Poland – Israel

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Business Cooperation Overview. Poland Israel . Warsaw , June 201 2. Israel Macroeconomic Background. Population 7, 869,9 00 Area 22,072 km 2 CurrencyShekel CapitalJerusalem HDI ratio0.8 88 FX reserves 76 .6 3 billions of . - PowerPoint PPT Presentation

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Slajd 1

Poland Israel

Warsaw, June 2012

Business Cooperation Overview

1Israel Macroeconomic Background2

ISRAEL UnitPeriodValueGDP volumebillions of 2011174.71GDP per capita201123,007GDP growth rate% y/y20114.80Annual inflation rate%20113.2Current inflation rate%May 20114.10Unemployment rate %20115.60Current unemployment rate%March 20126.90Annual industrial output% y/y20113.20Industrial output% q/q1Q 2012-2.80Total importsbillions of 201150.78Total exports billions of 201144.95

Population7,869,900Area 22,072 km2CurrencyShekelCapitalJerusalemHDI ratio0.888FX reserves76.63 billions of

Source: Embassy of The Republic of Poland in Tel AvivPoland Macroeconomic Background3

ISRAEL UnitPeriodValueGDP volumebillions of 2011382.5GDP per/capita201110,068GDP growth rate% y/y20114.30GDP growth rate % q/q 4q 20111.10Annual inflation rate%20114.60Current inflation rate%March 20123.90Unemployment rate %201112.50Current unemployment rate%March 201213.30Annual industrial output% y/y20117.70Total importsbillions of 2011150.5Total exports billions of 2011135.8

Population38,501,000Area 312,679 km2CurrencyPolish Zloty, PLNCapitalWarsawHDI ratio0.813FX reserves70.2 billions of

Source: Central Statistical Office (GUS)Israel Stock Market 4The number of listed companies on Israeli Stock Exchange has been remaining on the stable level for 8 consecutive years (about 600 units) and drop slightly in 2012In the same period the number of listed companies on WSE went on the upward trend. There are 808 listed companies on regulated and alternative market (21 of them are foreign companies)Average market capitalization on Tel-Aviv Stock Exchange stands at 298.43 m while on Warsaw Stock Exchange 151.19mSituation on both capital markets has been following the same trend during last decade. Capitalization of Israeli Stock Exchange was exceeding Warsaw Stock Exchange by 50 percentSince 2006 both stock exchanges incurred damages due to global financial turmoil. Capitalization of both markets dropped by about 40 percentIn 2012 effectiveness of both exchanges reached levels of ca. 170 billions of EUR and 120 billions of EUR retrospectivelySource: Stock Exchange in Tel AvivSource: Stock Exchange in Tel Aviv, Warsaw Stock ExchangeForeign Trade Facts and Figures 1/3After the financial crisis in 2009, that has been the first plummet year in trade volume between Poland and Israel, 2011 brings a strong and rapid revival especially on the Polish exports side. Moreover, Poland as the only one country in EU reporting growth in 2009 gained in the eyes of Israeli businessmen and currently is perceived as a stable country with great development and expansion perspectivesIn 2009 Poland has been in the black for the first time since many years in terms of Polish Israel trade exchangeImports to Israel stood at 283 m that makes 7 percent jump compared with 2010Imports to Poland stood at 266 m that makes 8 percent jump compared with 2010In 2011 exchange with Poland amounted to ca. 0.4% of Israeli balance of trade turnover5Balance of Trade: Poland Israel Source: Polish Ministry of Economic AffairsSource: Polish Ministry of Economic AffairsPosition ( m) 20072008200920102011Exports from Poland 156.01 225.91 269.51 265.02 283.41 Imports to Poland 240.62 284.95 211.63 246.55 266.29 Turnover 396.62 510.86 481.14 511.58 549.69 Balance- 84.61 - 59.04 57.87 18.47 17.12 Poland Israel exchange has concentrated since many years on some group of goods. Poland imports from Israel mainly:Chemical products including insecticides and herbicides, phosphates, cosmetics, medicines, organic sulfur compounds). These products accounted for 29.1 percent of all Polish imports from IsraelElectromechanical products including integrated circuits, apparatus for telephony and wireless telegraphy, signaling apparatus, instruments and medical equipment, car parts and accessories etc. These group accounted for 25.6 percent of total imports from Israel

