Iwona Piekunko-Mantiuk, Ph.D.

Bialystok Technical University

Faculty of Management

CHANGES OF VOLUME AND STRUCTURE OF FOREIGN DIRECT INVESTMENTS IN POLAND, 2000-2006

Introduction

The functioning of economic entities with foreign capital participation is an important element to the majority of contemporary countries as it conditions their development opportunities. Foreign direct investments (FDI) are the most wanted forms of foreign capital inflows to a country because, unlike other forms of international capital flows, they are much more stable and bring such development factors like new technologies, know-how, modern management methods, access to new purchasing markets, growth in export and the competitiveness of the economy, as well as improvements in the labour market, etc. Investments of this type are also beneficial to enterprises themselves, which can for example lower their production and activity costs, increase production, income and profits, ensure better access to purchasing and supplying markets, as well as reduce economic and political risk of the conducted activity. That is why, in the last years in particular, investors have been seeking new and good locations for their activity while state governments have been trying to attract investors with various advantages to encourage them.

As regards the developing countries and the ones under system transformation, the inflow of foreign capital in the form of foreign direct investments is of special importance to them. Unfortunately, investments of this type for many years had been perceived as dangerous to the functioning of domestic entities and domestic economy. Only the last decade of the 20th century brought a clear change to the perception of FDI, both by domestic entities and authorities, which was reflected also in the policy towards enterprises with foreign capital participation as well as in the volume and structure of their inflow.

In Poland, like in the majority of the Central-Eastern European countries, the role of foreign direct investments is growing. The economic transformation that started in the early 1990s along with a gradual opening of an absorptive market, relatively low costs of production factors, and improvements in services to foreign investors increased interest in Poland as a place for FDI location.

Considering the above, the aim of the foregoing paper is to present the changes to the volume and structure of the foreign direct investment flows to Poland in the years 2000 – 2006. The paper also discusses the role of FDI in the functioning of the Polish economy.

1. The definition of foreign direct investments

Economic literature offers many definitions of the term “foreign direct investments”. Basically, FDI involves establishing a new enterprise abroad from the very basics or taking over an existing one. Investments of this type may be both of a financial character as well as of the real one (equipping an enterprise with capital goods) and may be undertaken by individuals as well as business entities.

The definitions that are most frequently applied are the ones accepted by international organizations. According to the Benchmark Definition of the Organization for Economics and Co-operation Development (OECD), foreign direct investment (FDI) “is international investment made by an entity resident in one economy in an enterprise resident in another economy, with the objective of obtaining a lasting interest. The lasting interest implies the existence of a long-term relationship between the direct investor and the enterprise, and a significant degree of influence on the management of the enterprise. Direct investment involves both the initial transaction that establishes the relationship between the two entities and all subsequent transactions between them and among affiliated enterprises, both incorporated and unincorporated.”[1] The threshold value estimated for lasting interest is 10 per cent or more of the ordinary shares or voting power (for an incorporated enterprise) or the equivalent (for an unincorporated enterprise).

Similar classification and definition criteria for foreign direct investment are applied by, among others, the United Nations Conference on Trade and Development (UNCTAD)[2], the International Monetary Found (IMF)[3], as well as the Polish Information & Foreign Investment Agency, and the National Bank of Poland.

Due to the fact that the issue and reporting on the direct investment scale is dealt with by many various domestic, regional, and international establishments and institutions, which apply a similar, but not the same, methodology, it should be remembered that the data they offer often differ from one another. As stressed by UNCTAD, what is a problem when producing FDI statistics is the fact that there is a considerable difference in the data on direct investment inflow reported by some countries and the ones reported by the foreign investors’ countries, e.g. in 2000 China reported the FDI inflow from France at 853 millions of dollars, whereas the French reported that their investment in China had reached 325 millions of dollars.[4] There are more problems like this, which is why all data on foreign direct investments should be treated as approximate. Moreover, it needs to be taken into consideration that the data quoted for the last year are estimations for subsequent corrections.

