Newspaper article The Christian Science Monitor

Polish Leaders Urge US Investment Nation to Relax Rules on Foreign Investment, Opening to Repatriation of Profits, Capital Gains. EAGER PARTNER

Newspaper article The Christian Science Monitor

Polish Leaders Urge US Investment Nation to Relax Rules on Foreign Investment, Opening to Repatriation of Profits, Capital Gains. EAGER PARTNER

Article excerpt

FORTY-FIVE years ago communists turned the Warsaw stock exchange into a "revolution museum." Recently restored to democracy, Poland plans to open a stock exchange this June - in the former headquarters of the Communist Party.

This "small historical revenge" was related by Janusz Lewandowski, the minister of privatization, during the visit last weekend of a Polish government delegation led by President Lech Walesa.

The story drew the expected laugh and also made a point: Democracy has come faster to Poland than a market economy has. According to Mr. Lewandowski, "the whole reconstruction of the Polish economy is unthinkable without a bigger inflow of foreign capital," which the delegation's visit to four American cities was intended to stimulate.

Foreign investment in Poland stands at $350 million, mostly from Germany and Sweden. The United States ranks third, with investments of $30 million in 214 joint ventures. Those sums are small compared to Poland's economic challenge. Lewandowski, for instance, has 8,000 state-owned factories to sell.

In calling for greater US investment, Polish officials dwelt partly on their need but also on government action to enhance the opportunity for profit.

Visa restriction lifted

Americans no longer need visas for travel in and out of Poland. One bill before parliament would replace a cumbersome system of permits and concessions with a simple commercial registration. Limits on repatriation of profit and capital gains from foreign investments are to be junked. Investments exceeding $2.8 million will receive an income tax exemption.

In Washington, Mr. Walesa promised US businessmen: "You will see that my country is the best area for American economic expansion." He urged US companies to participate in telecommunications, shipping, and banking. "We welcome all foreign partners. Do come."

The delegation also called for larger US import quotas on Polish textiles and steel, and for negotiations on a Polish-US free-trade agreement.

One step toward increased trade and investment, announced Sunday, was the formation here of the US-Poland Chamber of Commerce (USPCC), a clearinghouse to help businessmen in each country get information and make contacts. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.