Polish exports to Israel mainly follow product groups like:Means of transport with 23.1 percent in total exportsAgricultural and food products (20 percent of total exports to Israel) including soft drinks, sweets, chocolate, beef etc). Electromechanical products (chassis for vehicles, accumulators etc.) 16 percent share in total exports to Israel, Chemical industry products including medicines, cosmetics, preparations for oral hygiene. Products represented 10.2 percent of exports volume 3Moreover, among the major commodity groups in the structure of Polish exports to Israel are other products like wood, paper and furniture6Foreign Trade Facts and Figures 2/37Foreign Trade Facts and Figures 3/3In 2011 23 percent of Polish exports was generated by vehicles and parts20 percent of trade volume was created by food article export such as beverages, baking articles etc.The greatest exporters to Israel are: Man Star Trucks&Buses, XL Energy Marketing, Eko-Vit, Mondi wiecie, PLL Lot, Basell Orlen Polyolefins, Ferrero Polska, Celsa Huta Ostrowiec, Zakady Metalowe Mesko

In 2011 29 percent of Polish imports from Israel was generated by chemicals such as pesticides, cosmetics etc.26 percent of trade volume was created by import of electrical devices including integrated circuits, engines, turbines etc.Main importers from Israel are: Makhteshim-Agan, Bumar, AB, Iscar-Poland, Teva Kutno, Fresh World-International, ABC Data Holding, Jeronimo Martins, Eurocast, Hortex Holding

Source: Polish Ministry of Economic AffairsSource: Polish Ministry of Economic AffairsAccess to the Israeli marketIsrael is a member of the WTO, OECD and is an associate member of the European Union. Poland signed with Israel free trade agreement. Only in relation to agricultural products there are some restrictions in the form of tariffs or quotas. Polish exporters are treated on a par with exporters from other countries and there was no application of the specific barriers in this regard A special type of market access limitation is requirement of kosher. This barrier results from the religious character of a country. Consequently, pork and its products can not be a subject of export to Israel. Generally, for most food (except from meat), lack of kosher certificate is not a problem in imports. It should be emphasized that many Polish products posses kosher certificates, yet Israeli importers willingly cooperate in the field of certification, often incurring necessary costsTrade procedures, customs and import requirements used in Israel are complied with those of EUAs far as sanitary, phytosanitary and veterinary requirements are concerned, it occurs to be complex to reach any design of necessary certificates. Any products being exported to Israel must meet local standards set by The Standard Institution of Israel. It is the role of Israeli importer to obtain a certificate for particular productIsreal runs restrictive policy in terms of foreign citizens employment as well as consistent policy of illegal immigrants deportation. Legal employment is possible after obtaining visa with work permit. Such an option is available only in selected sectors of Israeli economy8Capital & Investment Cooperation According to the Central Bank of Poland (NBP) the inflow of direct investment from Israel to Poland in 2009 stood at 13.9 m. Thus, Polish total net outstanding liabilities from Israeli direct investments amounted to 119.6 mThe most significant Israeli investors active on Polish market are:Egged TSL sector companySuper Pharm network of pharmaciesAgan Makhteshim chemical company that acquired Rokita Agro and TEVA investment into Polfa KutnoOfficial statistics concerning Israeli investment in Poland differs from estimates. Israeli capital involved in all Polish projects and ventures is expected to reach from 1.51 to 3.8 billions of A host of Israeli investors take advantage from Polish tax preferences by investing their financial resources into Polish economy via subsidiaries in Western Europe or in the USAOther active players on Polish market:BST, Sorbit, Link 4, Cinema City, GTC, Plaza Centers, Ronson, Yona Group, Karen GAP, ECI Telecom Tadi Pol, Elite, Eden, MultilockThe most lucrative sector for Israeli investors is real estate. Developers supported by Israeli capital run their investments in main business regions in Poland e.i. Warsaw, Wroclaw, Poznan, Crakow, d

9Development of bilateral cooperationDepartment of Trade and Investment Promotion (WPHI) as well as economic department of the Polish Embassy in Tel Aviv take steps to strengthen business relation between Poland and IsraelMentioned actions are aimed at arousing an interest of Israeli importers, enterprises and institutions with Polish market. WPHI participates annually in informational and promotional events such as fairs, conferences, seminars, meetings taking benefit from the opportunity to present the offer of Polish companies, culture and investment perspectivesStimulation of the Polish Israeli economic cooperation is conducted also through providing detailed information concerning procedures, requirements and provisions for running business in Poland and IsraelUndisputed role in the process of building Polish Israeli business cooperation is credited to WPHI department in Tel Aviv which regularly publishes offers of Polish exporters, Israeli importers etcWPHI maintains ongoing contacts with Institute of Export and International Cooperation, Federation of Israeli Chambers of Commerce, Business Association of Israel, Polish-Israeli Chamber of Commerce10

Situation on Polish financial market 1/2The greatest impact on the market participants was inflicted by:fiscal situation in the so-called peripheral euro zone countries (PIGS region)inflow of negative macroeconomic signals