Krynica Economic Forum – Conclusions

by | Feb 5, 2024 | Business | 0 comments

One of the most important economic events in Central and Eastern Europe – the Krynica Forum (13 – 15 September 2023) – has come to an end. Every year, representatives of academia, business, and politics meet here, finding a platform to exchange observations, define needs, and comment on current phenomena affecting the economic development of the region and the world.
This year’s event was dedicated to Europe and Europeanness, hence the topics of the various plenary sessions:

Between Economy and Politics. Europe in search of recipes for social and economic growth;

How to effectively build an innovative economy? Experiences – inspirations – strategies;

Europe – yesterday, today, tomorrow;

Brexit and the future of the European Union;

Europe in search of value;

Investment in health and the health economy – the health challenges of the state in the context of development.

Three key areas of interest for this year’s event become apparent from the issues covered: security, geopolitics, and innovation.

How is the war in Ukraine affecting the region and the economy?

The topics related to CEE countries and Polish-Korean cooperation are particularly noteworthy. During the panel meetings, participants highlighted, among various factors, the changing dynamics prompted by the Ukraine war, which led to policy shifts in specific areas and previously established frameworks. This is a reference to the acceleration of the modernization process of the Polish army and the increase in military spending. These components are part of the country’s new security strategy, in which the Polish-Korean cooperation has experienced unprecedented momentum. This is one of many areas of this cooperation; there is also a need to train new personnel in the rapidly developing energy sector, especially in the context of Poland’s energy transition. This, too, is key to ensuring security – both at the micro and macro level. It is worth noting that the development of the energy sector in Poland currently involves numerous projects estimated at billions of euros.

Security is a natural concern due to the geopolitical situation, notably Russian aggression in Ukraine. A significant portion of the panel was devoted to the economic crisis tied to this conflict and examined the state of the Russian economy, illustrating how supply chain disruptions and upheaval in the existing economic order can have detrimental effects. It’s clear that economic stability is closely tied to overall security.

Is it worth investing in Poland?

During the Forum, it was repeatedly emphasized that Poland, thanks to its successful transformation, strong position in the region, understanding of the need for innovation, and openness and transparency towards business, is an attractive country for investment. Meanwhile, the established alliances and the ongoing efforts make it a safe country as well. Evidence of economic stability is demonstrated by the good handling of both global and local economic problems, and an increasing number of foreign investments in Poland.

Poland is also a country that understands perfectly what the key to success is. An excellently educated workforce, well-developed R&D area, understanding of the need for innovation, and openness towards business are certainly Poland’s strengths and a good sign for the future. It is also an important signal for businesses looking for new potential both in terms of location and resources.