Considering the methodological problems mentioned above, the analyses presented in the present paper employ figures coming from two sources. The comparison between Poland and central-eastern Europe as well as other world tendencies is based on UNCTAD data. The analysis of the change to the structure of FDI inflow into Poland and its importance to the economy, on the other hand, is based on domestic data (Polish Ministry of Economy, Polish Information & Foreign Investment Agency, National Bank of Poland).

2. The scale of the foreign direct investment flow into Poland

Interest in Poland and the whole region of Central-Eastern Europe as a place for locating foreign direct investments started in mid 1990s. At that time the effects of the economic transformation initiated in 1989 began to appear. The inflow of foreign capital was facilitated by, among others, the privatization of state-owned companies, high absorptiveness of the Polish market, possibility of using the technological advantage, low production costs, and the prospect of EU membership. In the years 1995-2000 the cumulated value of the foreign direct investments in Poland increased from 6.8 do 49.4 billion USD.[5] In next six years this value doubled.

Considering the tendencies in FDI flow that took place in that time, they were basically compatible with the world trend. (Figure 1). The exceptions were years 2004-2005. In 2004 there was an unproportionally high increase in interest in direct investments in Poland as compared to the global value. The reason for this was Poland’s accession to the EU and changes that it brought. Locating FDI in Poland by non-EU countries offered access to the entire Community’s market, and it was cheaper than in the existing EU countries at the same time. Moreover, the old EU Members started to consider locating their activity in Poland.

Figure 1. Foreign direct investments inflows in the World and in Poland, 2000-2006

Source: Based on data from UNCTAD.

In 2005, the value of the capital located in Poland I the form of FDI fell by ¼ and made about 1% of the direct investment flow registered in the world in that year. In 2006, the FDI inflow reached the record-breaking value, and according to the estimates of the Ministry of Economy, in 2007 even more capital was located in Poland in this way (over 15 billion EUR).

However, taking the country size and its location into consideration as well as the statistics for the remaining countries of the region (Table 1), one could expect a higher level of foreign direct investors’ engagement in Poland. In 2002, the FDI in the Czech Republic was two times higher than in Poland, and in 2005 by over 2 billions higher. In 2002, Poland lost its leading position in the region to the advantage of the Russian Federation. In 2006, almost ⅓ of total direct investments undertaken in Central-Eastern Europe were located in the Russian Federation.

Table 1. Foreign direct investment inflows in Central and Eastern Europe countries, 2000 - 2006 (in millions of USD)

Economics	Year
	2000	2001	2002	2003	2004	2005	2006
Albania	143	208	135	178	338	277	325
Belarus	119	96	227	171	164	305	354
Bosnia and Herzegovina	147	130	265	381	668	521	423
Bulgaria	1 002	813	905	2 097	3 452	3 862	5 172
Croatia	1 089	1 561	1 126	2 042	1 227	1 790	3 556
Czech Republic	4 984	5 639	8 483	2 101	4 974	11 658	5 957
Estonia	387	542	284	891	971	2 879	1 674
Hungary	1 646	2 440	2 994	2 162	4 506	7 619	6 098
Latvia	410	164	254	300	637	724	1 634
Lithuania	379	446	732	179	773	1 032	1 812
Moldova, Republic of	129	156	132	71	148	199	222
Poland	9 341	8 830	4 131	4 123	12 890	9 602	13 992
Romania	1 025	1 157	1 144	2 213	6 517	6 483	11 394
Russian Federation	2 714	2 469	3 461	7 958	15 444	12 766	28 732
Serbia and Montenegro	25	165	137	1 360	1 029	2 090	5 128
Slovakia	1 925	1 579	4 094	669	3 031	2 107	4 165
Slovenia	136	503	1 686	337	827	496	363
TFYR Macedonia	177	442	78	95	157	100	351
Ukraine	595	792	693	1 424	1 715	7 808	5 203
Total in region	26 373	28 132	30 961	28 752	59 468	75 663	92 390

Source: Based on data from UNCTAD, World Investment Report 2003. FDI Policies for Development: National and International Perspectives, Nations, New York and Geneva 2003, p. 252; World Investment Report 2005. Transnational Corporations and the Internationalization of R&D, United Nations, New York and Geneva 2005, pp. 303-307; World Investment Report 2007. Transnational Corporations, Extractive Industries and Development, United Nations, New York and Geneva 2007, pp. 251- 254.

