US investments in Poland reach USD 62.7 billion - ministry

Emilewicz underlined that the position of US companies in Poland "is the result of a long history of investments and the development of US business in Poland." Wojtek Jargiło/PAP

US investments in Poland have already totalled USD 62.7 billion, including over 50 percent or USD 38.3 billion, which have been underestimated, the Development Ministry wrote on Monday in a report covering the last 30 years.

Deputy PM Jadwiga Emilewicz told PAP that US business "has been making a huge contribution to the development of the Polish economy while a considerable part of US investments is of an innovative nature."

Emilewicz underlined that the position of US companies in Poland "is the result of a long history of investments and the development of US business in Poland."

"That is why one should take into account not only the value of these investments but also their assets which are worth over PLN 200 billion (USD 51.3 billion)," she said, adding that their employment numbers exceeded 300,000.

According to a report by the KPMG audit-advisory company, US investments in Poland account for 11 percent of all foreign investments in this country while the invested capital is estimated at USD 24.4 billion. But their undervalued capital could even be worth USD 38.3 billion.

KPMG added that many US companies operating in Poland represent the technological and IT sectors, like, for example, Google, Microsoft, Cisco, Dell, Intel, Motorola, or IBM, and that they open R&D centres in this country.

The Development Ministry underlined that Polish-US cooperation has been developing, and that in 2019, the US was Poland's eighth biggest economic partner with regard to imports and exports. In 2019, Poland's exports to the US grew by 4.3 percent year on year to nearly USD 7.6 billion, and imports went up by 10.7 percent to USD 8.5 billion.