Chinese business meet aims to boost Poland, EU trade

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WARSAW, Oct 29 (AFP): A Chinese trade congress touted as the first of its kind in Europe drew nearly 2,000 delegates last Thursday in Warsaw keen to do business with Poland, the only EU state to have escaped recession. While some 600 Chinese business representatives eyed Poland as a gateway into the 27-nation European Union, Polish entrepreneurs sought out Chinese investment capital as local financial market turmoil has seen credit flows slow. "Hong Kong has been able to sustain growth, like you in Poland," senior Hong Kong official Stephen Lam told delegates to the event, co-organised by Hong Kong and China's Guangdong province. Lam pointed to 7.0 per cent growth in 2010 and 6.3 per cent in the first half of 2011. In 2009, Poland's economy expanded 1.7 per cent as all other EU states fell into recession. After 3.8 per cent growth last year, it expects a 4.0-per cent rise this year, slowing to 2.7 per cent in 2012. "Today in 2011, we're all concerned about the eurozone crisis, but you (Poland) have been able to weather these storms up to now," Lam said, highlighting the Hong Kong stock exchange's top global position for companies seeking to raise capital. "We surpassed both London and New York, and in 2010 we raised 57 billion US dollars in new money," he said. "We're exploring the opportunities presented by Hong Kong as a gateway to the Chinese market, also from the point of view of easily accessible financial operations (...) including the opportunity of accessing capital ... on the Hong Kong exchange," Polish Deputy Prime Minister Waldemar Pawlak told reporters at the event. "There's a surplus of cash in Asia, particularly China, which we in Europe, in Poland can only dream of for investment," Edward Kostrubiec, owner of a Polish metal works firm seeking investors, told the reporter. "It's our first time in Poland and we're looking for opportunities to cooperate with Poland's companies, especially in medical equipment," Ivan Guan, of China's Zhongshan Bureau of Foreign Trade said. "It's a very good conference -- look at all these cards," he added, pointing to a neat pile of business cards from Polish firms. But Poland's largest bid to boost business with China ended in failure earlier this year, when funding disputes made Warsaw drop the first Chinese firm to win a major public works deal in the EU for a highway contract. Bilateral trade is dominated by Chinese machinery and electronics imports and Polish metals exports, with the total worth $18 billion in 2010, official Polish figures show, a 17.6-per cent rise over 2009. A country of 38 million, Poland joined the EU in 2004.