As results from the research conducted by various institutions, further foreign capital inflow into Poland can be expected. In December 2005, in terms of FDI Confidence Index calculated by the Global Business Policy Council, Poland was in the 5^th position (went up from 12^th position) after such countries like China, India, the United States, and Great Britain.[6] In the latest ranking, of The Federation of European Employers Poland was acknowledged as the most attractive country in Europe in terms of investment. The high attractiveness of Poland as a location for FDI is also confirmed by the UNCTAD research (Table 2). In The World Investment Report 2007 Poland achieved the 8th position among the best locations for foreign direct investments for the years 2007-2009. In this respect China and India are still unbeaten.

Table 2. The most attractive locations for FDI for 2007-2009

Economics	Percentage of respondents	Economics	Percentage of respondents
China India United State Russian Federation Brazil	52 41 36 22 12	Viet Nam United Kingdom Poland Germany Australia	11 10 7 7 6

Source: UNCTAD, World Investment Report 2007…, op. cit., p. 30.

Poland’s attractiveness in terms of new foreign direct investments is also confirmed in the research by Ernst& Young. In the last edition Poland maintained the second position in Europe (18% of votes). The first position belonged to Germany (20% of votes), whereas the third one to the Czech Republic (13% of votes).[7]

3. The structure of foreign direct investment in Poland

Direct investments located in Poland come mainly from the old EU countries (EU-15) and USA. At the end of 2006, Polish FDI liabilities to the EU-15 made over 83% of total FDI liabilities, and those to USA made over 7%. As for non EU countries, (as per FDI cumulated value for the end of 2006.) as much as 20% of the capital comes from the Netherlands, 16.4% from Germany, and11.5% from France (Figure 2).

Figure 2. The structure of FDI in Poland by the country of capital origin

Source: Based on data from the National Bank of Poland.

The structure of foreign direct investment inflow into Poland basically has not changed since 1990s as regards economic zones. The dominant position has been maintained by the EU-15 countries. However, the structure by the country is capital origin is changing. In the last six years a clearly increased interest in Poland has been visible on the part of investors coming from the Netherlands, Luxembourg, Great Britain, South Korea, and Japan.

The most of the foreign capital in the form of foreign direct investment is located in manufacturing (33.9%), financial intermediation (18.9%), trade and services (17.4%), and real estate services, IT, science, and other corporate services (13.7%) (Table 3).

Table 3. Poland’s liabilities due to foreign direct investment broken down by economic activities at the end of 2006 year (in millions of EUR)

Activities	Claims	Liabilities	Net
Agriculture and fishing	16.7	407.0	390.3
Mining and quarrying	3.3	125.5	122.2
Manufacturing of which: Food products Motor vehicles	4 085.7 257.3 945.4	36 140.6 5 085.9 6 637.5	32 054.9 4 828.6 5 692.1
Electricity, gas and water	97.2	2 816.6	2 719.4
Construction	67.3	1 876.1	1 808.8
Trade and repairs	421.9	16 903.2	16 481.3
Hotels and restaurants	7.9	512.7	504.8
Transports, communication	174.5	7 773.4	7 598.9
Financial intermediation	135.1	17 981.8	17 846.7
Real estate & business act. of witch: Real estate Business & manag. consultancy	479.0 216.3 75.8	13 435.9 5 555.3 6 071.2	12 956.9 5 339.0 5 995.4
Other services	7.7	436.8	429.1
Not allocated	0.7	117.5	116.8
Priv. Purchases & sales of real estate		1 441.8	1 441.8
Total	5 497.0	99 968.9	94 471.9

Source: National Bank of Poland, Zagraniczne inwestycje bezpośrednie w Polsce w 2006 roku, Aneks statystyczny, Warszawa 2007, pp.30-32.

