Poland’s next economic test is turning record household savings into investment at home and abroad. “We are in a different league,” said Piotr Dmuchowski, chief executive of PFR TFI, the asset-management arm of Poland’s state-backed development fund, arguing that Poland’s economic rise is changing how foreign investors view the country. Dmuchowski told TVP World’s World Talks program that Poland is increasingly seen as both a destination for foreign capital and a source of investment abroad. Poland is participating in the G20’s 2026 work at the invitation of the US presidency, on the same terms as member countries, although it is not a permanent member. Dmuchowski said that reflected how far the country had come since investors once needed basic explanations of Poland. Poland’s participation is part of a broader push by Warsaw, backed by the United States, to secure permanent G20 membership. “And now they ask, as Dmuchowski said, ‘How have you achieved that? What can we do together? Can we invest with you? Can you invest in our country as well?’” From savings to investment Dmuchowski said one of Poland’s next challenges was building a stronger domestic investor base. He pointed to nearly PLN 2 trillion (about €470 billion) held in deposits and cash, arguing that some of that money could be redirected towards investment funds, private equity and other forms of long-term capital. He highlighted Innovate Poland, modelled on France’s Tibi initiative, as one mechanism intended to channel more money into venture capital and private equity. Polish companies are also becoming more ambitious overseas. Dmuchowski said Poland’s outward foreign direct investment stock remains about 4.5% of GDP, leaving room for expansion. He pointed to the United States, Central Asia and parts of Africa as markets attracting attention, while Europe remains the main destination. Energy and technology Dmuchowski said Poland’s energy transition would be crucial to keeping industry competitive, with nuclear power and offshore wind supporting energy security and growth. He also argued that Central and Eastern Europe has the workforce and industrial base needed to compete in high-tech manufacturing. Poland has sought to strengthen its AI ecosystem, including through state-backed investment in Polish-founded company ElevenLabs. On Europe’s technology gap, Dmuchowski said the problem was not companies’ willingness to adopt AI, but that much of the technology is developed elsewhere. “So what we need to do is actually focus on investing in innovation,” he said.
