POLAND-KOREA Business Forum 2022 – mission success in Seoul
The economic visit to Seoul was a success. It culminated in a Polish-Korean Business Forum, organised on 23 September by the Polish Investment and Trade Agency (PAIH). The meeting of 150 entrepreneurs has shown how dynamically Polish and Korean cooperation is evolving. We are proud and extremely happy to have contributed to the success of this mission.
Poland and South Korea – cooperation development
The Republic of Korea is the second largest non-European foreign investor in Poland, after the USA. The value of all South Korean investments in Poland at the end of 2020 reached EUR 3.06 billion (NBP). According to the central economic information center (COIG), at the end of the first quarter of this year, there were 548 companies with Korean capital operating in Poland (an increase of 140% compared to 2019). According to the data of the Polish Investment and Trade Agency, almost half of them operated in the Lower Silesian Voivodeship, twenty per cent in the Masovian Voivodeship, and fourteen per cent in the Silesian Voivodeship.
The interest in Poland among Korean entrepreneurs is largely due to the high competence of our specialists, access to subcontractors and/ or the operation of many innovation centers. The Korean economy is ranked among the five most innovative in the world, which translates into the specific nature of foreign investment by companies from that country. The incentive system in Poland provides innovators with some of the highest tax breaks in the OECD, and offers a higher return on investment than the EU average. This has the effect of capturing the imagination of Korean investors. Entrepreneurs from the Republic of Korea most often choose our country as a location for advanced processes in the area of electromobility, but we note that they are also interested in innovative projects in the energy and transport sectors. I am pleased that we can build the competitive advantages of the Polish economy with such trusted partners – emphasized Krzysztof Drynda, Chairman of the Management Board of the Polish Investment and Trade Agency.
POLAND-KOREA Business Forum 2022 as a platform dedicated to investment cooperation
POLAND-KOREA Business Forum 2022 was the next edition of the Polish-Korean Business Forum, the first of which was held in 2019 in Seoul. The leading topic of this year’s event was investment cooperation in the field of, among other things, energy transition, transport projects and public-private partnership (PPP). The Forum consisted of a seminar divided into sessions: ‘Poland’s Investment Climate’ and ‘Opportunities in Poland’, and also of a section dedicated to B2B meetings.
The Forum was opened by Anna Łagodzińska, Head of the PAIH Trade Office in Seoul. Next, the following speakers talked about Poland’s economic potential and investment perspectives in our country: Grzegorz Piechowiak - Deputy Minister of the Ministry of Development and Technology (MPiT) and Krzysztof Drynda - Chairman of the Management Board of the Polish Investment and Trade Agency (PAIH). The assembled guests were also welcomed by dr Piotr Ostaszewski – Ambassador Extraordinary and Plenipotentiary of the Republic of Poland to the Republic of Korea. A speech was also delivered by Shawn Chang representing the Korea Trade-Investment Promotion Agency (KOTRA).
TIAS experts with a lecture on the Polish tax system
During the Forum, broad investment opportunities in Poland were discussed, including the formal and legal aspects of doing business in our country. The presentation on the Polish tax system prepared by the experts of TIAS was of great interest to Korean investors. The lecture was delivered in the Korean language by Lee Su Jin, Korean Desk Leader at the TIAS Office.
The aim of our presentation was to familiarise Korean investors with the key features of the Polish tax system. Apart from the basic information on CIT, PIT and VAT, we also presented selected forms of support available to entities deciding to invest in Poland. The Forum participants learned, among others, about tax exemptions as part of the Polish Investment Zone, as well as the advantages of double taxation and social security conventions concluded with Korea. The discussions with Korean entrepreneurs during the networking session have demonstrated how many ambitious projects, with a particular focus on the electromobility sector, they would like to implement in our country - pointed out Dariusz Obrocki, President of the management Board of TIAS.
Strengthening the relations between Poland and Korea
POLAND-KOREA Business Forum 2022 in Seoul was an excellent platform for strengthening business relations. It has also demonstrated how many Korean entrepreneurs perceive our country as a stable, safe and attractive place in terms of locating their business projects. They appreciate, among other things, Poland’s dynamic development, availability of highly qualified staff, as well as the system of investment incentives available in our country.
The Polish-Korean Business Forum was a major success both in terms of the quality of its content and excellent organization, as well the high turnout and participation of the guests – over 150 entrepreneurs from both countries attended the event.
We are proud that the Polish-Korean cooperation has been continuously flourishing, and that we can be part of this success – concluded Dariusz Obrocki.
In Seoul, TIAS was represented by our strong delegation consisting of: Dariusz Obrocki, Karol Kołodziejczyk, Sujin Lee, Magda Jeong – sworn translator of Korean, and Jarosław Ogrodnik – our legal support.
On 22 May 2023 the new provisions on a family foundation entered into force. They are intended to respond to the difficulties relating to the succession of enterprises in Poland. The family foundation, most of all, is to facilitate the continuity of business activity and the protection of the assets in the future, at the same time serving as a financial security e.g. for the closest family of the founder.
Konferencja z okazji otwarcia Regionalnego Biura Handlowego Polskiej Agencji Inwestycji i Handlu
24 sierpnia mieliśmy przyjemność uczestniczyć w konferencji z okazji otwarcia Regionalnego Biura Handlowego Polskiej Agencji Inwestycji i Handlu (PAIH) we Wrocławiu. Wydarzenie rozpoczęło przemówienie Piotra Dytko, członka zarządu PAIH, głos zabrali również wiceprezydent Wrocławia Jakub Mazur, a także wojewoda dolnośląski Jarosław Obremski, którzy podkreślali potencjał gospodarczy regionu. Wrocławski oddział Biura Handlowego PAIH to ogromna szansa dla przedsiębiorców z Dolnego Śląska na rozwój ekspansji zagranicznej.
Tax consequences of the revocation of the state of epidemic emergency
The epidemic emergency caused by SARS-CoV-2 infections was called off on 1 July 2023. Its termination has an impact on many spheres, including tax issues. In view of the above, we have prepared a summary of the most important tax changes for you that are related to the lifting of the state of epidemic emergency.