The structure of foreign direct investment inflow broken down by economic activities in the years 2000 – 2006 was subject to continuous change, yet these usually were the first three types of activity that had dominant share. Over the years 2000 – 2001, the participation of industry in the structure of FDI inflow into Poland was at similar level and amounted to 22% and 21% respectively. In the nest two years the interest in this type of activity increased considerably. In 2002, 32% of the foreign capital inflow was located in industry and in 2003 as much as 52%.[8] Since 2004, the participation of industry has been falling systematically: in 2004 it reached 37%, in 2005 27%, and in 2006 24%.[9]

The interest of foreign direct investor in locating capital in the activity called financial intermediation in the period under examination was also subject to fluctuations. In 2000, 21% of total foreign capital inflow was located in this type of activity. In the next two years the sire of financial intermediation in the structure of FDI inflow increased and amounted to about 36%. This was caused, among other things, by the privatization of large banks. In 2003, the participation of financial intermediation dropped by 9% to increase gradually to up to almost 18% in 2004 and to 30% in 2005. In 2006, there was another fall registered in the interest in the activity of this type (11%).[10]

Trade and repairs ate the third sector in which foreign direct investors were most interested. Considering the absolute values of the capital inflow into this type of activity, and clear trend to increase from the year 2000 can be noticed. However, as regards the participation of the capital engaged in this branch, the growth tendency is visible only in the years 2000 – 2002 (a rise from 8% to over 14%). Over 2003 – 2006 there is no clear tendency. In 2003, the participation of the FDI located in trade and repairs reached 17%, in 2004 12%,[11] and in 2005 24%, to fall to 16% in 2006.[12]

The positive changes to the structure of FDI inflow broken down by economic activities are confirmed by the growing capital allocation in the following section of real estate services, IT, science, and other corporate services. In 2000, the participation of this section amounted to 4.8%, and in 2006 rose to 32% (with 10.6% made by IT).[13] As compared to 2005, foreign investors located in this type of activity four times more capital, which made this section reach the first position as regards FDI allocation in 2006.

In the period analysed, there are also some beneficial changes to the structure of foreign direct investment inflow by investment form. Since 2003 the participation of the greenfield investment type (starting new activity from the basics) has exceeded 51%. Only in 2002 its participation was almost the same as the one of enterprise privatization (36%) and amounted to 37%.[14]

4. The role of foreign direct investments in the Polish economy

Along with the increase in the inflow and change of the structure of foreign direct investments their role in the functioning of the Polish economy grows as well. FDIs have a positive influence on the labour market, export, payment balance, development and research activity, transfer of new technologies and know-how.

The evaluation of the influence of foreign direct investments on the labour market should include both the primary and secondary effects. The positive primary effects involve a considerable increase in the number of people employed by entities with foreign capital participation (Figure 3), also due to the effect of creating new jobs. The negative primary effects, which appeared in Poland, include employment reductions in the enterprise privatized with foreign capital privatization.[15]

Figure 3. The number of people employed at companies with foreign capital participation 2000-2006

Source: Główny Urząd Statystyczny, Działalność podmiotów z udziałem kapitału zagranicznego w 2005 roku, Warszawa 2006, p.23; Central Statistical Office, Employment in national economy in 2006, Warsaw 2007, p. 28.

Unfortunately, absence of research makes it impossible to fully identify the secondary effects of FDI to the Polish labour market, which must have taken place, and result also from the cooperation with the domestic entities, high import-absorptiveness, productivity of the entities with foreign capital participation, or increased competition on a given market.

Another important element of the FDI’s influence on the economy involves introducing modern work management and organization models. Enterprises with foreign capital participation gain the advantage over local enterprise thanks to the application of the latest techniques and procedures. Local firms do not want to stay behind and implement new solutions too, which enhances the capacity of a competitive economy.

