prime minister wants to put investment using Polish capital at the heart of a modernisation programme included in the government's New Deal.

Speaking at a press conference in Swidnik, south-eastern Poland, on Monday, Mateusz Morawiecki also claimed investments under the programme could exceed EUR 22 billion in the coming three years.

A flagship project of the Law and Justice (PiS) led government, the Polish New Deal plan is aimed at reviving the national economy after the Covid-19 pandemic. It envisages major investment in public infrastructure along with overhauls of the tax and healthcare systems.

Presenting the programme for strategic investments, the prime minister stated that the new economic policy conducted by his government "has been a response to the challenges, which were not implemented in the Third Republic of Poland."

The 'Third Republic' is the period after communism's fall in Poland and the implementation of a shock economic programme.

"Investments, innovation, infrastructure, exports and large projects, which are to serve all, is what the Polish economy needs today," Morawiecki said.

"We are presenting today a New Deal investment programme, which is designed to reduce the deficits of the Third Republic. Investments are to be its driving force," he stated, adding that the planned investments could exceed PLN 100 billion (EUR 22 billion) in the coming three years.

The prime minister criticised the lack of ability to mobilise Polish capital in the past, and stated that it had been harmful to Poland.

"In the times of the Third Republic of Poland, foreign capital was allowed to enter this country, and the Polish economy was taken over by others," he said, reflecting the government’s belief that some foreign capital invested in fields such as banking and the media had been detrimental to Polish interests

Morawicki added that the way the investments had been handled had resulted in public finances being "as leaky as a sieve for 25 years."

The investment programme, Morawiecki also claimed, would create "hundreds of thousands new jobs."

Welcome to The First News weekly newsletter

Every Friday catch up on our editor’s top pick of news about Poland, including politics, business, life and culture. To receive your free email subscription, sign up today.