Greek Companies prospering in Poland (Warsaw Business Journal)

Greece has made the headlines for all the wrong reasons in 2011, with the country being hit by political turmoil as it struggles under the effects of the economic crisis. However, for many Greek companies based inPoland, this year has been business as usual.
There are currently about 40 companies with Greek capital active in the Polish market, according to figures from the Embassy of Greece in Warsaw.
Greek-owned companies have invested more than €1.4 billion and created a total of 11,000 jobs in Poland, the country’s ambassador to Poland, Gabriel Coptsidis, said in a statement earlier this year.
Mellon Group, a company headquartered in Athens specializing in IT services and sales for financial institutions, telecommunications firms and companies in the retail sector, established itself in the Polish market almost six years ago. A growing Polish client base, which includes lenders such as PKO Bank Polski, Polbank EFG, and mBank, helped Mellon Poland make it in to the top 100 companies of Europe’s 500 fastest growing companies in 2010. Europe’s 500, which makes the ranking, is an association of fast growing owner-managed companies in Europe.
“This year is better than the previous one, and we have not been affected,” said Grigorios Kotoulas, General Manager, Mellon Poland. “However, we see in the market that there is a slowdown, but not a recession. We are making plans accordingly but none that … will affect our forecast for2012”, he added.
For Lefteris Maroulis, general director of sports betting firm Totolotek (owned by Greek company Intralot), business has been going well inPoland. Totolotek is a company which has been organizing sports betting in Poland since 1992 and operates close to 400 locations in the country.
(Warsaw Business Journal, 20/12/2011)

Για την προετοιμασία του άρθρου η δημοσιογράφος Veronika Joy συνεργάστηκε με το Γραφείο Τύπου και το Γραφείο Οικονομικών και Εμπορικών Υποθέσεων.

Advertisement

Interview of Greece’s Ambassador Gabriel Coptsidis at “The Warsaw Voice”

As Appealing as Always

Greece’s Ambassador to Poland, Gabriel Coptsidis, talks to Ewa Hancock. (magazine April 2011)

What steps has Greece taken to extricate itself from the financial crisis?
The Greek government has so far managed to successfully complete a series of reforms in crucial sectors. It has radically limited the operational costs of the public sector and fully reformed the pension and labor market systems as well as the local government structure. Greece continues to press ahead with the necessary structural reforms aimed at promoting growth. In this area, steps have been taken to further reduce counterproductive public expenditure, increase competitiveness, remove bureaucratic obstacles from the investment procedure, introduce a new institutional framework for the promotion of exports, and make an organized effort to evaluate public property.
Let me please underline at this point that the European Council of euro-area member states on March 11—which the Polish Prime Minister, Donald Tusk, also attended—decided to reduce the interest rate on the loan for Greece by 1 percent and to prolong the loan repayment. These two factors are strong and vivid proof that our partners in the EU recognize the huge effort, the significant progress and sacrifices made so far by the Greek people.
Will the situation in Greece affect Greek investors in Poland?
We don’t expect that the current situation will negatively affect economic relations between the two countries. On the contrary, we believe that new opportunities have been created. Besides, Poland’s sustainable development, with its solid economic foundations, favorable location in the center of Europe, 38-million-strong consumer market and well-educated work force, makes the country an attractive place for investment and business expansion. On the other hand, Greek companies that are active in the countries of Southeast Europe in almost every sector of the economy—including information technology and telecommunications, the finance sector, the food and beverage sector, the energy and petroleum sector, building and packaging materials, construction and real estate—are also active on the Polish market.
When it comes to Greek investment in Poland, about 40 companies with Greek capital are currently active on the Polish market. Greek-owned companies have invested more than 1.4 billion euros and created a total of 11,000 jobs in Poland. Greek-owned companies have developed their business in various sectors of the economy. For instance, Germanos/Play is active in telecommunications, Polbank in the banking sector, Coca Cola/Hellenic Bottling Company in beverages, J&P Avax and Alfa Grisin in construction, Terna Energy in renewable energy, Chipita in food, and Totolotek in gaming.