FDI plays a special role in the Polish foreign trade turnover (Table 4). In the years 2000 – 2005, the import by the entities with foreign capital participation increased by 43%, whereas the export rose by 157.8%.[16] The main position in the import is the so called procurement and investment import, in export; on the other hand, manufactured goods dominate. This shaping of changes in the volume and structure of export and import proves that the economic activity of companies with foreign capital participation is mostly export-oriented.

Table 4. The participation of companies with foreign capital participation in the Polish foreign trade turnover, 2000-2005

	2000	2001	2002	2003	2004	2005
Participation in export	50.0%	49.3%	52.5%	54.5%	62.1%	61.6%
Participation in import	62.4%	57.2%	61.0%	61.1%	62.0%	58.2%

Source: Ministerstwo Gospodarki, Bezpośrednie inwestycje zagraniczne w Polsce (wg stanu na koniec 2006 roku), Departament Analiz i Prognoz, Warszawa, grudzień 2007, p.5.

FDIs are of great importance to the processes of rebuilding and modernization of the Polish economy. The expenditures for gaining new fixed assets made by enterprises with foreign capital participation since 1999 have not exceeded 60% of total expenditures for fixed assets, and in 2005 they made only 67.4% of total expenditures.[17]

Foreign direct investments have also a positive impact on the technological development of the country. As results from the research conducted by the Polish Information & Foreign Investment Agency in 2005, the majority of the companies with foreign capital use technologies from one to five years old (57.8%). The latest technologies (up to a year old) are used only by 8.8% of the companies under research. At the same time, the number of companies which use older technologies (10 year old) is continuously decreasing. In 2002 these were used by only 10.7% of the examined companies, and in 2005 by 6.1%.[18]

In the recent years there has been a tendency of multinational corporations choosing countries that are less advanced, including Poland, as locations for their research and development centres (R&D). Establishing R&D centres in Poland offers chances for the further development of the country as well as tangible benefits to the foreign investors themselves, e.g. increasing their efficiency, reducing costs, improvements to the product quality, and diversification of their basic activity. Foreign investors appreciate relatively low labour costs, availability of qualified staff, proximity of universities that provide a continuous access to well-educated workers, and knowledge of foreign languages.[19]

In Poland there are already about 40 research and development centres, and their number is still growing. Moreover, the excellent results achieved by those centres encourage the enterprises that own them to develop them. At present the research and development centres employ a few thousands scientists. The Polish Information & Foreign Investment Agency estimates that the investments made by foreign companies in R&D centres in Poland amounted to about 100 billion dollars in 2007, and the number of employees doubled against 2006.

Apart from the above mentioned positive effects of the foreign investment inflows to Poland, there are many more that cannot be discussed due to the limitations to this paper, but these effects make FDI role and importance in Poland really great. It is difficult to imagine the Polish economy functioning without entities with foreign capital participation: they are positive and important elements of it.

Conclusion

The analysis of the volume and structure of foreign direct investment inflow to Poland indicates positive changes that are taking place there. More and more foreign investors choose Poland as a place for locating their activity, seeing Poland’s prospects of development. In the years 2000-2006, the cumulated value of FDI liabilities doubled. The capital inflowing in the FDI form, supplementing the capital needs that would be impossible to meet by the domestic capital, became an important factor of the economic growth over 2000 – 2006 (in 2006, GDP reached 6.1%).

In the period under examination essential changes took place in the structure of foreign direct investment inflow broken down by sectors and activity type. In 2006, the total participation of services in FDI inflow into Poland reached over 66%, which enhances building the fundaments of a modern economy. As regards the type of activity conducted, in 2006 the capital allocation had the biggest participation in the section of real estate services, IT, science, and other corporate services (32%). Such foreign capital distribution contributes to a technological progress, introduction of new production management and organization forms, increase in the participation of services in export.

