4th Investment Forum Of the Economic Forum (2011)
Tarnow September 6-7th, 2011


Under the Honorary Patronage of
Mr Aleksander Grad, Minister of the Tresury

According to the Polish Minister of State Treasury, Aleksander Grad, development of strong capital markets is the greatest success of the 20 years of economic transformation in Poland. The head of ministry emphasized that further strengthening of these markets should be a priority for the coming years.



‘In my view, despite many various successes in the process of transformation and privatization in Poland, the biggest success is that strong capital markets have been built within 20 years in Poland together with strong institutions, which compose their framework’ – said minister Grad on Tuesday during a discussion panel inaugurating the 4th Investment Forum in Tarnow.

As he reminded, over the last recent years, a priority for the government of Donald Tusk has been to consolidate national capital markets. ‘We have pursued it with absolute consistency’ – pointed minister Grad.

According to him, the nearest plans assume further strengthening of the doctrine, which aspires to make Warsaw the most important financial centre in the region of Central and Eastern Europe.

‘I’m convinced that it will be a very measurable advantage in the coming years. We are aware of the present situation in the world and in the Eurozone and its influence on the markets, but it won’t last forever. We cannot retreat now and this doctrine should be supported’ – emphasized the Polish treasury minister.

He reminded that 230 companies with 100 % stake and further 30 companies with more than 50 percent stake of the state lie currently in the hands of the ministry of treasury. In subsequent 300 companies the ministry of treasury is a minority shareholder and the task of brining their privatization to an end will be a big challenge for next governments and ministries of treasury – according to Grad.

According to his announcement, the outcome of privatization this year should be in line with the forecasts of approx. 15 billion zlotys of privatization revenue.

Vice-president of the Ukrainian State Property Fund, Yuri Yakovliev, who participated in the discussion, estimated that in recent years his country has considerably slowed the pace of structural reforms in the economy, and realization of privatization plans has been chaotic, treated mainly as a tool for filling the state coffers.

The liquidity of Ukrainian capital markets is insufficient in his opinion; they do not attract new investment and have a speculative character to a great extent.

Yakovliev announced acceleration of privatization processes in Ukraine within the next four years. Privatization includes such important sectors of the economy as energy (production and distribution), mining industry (mainly coal industry), railway and air transport as well as agricultural and food processing industry.

In his view, the annual privatization receipts in these years should be from 50 to 70 billion hryvnas. This year they are expected to reach 10 billions hryvnas.

According to Prof. Bernardo Bortolotti from Turin University, privatization policy has been one of the milestones in the economy of European states, but in recent years it was halted by the financial crisis.

Lack of intention to privatize represents – according to him – one of the major reasons of the current financial problems of Italy.

‘The crisis of indebtedness causes that privatization is bound to be a cornerstone that will allow consolidation of public finance in the countries experiencing the crisis’ – he estimated.

The 4th Investment Forum in Tarnow was attended by approximately 300 persons: representatives of governments responsible for the course of privatization processes in Central Europe, presidents of the biggest companies and directors of stock exchanges and banks. The event precedes the Economic Forum in Krynica, which begins on Wednesday.





10:00-18:00 Guest Registration


•  Presentation of the Report:

Analysis of ownership transformation in Poland and in Europe with particular emphasis on the countries of Central and Eastern Europe –  Jacek Hryniuk, Partner, Ernst & Young, Poland

•   Discussion panel: Privatisation in the CEE Region – comparative study

Global economic crisis brought back the debate on the economic sense of privatisation, and a contentious issue of the superiority of the private ownership over the public ownership. However, despite criticism, twists and turns, it must be remembered that privatisation was part of successful transformation of many countries' economies, including that of Poland. It had a positive impact on economic growth and opened the way to entrepreneurship and economic activity as such. Owing to the processes initiated over 20 years ago, Poland, together with other  CEE countries, has become a full-fledged and respected member of the European family of nations.

In what way has property transformations affected t economic development in CEE region:has it facilitated modernisation of the economy and improved performance of the privatised companies, or has it only been a way to get rid of the competition?


