Japanese Investment in Poland to Grow, Premier Koizumi Says
Published:
20 August 2003 y., Wednesday
Japan wants to build on the $352 million the country's investors have poured into Poland, taking advantage of the former communist nation's 2004 entry into the European Union, Japanese Prime Minister Junichiro Koizumi said.
Koizumi, who met with Polish Prime Minister Leszek Miller in Warsaw during a European tour, said investment has room to grow in Poland, the largest Eastern European country set to join the EU on May 1, 2004.
Asian and U.S. companies, such as Toyota Motor Corp. and U.S. Steel Corp., are looking to expand in Eastern Europe, where wages and operating costs are cheaper, before Poland, the Czech Republic, Hungary and other five other former East bloc nations join the world's largest trading region.
The EU's expansion to 25 nations will create a border-free market of 450 million consumers. Poland has been seeking to lure more foreign investments before becomes a member to help it recover from its worst economic slowdown since the nation abandoned communism 14 years ago.
Foreign direct investment last year to Poland dropped 15 percent to $6.06 billion, a five-year low. This year's investments won't be higher as government cutbacks in state-asset sales will curb revenue from abroad for a third-straight year.
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