Positive changes are also visible in the structure of FDI inflow broken down by investment. The growing participation of Greenfield investment type results in improvements in the situation in the labour market and in the increase in export and GDP.

The dynamic growth in the foreign direct investments made them important and integral elements of the Polish economy. Companies with foreign capital participation employ almost 1.5 million workers and produce over 60% of the Polish export. Their contribution to the modernization of the economy, to the development of new technologies, and spreading high quality standards and modern forms of management is also significant.

Obviously, it should be remembered that FDI inflow brings also some negative consequences, which have not been mentioned here. However, comparing the costs and profits of foreign capital inflowing in this form, the balance seems highly beneficial to the economy.

Bibliography

1. Bojar Ewa, Doświadczenia wybranych regionów słabo rozwiniętych w wykorzystaniu bezpośrednich inwestycji zagranicznych i funduszy unijnych, Politechnika Lubelska, Lublin 2006.

2. Central Statistical Office, Employment in national economy in 2006, Warsaw 2007.

3. Cieślik Andrzej, Geografia inwestycji zagranicznych. Przyczyny i skutki lokalizacji spółek z udziałem kapitału zagranicznego w Polsce, Uniwersytet Warszawski, Wydział Nauk Ekonomicznych, Warszawa 2005.

4. Ernst & Young, European Attractiveness Survey 2007, Studio Ernst & Young, June 2007.

5. Główny Urząd Statystyczny, Działalność podmiotów z udziałem kapitału zagranicznego w 2005 roku, Warszawa 2006.

6. International Monetary Found, Organisation for Economic and Co-operation Development, Forign Dierct Investment Statistics. How Countries Measure FDI 2001 , Washington 2003

7. Kalinowski Tomasz (ed.), Stymulowanie innowacyjności i zdolności eksportowych polskiej gospodarki poprzez poprawą struktury napływu inwestycji zagranicznych do Polski, Instytut Badań nad Gospodarką Rynkową, Gdańsk 2007.

8. Kraszewski Kazimierz, Bezpośrednie inwestycje zagraniczne. Polska na tle świata, Towarzystwo Naukowe Organizacji i Kierownictwa, „Dom Organizatora”, Toruń 2004.

9. Kuzel Marcin, Rola bezpośrednich inwestycji zagranicznych w dyfuzji wiedzy i umiejętności na przykładzie Polski, Towarzystwo Naukowe Organizacji i Kierownictwa, „Dom Organizatora”, Toruń 2007.

10. Ministerstwo Gospodarki i Pracy, Bezpośrednie inwestycje zagraniczne w Polsce według stanu na koniec 2004 roku, Departament Analiz i Prognoz Ekonomicznych, Warszawa 2005.

11. Ministerstwo Gospodarki, Bezpośrednie inwestycje zagraniczne w Polsce (wg stanu na koniec 2006 roku), Departament Analiz i Prognoz, Warszawa, grudzień 2007

12. Narodowy Bank Polski, Zagraniczne inwestycje bezpośrednie w Polsce w 2006 roku, Warszawa 2007.

13. Organisation for Economic and Co-operation Development, How South East European Countries Statistics’ Measure Foreign Direct Investment?, Paris 2007.

14. Polish Information & Foreign Investment Agency, The List of The Largest Foreign Investors in Poland; December 2004, Warsaw 2005

15. Polish Information & Foreign Investment Agency, List of Major Foreign Investors in Poland in 2005, Warsaw 2006.

16. Polish Information & Foreign Investment Agency, List of Major Foreign Investors in Poland in 2006, Warsaw 2007.

17. Polish Information & Foreign Investment Agency, Yearbook 2003, Warsaw 2004.

18. Polska Agencja Informacji i Inwestycji Zagranicznych, Opinie inwestorów zagranicznych o warunkach działalności w Polsce, Warszawa, grudzień 2005.

19. UNCTAD, World Investment Report 2000. Cross-border Mergers and Acquisitions and Development, Nations, New York and Geneva 2000.

