With Indian companies investing in acquiring firms in Europe, Poland, now part of the European Union (EU), hopes to attract some Indian investment and is sending a high-powered delegation to the country to promote itself as a destination.
"Poland can be an interesting destination for Indian investors. This is why we have taken a major initiative to woo Indian businesses to invest in our duty free zones," Dariusz Karkowski of the Polish Information and Foreign Investment Agency (PAIAZ) said on the eve of his delegation's departure to India.
The delegation will, for a week, conduct seminars entitled "Road Show India 2006" in New Delhi, Mumbai, Ahmedabad, Bangalore, and Hyderabad to present their case to potential Indian investors to take the full benefit of Poland's strategic and economic proximity within the European Union.
The delegation will also address the demands of individual entrepreneurs during interactions with the Federation of Indian Chambers of Commerce and Industry(FICCI) in New Delhi and the Indian Chambers of Commerce (ICC) in Mumbai.
With FICCI, the Polish investment agency will sign a memorandum of understanding (MoU) to enable them coordinate for future commercial deals. The Polish agency will also help in sorting out legal and administrative issues.
The two countries had, during Indian Commerce Minister Kamal Nath's visit to Poland in May, pledged to increase their trade from $600 million in 2005 to more than $1 billion by 2010. The visit had led to the formation of a Polish-Indian Parliamentary Group chaired by Senator Jacek Waosowicz.
This influential group, along with the Polish-Indian Chamber of Commerce that was formed last year, has become important promoter of trade between the two countries.
During a reception for Karkowski's delegation, Indian Ambassador Anil Wadhwa assured the audience that New Delhi was very keen to promote trade relations with Poland and hoped investors from this country would contribute to the $150 billion India hoped to attract for the infrastructure in the next decade.
"The sky is the limit, provided you take the initiative and understand a rapidly enlarged market in India. This kind of opportunity comes very rarely, don't miss it," Wadhwa said.