Established in 2016, the Polish Development Fund (PFR) is an integrated group of financial development institutions for entrepreneurs and municipalities, with aim to support the creation of sustainable economic development of the country. Pawel Borys, President of the Management Board of Polish Development Fund, highlights the Fund’s strategy to develop Poland’s entrepreneurial sector, providing sustainable resources for financial funding.
European Times: What is the role of PFR’s in the Polish economy?
Pawel Borys: The PFR is an important element of the Responsible Development Strategy, widely known as Morawiecki’s plan. It is a long-term economic development plan of Poland adopted in February by the government.The PFR Group integrates all currently existing Polish development institutions, in order to provide guidance and capital necessary to boost the country’s development,using its own resources as well as the funds of international finance institutions and actively absorbing EU funds allocated for innovations and infrastructure. We provide platform of instruments complementary to the private sector in order to fill so called “market gaps” and strengthen the growth of competitive economy.
PFR’s long term strategy aimsalso todevelop new sources of domestic funds, such as bond issuance, developing itself in reliable financial institution, able to autonomously facilitate infrastructure and innovation financing once the inflow of EU funds decreases. In this context, PFR’s target is to enlarge the total capital and assetsup to €25 billion.
European Times: What are PFR’s main fields of acting?
Pawel Borys: PFR Group has five strategic pillars. The main focus is put on banking, providing different instruments designed to develop the SMEs sector. The second strategic pillar refers to investments, including financing of large infrastructure projects and start-up’s through venture capital market. The third pillar focuses on export insurance, providing funds and insurance for Polish companies that export on high risk markets.
In order to facilitate international expansion, we are building more than 60 trade offices around the world,which will support Polish entrepreneurs with knowledge about the expansion, regulations and the business environment of the foreign markets. Focusing on the development of human capital, the last strategic pillar refers to the promotion of entrepreneurship as the way to promote innovations, international expansion and successful growth strategies for SMEs.
European Times: Which sectors should foreign investors target in Poland?
Pawel Borys: I believe that Poland is a highly attractive invest destination. Without a single year of negative GDP growth, over the last 25 years we proved to be a growing economy with a significant potential. Considering the investments in entrepreneurship and innovation, the country changes the focus of the foreign investments to sectors with added value in terms of workforce, welcoming investments in R&D centres or factories that require higher skills.Our objective is to prepare the economy for the current structural changes in the world connected with the very fast technological innovations. This is precisely why we are dedicated to building an innovation culture in Poland and promoting country as an innovation hub for the region.