20. UNCTAD, World Investment Report 2001. Promoting Linkages, Nations, New York and Geneva 2001.

21. UNCTAD, World Investment Report 2002. Transnational Corporations and Export Competitiveness, Nations, New York and Geneva 2002.

22. UNCTAD, World Investment Report 2003. FDI Policies for Development: National and International Perspectives, Nations, New York and Geneva 2003.

23. UNCTAD, World Investment Report 2004. The Shift Towards Services, Nations, New York and Geneva 2004.

24. UNCTAD, World Investment Report 2005. Transnational Corporations and the Internationalization of R&D, United Nations, New York and Geneva 2005.

25. UNCTAD, World Investment Report 2006. FDI from Developing and Implications for Development, United Nations, New York and Geneva 2006.

26. UNCTAD, World Investment Report 2007. Transnational Corporations, Extractive Industries and Development, United Nations, New York and Geneva 2007.

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[1] Organisation for Economic and Co-operation Development, How South East European Countries Statistics’ Measure Foreign Direct Investment?, Paris 2007, p.25.

[2] UNCTAD, World Investment Report 2007. Transnational Corporations, Extractive Industries and Development, United Nations, New York and Geneva 2007, p. 245.

[3] International Monetary Found, Organisation for Economic and Co-operation Development, Forign Dierct Investment Statistics. How Countries Measure FDI 2001 , Washington 2003, p.23.

[4] UNCTAD, World Investment Report 2005. Transnational Corporations and the Internationalization of R&D, United Nations, New York and Geneva 2005, p. 4.

[5] Polish Information & Foreign Investment Agency, The List of The Largest Foreign Investors in Poland; December 2004, Warsaw 2005, p.3.

[6] Global Business Policy Council, FDI Confidence Index, Volume 8, Alexandria 2005, p. 2.

[7] Ernst & Young, European Attractiveness Survey 2007, Studio Ernst & Young, June 2007, p.37.

[8] M. Kuzel, Rola bezpośrednich inwestycji zagranicznych w dyfuzji wiedzy i umiejętności na przykładzie Polski, Towarzystwo Naukowe Organizacji i Kierownictwa, „Dom Organizatora”, Toruń 2007, p. 205.

[9] Calculations based on the data of the National Bank of Poland.

[10] Calculations based on the data of the National Bank of Poland.

[11] M. Kuzel, Rola bezpośrednich inwestycji…, op.cit., pp. 208-209.

[12] Calculations based on the data of the National Bank of Poland.

[13] Calculations based on the data of the National Bank of Poland..

[14] Ministerstwo Gospodarki i Pracy (Ministry of Economy and Labour) , Bezpośrednie inwestycje zagraniczne w Polsce według stanu na koniec 2004 roku, Departament Analiz i Prognoz Ekonomicznych, Warszawa 2005, p. 15.

[15] W. Kraszewski, Bezpośrednie inwestycje zagraniczne. Polska na tle świata, Towarzystwo Naukowe Organizacji i Kierownictwa, „Dom Organizatora”, Toruń 2004, p. 378.

[16] Ministerstwo Gospodarki, Bezpośrednie inwestycje zagraniczne w Polsce (wg stanu na koniec 2006 roku), Departament Analiz i Prognoz, Warszawa, grudzień 2007, p.5.

[17] Główny Urząd Statystyczny, Działalność podmiotów z udziałem kapitału zagranicznego w 2005 roku, Warszawa 2006, p. 18.

[18] Polska Agencja Informacji i Inwestycji Zagranicznych, Opinie inwestorów zagranicznych o warunkach działalności w Polsce, Warszawa, grudzień 2005, pp.4 – 5.

[19] T. Kalinowski (ed.), Stymulowanie innowacyjności i zdolności eksportowych polskiej gospodarki poprzez poprawą struktury napływu inwestycji zagranicznych do Polski, Instytut Badań nad Gospodarką Rynkową, Gdańsk 2007, pp.62-62.