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They are one of the leaders in Scandinavia. They focus on a different factor than price.
A survey conducted by SPCC confirms that 68% of companies have declared an increase in investment outlays in the coming five years.
– A feature that definitely distinguishes Scandinavian investors is the high level of reinvestment. The rate of reinvestment of profits in their case is 70% and is 10 percentage points higher than the average for all foreign investors. In the case of investors from Sweden, the reinvestment rate is as much as 90% – notes Artur Swirtun, president of the Scandinavian-Polish Chamber of Commerce.
Trade has increased several-fold
The Scandinavian countries as a group are not only one of the leaders in investment in Poland, but also one of Poland's most important trading partners. Over the last twenty years, economic relations between Poland and Scandinavia have undergone a huge change. Since Poland joined the European Union, exports from Poland to Scandinavia have increased six-fold, and imports have increased seven-fold.
In 2023, the total trade in goods and services between Poland and the Scandinavian countries amounted to EUR 56.4 billion. The Scandinavian countries as a group came second after Germany (EUR 206 billion). So there was a significant change in quantity, but even more importantly – also a change in the nature of trade. In the early 2000s, the most important goods exported from Poland to the Scandinavian countries were mainly raw materials, today exports to the Scandinavian countries are much more advanced in terms of technology.
– Poland is a country developed technologically and business-wise. IKEA's success in Poland in recent years in terms of omni-channel transformation was possible, among other things, because of the very well-developed infrastructure around it. There is an extensive logistics network for e-commerce, as well as many local companies operating in this industry. They have broad competences in the online area and are ready to invest in technology. But consumers' readiness and willingness to use many different shopping paths using new technologies is equally important. This gives Poland an advantage compared to other markets. – says Marina Dubakina, President and General Manager for Sustainable Development of IKEA Retail in Poland
This is confirmed by Thomas Knudsen, Managing Director of Pandora Jewelry CEE.
– Polish consumers are exceptionally tech-savvy. They move freely in the world of social media and quickly adopt new trends, which is why they are much more open to the strategies used by brands than consumers from countries such as Germany, Great Britain or France. Companies operating in Poland perceive such technical preparation and openness to novelties as important advantages of the market. We, on the other hand, bring a well-established tradition of craftsmanship combined with modern technology and innovative solutions, which are warmly received on the Polish market – assesses Thomas Knudsen.
Share in Polish GDP, knowledge exchange and innovation
An increasing part of the local Polish economy is involved in the development of supply chains around Scandinavian companies and exports to Scandinavia.
Scandinavian companies directly generate around 1.3% of Polish GDP. But their impact on the economy is much greater. More and more local companies are involved in the development of supply chains around Scandinavian companies and exports to Scandinavia. The total value generated in Poland for recipients in Scandinavia, by direct exporters or their suppliers and sub-suppliers, amounts to around PLN 75 billion, or 2.5% of Polish GDP.
When we talk about the impact of Scandinavian investors on the economy, we mean more than just monetary values. An important aspect of this cooperation is the exchange of knowledge and know-how, which contributes to increased productivity in the entire business environment.
Scandinavian companies attach great importance to conducting business in accordance with the principles of sustainable development, which is an additional value. Scandinavian business, using its experience from domestic markets, actively works for the green transformation of the Polish economy, also cooperating with local partners, an example of which are, among others, offshore investments in the Baltic Sea.
– The exchange of knowledge and benefits are mutual – both in the economic and social dimension. Today, investors from Northern Europe are attracted to Poland not only by the dynamics of the market and excellent logistics facilities, but also by the high competences of the employees. Today, Polish-Scandinavian cooperation is based on partnership and synergy – emphasizes Agnieszka Zielińska, Managing Director of the Scandinavian-Polish Chamber of Commerce.
Agnieszka Zielińska, Managing Director of the Scandinavian-Polish Chamber of Commerce (photo: press materials)
An example is Medicover, a Swedish company that was founded in Poland.
– Medicover is a combination of Swedish capital and Polish entrepreneurial spirit. We started our business here almost 30 years ago and since then we have expanded our operations to various segments of health and well-being services, serving as a model for other companies in the industry. Poland stands out from other countries, such as Sweden, with its drive for change. People here have incredible energy and commitment to building a better future. This drive is a significant factor in our success and provides a competitive advantage over markets in other countries – comments Fredrik Rågmark, CEO of Medicover
350 thousand employees involved in deliveries
Another important area of influence is the labor market. Scandinavian employers employ over 200,000 people in Poland – for comparison, this is more than the entire mining and quarrying sector in Poland (approx. 180,000 people). However, the entire supply chain for export to Scandinavia employs approx. 350,000 workers. Scandinavians are the fourth largest employer among foreign investors in Poland. Employers from Northern Europe are valued by employees, but employers also give high marks to Polish employees. High efficiency, commitment and good education are some of the key factors encouraging further development of companies in Poland. Scandinavian companies increasingly see Poland as a market where funds are worth investing in research and development.
– Until recently, the Polish market was distinguished by the ratio of high quality to low price of work. However, in recent years, labor costs have significantly increased. Therefore, today the quality of work and a conscientious approach to the duties of Polish staff are of the greatest importance. Sometimes colleagues from other parts of the world point out to me that in Poland, but also more broadly – in the whole of Central and Eastern Europe, employees are extremely persistent and creative in searching for effective solutions. Such an unconventional approach is not always encountered in more mature economies, where activities are carried out in accordance with specific processes, leaving little room for search. This creativity, combined with an excellent level of education, provides a very good environment for business development. – says Wiktor Janicki, President of the Management Board of AstraZeneca Pharma Poland
The area of business services in Poland has been developing dynamically since the mid-1990s, and Scandinavian companies in the BPO sector have a significant share in this – they already employ 40,000 people in Poland. There are specializations in which Polish employees are definitely leading. As Paweł Jemioł, director of the operations department in the Nordea Group, notes, one of the key areas that has developed significantly in recent years is counteracting financial crime. Poland has become a European competence center in this area, attracting the attention of various financial institutions. For example, Nordea Bank employs teams responsible for AML (Anti-Money Laundering), sanctions, and counteracting terrorism financing in Poland, numbering over a thousand specialists.
– We hope that this study will bring closer the scale of activity and the scope of economic relations
Poland and Scandinavia and will be an impulse to further discover the potential of this cooperation – sums up Agnieszka Zielińska