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British confectionary and beverage consortium Cadbury Schweppes plans on investing millions of euros |
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Thu 28th Feb 2008 Bogdan Zaryn reportsReports suggest the Cadbury Schweppes investment to be 250 million euros. Cadbury officials say that 750 new jobs will be created directly and 250 indirectly. The Polish government has signed a letter of intent with the British confectionary and beverage giant for the construction of a new chocolate plant near Opole in the south and further development of an existing plant in Wroclaw. Martin Oxley, from the British Polish Chamber of Commerce, says that there are plenty of opportunities for British firms to develop on the Polish market: ‘Cadbury Schweppes is in fact a good example of internationals investing from the UK into Poland. It is the fifth time that they’ve invested in the country. Investments in the food sector I think, strategically for Cadbury Schweppes it’s very good. It gets them into the heart of Europe. I know that one of their strategic objectives is actually to increase their supply chain into Europe, so overall it’s a good model investment.’ Despite the fact that wages in certain sectors of the economy have increased considerably, economists argue that the cost of Polish labor is still considered relatively low compared to Germany, the country’s largest EU trading partner in the West. ‘Yes it is worth it to invest in Poland. In the food chain I think there is still significant deficiencies in Poland itself that if a strong growing consumer market is pushing 20% and I think also the strategic location of a country in terms of distributing a relatively high volume low priced product merits having a base within continental Europe, like this particular investment.’ In an effort to make Poland more attractive for foreign direct investment, the government has for the very first time extended its investment grants to companies which are not in the transport, electronics or biochemical sectors. Investment analyst Marcin Bilbin says that’s good news for investors: ‘More demanding economic conditions in the world and the high competitiveness in the region. The government clearly is adopting more friendly, more open attitude towards FDI and understands how to attract foreign direct investment will acquire a more flexible approach.’ Reports say that the ongoing investment is in line with Cadbury Scheweppes’s overall market strategy, which is to make Poland the company’s European production hub in the long run. |
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