Dariusz Adamski, Deputy Chair of the KNF, spoke during the panel ‘Investment gap in Poland: how to jump-start investment’ at the ‘Capital for Future: BGK Investment Conference’.

‘Today Poland doesn’t suffer lack of capital – that is, there’s no capital gap defined as credit demand being much greater than credit supply – but rather lack of good-quality projects and lack of sufficient demand for funding. This means that investment needs to be ramped up not by increasing supply of capital but by creating necessary conditions to increase the number and the pace of development of innovative firms,’ Dariusz Adamski stressed.

He highlighted the fundamental issue, namely the fact that market economy cannot grow without business risk. ‘Without acceptance of risk and natural selection, the economy won’t be growing. Permanent support for unprofitable firms limits market dynamic and natural selection, which is a requirement for growth. To put it simply: a market where no one loses is a stagnant one. No loser, no winner; this dependence determines market vitality,’ Dariusz Adamski said.

In order to grow, an innovative economy requires strong private capital market and long-term saving. The most effective source of funding for technological development is capital investment, not public funds. Especially long-term investment – in model portfolios and pension products – could provide enterprises with capital for development and, at the same time, improve financial security of Poles,’ Dariusz Adamski said.

The foundation of investment growth is confidence: legal stability, predictability, and financial education. The UKNF is actively engaged in efforts to increase stability and security of the financial market and in initiatives aimed at raising financial awareness among retail investors and enhancing their long-term saving capacity. 

‘Stable law and competence of market participants are prerequisites for a sustainable investment ‘ecosystem’, which will allow Poland to bridge the technology gap in years to come,’ Dariusz Adamski firmly said.