Moderator: Anthony Alt, Deputy Chairman, Rothschild, United Kingdom


1.         Aleksander Grad, Minister of Treasury of the Republic of Poland

2.         Yurii Yakovliev, Deputy Head, State Property Fund of Ukraine

3.         Prof. Bernardo Bortolotti, University of Turin, Italy

4.         Duleep Aluwihare, Managing Partner, Ernst & Young, Poland

5.         Jean-Marc Peterschmitt, Managing Director, Central and South Eastern Europe, European Bank for Reconstruction and Development (EBRD), United Kingdom



•  Presentation of the Institution: Industrial Development Agency, Andrzej Szortyka, Member of the Board

•  Presentation of the Business Leader: Polimex-Mostostal S.A.- Konrad Jaskola, President of the Management Board  


14:40 – 14:50 Coffee break




Moderator: Paweł Jarczewski, President of the Board, Zakłady Azotowe "Puławy" SA, Poland

1.       Tomasz Kossowski, Deputy Mayor, City of Zamość, Poland

2.       Yurii Yakovliev, Deputy Head, State Property Fund of Ukraine

3.       George Tsikolia, President, Invest in Georgia

4.       Rolands Lielbriedis, Head of the Representative Office in Poland, Investment and Development Agency of Latvia


15:40-16:25 LUNCH


16:25 – 18:20


•   Presentation of the Report:

Prospects of development of the world economy, including Polish perspective. Investments in the time of lower growth and higher fluctuation  Jakub Karnowski, President of the Management Board, PKO TFI, Poland


•   Presentation of the Institution:

Warsaw Stock Exchange


•   Discussion panel: Capital market development in Central and Eastern Europe – one or many leaders?

The Warsaw Stock Exchange is today the most vital capital market in Central and Eastern Europe. Owing to consistent actions and permanent growth in value, it has gained the status of the regional financial centre. It seems that further strengthening of their position requires the establishment of a cooperation platform between the Central Eastern European companies that consider the public offering, and global investors looking for new market possibilities in Europe. The Warsaw Stock Exchange can be, to a large extent, a place to acquire capital necessary for the development of regional businesses, and also a good idea for global foreign investors in their quest of possibilities to diversify their financial portfolio.

Moderator: Mateusz Morawiecki, President of the Board, Bank Zachodni WBK, Poland


1.       Krzysztof Walenczak, Undersecretary of State, Ministry of Treasury, Poland

2.       Ludwik Sobolewski, President and the CEO, Warsaw Stock Exchange

3.       Heinrich Schaller, Joint CEO of Wiener Börse AG, Austria

4.       Indras Aščuks, Head of Baltic Market Development at NASDAQ OMX, acting as a Deputy of a President, NASDAQ OMX Riga, Latvia

5.       Richard Cormack, Managing Director, Head of New Markets Equity Capital Markets 
Goldman Sachs, United Kingdom

6.       Tom Attenborough, Managing Director, CEEMEA CMO Citi, United Kingdom


Vladimirs Loginovs, Head of Commercial Department, Latvian Privatisation Agency


18:20 – 18:30- Coffee break


18:30 – 19:50

•  Presentation of the Report:

The future of investment banking in CEE region - Artur Tomala, Executive Director, Goldman Sachs


•  Presentation of the Business Leader:

 PKO TFI - Piotr Dubno, Member of the Management Board


•  Discussion panel: Development of the investment banking in Central and Eastern Europe

Investment banking enables investors to i.a. acquire the necessary capital. Owing to their innovativeness and growing impact of the financial institutions, the most-renowned world investment banks attract more and more capital, and thus they play an increasingly important role in the global financial system.

The development of the investment banking in Central and Eastern Europe is determined by market, institutional and legal factors. Discussants will analyse the impact of the economic situation in different countries on the process of the creation and evaluation of this segment of financial services. They will also present models of functioning of the investment banking applied on European markets, and will reflect on European markets, and will reflect on the influence of the EU membership on the development of this sector of the economic activity.

