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The Warsaw Voice » Business » October 29, 2008
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Business in brief
October 29, 2008   
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Worse Forecasts from IMF
The International Monetary Fund has lowered its forecast of global economic growth to 3.9 percent this year and 3.7 percent in 2009, according the ANSA news agency which obtained a preliminary draft of the fund's October report. Earlier, the IMF had forecast 4.1 and 3.9 percent, respectively.

Kimball Builds Factory in Tarnów
The Polish division of the Kimball company from the United States has started construction on a factory in Sady near Tarnowo Podgórne, Wielkopolska province, worth 21 million euros. The facility will produce electronic systems for the automotive, telecommunications and electronic sectors. The project is slated for completion in May 2009.

New Swisspor Factory
The Swisspor company has opened a new styrofoam factory in the town of Pelplin in Pomerania province in northern Poland. The facility, worth over zl.20 million, has an annual production capacity of over 350,000 cubic meters of styrofoam. Swisspor came to Poland in 1999 and has four facilities producing styrofoam as well as a tar paper factory.

Hungarian GDP Forecast Cut to 1.2 Percent
As Hungary cuts its 2009 growth forecasts, the central bank has started buying up public debt in an effort to bolster the wavering economy. "The GDP will grow by 1.2 percent," said Janos Veres, the Hungarian minister of finance. Earlier, GDP growth was forecast at 3 percent.

Samsung Expands
The South Korean company Samsung Electronics has announced expansion plans in Europe. On Oct. 17, Samsung opened a factory in Voderady, Slovakia, where it will manufacture 6 million LCD modules per year until 2010, after which annual output will rise to 10 million. By 2011, the corporation wants to increase its share in the European LCD market to 22-25 percent from the current 20 percent.

Fujitsu Invests in Łódź
The Fujitsu Services company is planning to open a center for IT services next year worth around 15 million euros and employing 500 people. The Japanese corporation made a land-lease contract with city authorities Oct. 20.

Public Grant for Nidec
Economy Minister and Deputy Prime Minister Waldemar Pawlak signed a contract Oct. 20 under which the Japanese company Nidec Motors & Actuators will receive public aid for its new project, a factory making car parts in Niepołomice near Cracow in southern Poland. Nidec Motors & Actuators will invest zl.56.3 million in the factory and employ around 500 people. In 2008-2013, the Polish government will provide the company with zl.2.9 million for new job creation.

Fishery Program Approved
Despite protests from Polish fishermen, the European Commission has approved the operational program for the Polish fishing sector in 2007-2013. The program permits public spending on the sector totaling 979 million euros, 734 million euros of which will come from the European Fisheries Fund and almost 245 million euros from the Polish budget.
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