The mothers of investment

Almost EUR 13 bln was invested by foreign firms in Poland in 2017. This is the highest figure in a decade; but the number itself, as is often the case with large sums, can’t be grasped without reference to concrete examples. I was closer to something like this a month ago at the opening of a new distribution centre for German company BSH, which manufactures household appliances. The building is an impressive 80,000 sqm warehouse, from which washing machines, refrigerators, dishwashers and blenders are to be shipped to destinations across the world. The company has already opened six plants in Poland as well as its service centre, employing several thousand people, and intends to invest substantially in the country over the next few years. In addition to that, out of the 50 countries it currently has branches in, its strategy is to invest mostly in just two – Poland and China. This is but one example, as there have been several hundred instances of foreign investment in Poland in the last year alone. Giants in their respective fields, such as Amazon, Zalando, BMW and Mercedes, are all building their warehouses or factories here. They will be sourcing their European supply chains or assembling their cars, TV sets and washing machines here for our market and for export. And, of course, in the process they are contributing to the growth of the local real estate market.

In a survey published at the beginning of the year by US website USNews, Poland comes third globally in terms of attractiveness for investors. There were only two countries ranked higher than us: the Philippines and Indonesia. Two other so-called ‘Asian tigers’, meanwhile, were just behind us on the list: Malaysia and Singapore. According to ‘European Cities of Influence’, a report this time by Colliers International, Warsaw is the fifth best country in Europe in terms of the quality of its workforce and is behind only Zurich, Dublin, London and Edinburgh in this regard.

This expression ‘skilled talent pool’, can now be heard being repeated mantra-like by investors. The Polish émigrés who escaped to the West from behind the Iron Curtain during the communist era, only to arrive in some strange country with their hearts in their mouths and in the desperate hope that someone would give them a job out of sheer pity, may finally be feeling some grim satisfaction at this turn of events. The work is now coming to us, rather than the other way round. Today we don’t need to convince anyone that the most important commodity we have in the context of Western investment is not our coal – despite having the largest reserves in Europe; nor is it the Baltic amber our country is famous for or the moderate climate; nor is it the beautiful coastal sand dunes, the golden beaches or the vast forests; nor is it the Masurian lakes or the majestic peaks of the Tatra Mountains. Although all these are wonderful assets, they have not had the slightest influence on the decisions of foreign companies to locate to Poland. We have one special resource, which has provided us with a fantastic opportunity to develop our economy and to continue to regard the prospects for real estate with more than a little optimism: our people.

I don’t have to explain to anyone how important mothers and fathers are (Father’s Day, by the way, is in June in Poland) in not only the creation of this resource, but in nurturing it. Many of the vital qualities people need to succeed, such as ambition, the willingness to cooperate, kindness (and many other more subtle skills) are formed at home. Thus the contribution of parents to the economy has been much overlooked – the hours they spend with their children, their instruction and support, their patience with them (I much admire the angelic patience of my wife, who, by the way, works in a large international corporation). This contribution is the equivalent of a thousand training sessions, which would, if they actually took place, be unimaginably expensive. All of this is given to the economy by parents, without a murmur of complaint and absolutely for free.

Around the world, Mother’s Day takes place on different days (it’s on May 26th in Poland). On this occasion I’d like to wish all the best to every mum. Your contribution to the millions of square metres built and leased, now and into the future, continues to be invaluable.