Moderator: Jacek Socha, Vice-President, Partner, PwC Poland


1.       Jakub Karnowski, President of the Management Board , PKO TFI, Poland

2.       Przemysław Gdański, Member of the Board, Director of Corporate Banking, BRE BANK S.A., Poland

3.       Dariusz Tokarczuk, Managing Partner, Gide Loyrette Nouel Warsaw Office, Poland

4.       Paweł Graniewski, Head of Investment Banking, Citi Handlowy, Poland


5.       Tomasz Bardzilowski, Managing Director, Credit Suisse Securities Limited Sp. z o.o. , Poland


19:50 -20:00- Coffee break



Moderator: Ryszard Kruk, Advisor, Enterprise Investors, Poland

1.       Zbigniew Prokopczyk, Director of Real Estate Management Team, Military Property Agency (MPA), Poland

2.       Wojciech Seremet, President of the Management Board, The Tarnow Industrial Cluster, Poland

3.       Adam Grabowiecki, President of the Board, The Legnica Special Economic Zone , Poland

4.       Wojciech Szczepanik, Vice-President of the Board, Małopolska Regional Development Agency, Poland





09:00- 10:20

•   Discussion panel: Secure Europe – do private or state owned companies ensure security and development?

Secure Europe is one of the priorities of the Polish EU Presidency. Poland will carry out decisive actions aiming for more efficient functioning of the EU among the international players in the field of energy and therefore leading  to significant savings and better conditions for economic development. Ensuring energy security in the context of privatization of public companies is one of major issues connected with this subject. Commentators draw attention to the emerging risk of the contradiction between the economic interests of the private owner and state authority. The question is: to what extent governments should, through the regulatory tools-impose the expected actions of big energy companies? To what extent the government should develop the cooperation with them to achieve the highest safety standards, while providing the maximum of economic and social benefits for both sides?

Moderator: Dariusz Marzec, Director, KPMG


1.          Mikołaj Budzanowski, Undersecretary of State,, Ministry of Treasury, Poland

2.          Jaroslav Zlabek, President, Schneider Electric Poland, France

3.          Michał Szubski, President of the Board, Polish Oil and Gas Company S.A. (PGNiG S.A.), Poland

4.          Maciej Owczarek, President of the Management Board, ENEA S.A, Poland

5.          Robert Soszyński, President of the Board, PERN „Przyjaźń", Poland


Robert Jędrzejczyk, Partner, Gide Loyrette Nouel Warsaw Office, Poland


10:20- 10:30 Coffee break

10:30- 11:45

•  Presentation of the Report:

Situation on commercial real estate market in the first half of 2011 - Wojciech Pisz, Director, Cushman & Wakefield Poland


•  Presentation of the Business Leader:

J.W. Construction Holding S.A.- Małgorzata Szwarc-Sroka, Director of Economic Division  


•  Discussion panel: Real estate market – new trends and investment opportunities

In Poland, which has been a "green point" on the map of Europe in the years of crisis, recession on the real estate market was felt less than in other countries of the regions. Last year were a difficult period for market players operating in this sector, although, as the majority of experts say, Poland is rapidly recovering, or, as others claim, has already recovered from the slump on the real estate market. Foreign capital flowing back to Poland, while investment funds seem to be regaining interest in the opportunities created by the Polish market. The market is gradually stabilising, local self-governments seek ways to attract capital, and investors declare themselves open to new trends and areas of investment.

PARTNER: Małopolska Region

Moderator: Roman Ciepiela, Deputy Marshal, Małopolska Region


1.     Tomasz Panabażys, Vice- President, J.W. Construction Holding S.A.

2.     Wojciech Pisz, Director, Cushman & Wakefield Poland

3.     Pawel Kuglarz, Attorney-at-law, Partner, Beiten Burkhardt P. Daszkowski

4.     Wojciech Kuc, President, Polish Real Estate Federation (PREF)

5.     Michał Kuzawiński, Analyst, J.P. Morgan, Polska



Investment of the Central and Eastern Europe 2011

Investor of the Central and Eastern Europe 2011

Closing Remarks



ADRESS: Solski Theatre  Building in Tarnów, Mickiewicza Street  no. 4



The main partner of the Investment Forum is the Małopolska Voivodship





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