Employment potential, public administration support, infrastructure and business potential – these are just some of the factors taken into account in the Business Environment Assessment Study. Krakow enjoys high investment interest and ranks third in the BEAS 2021 ranking with a total rating of 6.7 on a 10-point scale.

On Tuesday, October 19, the report “Krakow’s investment potential” was presented as a part of the Business Environment Assessment Study (BEAS 2021). This is the third edition of the research cycle conducted by Antal, Cushan & Wakefield. The report presents an assessment of the business environment in Krakow. The presentation was attended by the Deputy Mayor for Sustainable Development Jerzy Muzyk. The research allows to look at the Polish market from the business perspective and indicate the main trends in economic development.

The analysis covers 7 factors that influence the attractiveness of cities and encourage investment. These are:

office space
support for public administration
educational potential
employment potential
business potential
assessment of a location as a place to live
The report also explored other factors, including the cost of living, the level of wages and investment incentives.
In Krakow, the highest scores were awarded to: educational potential (7.9), location as a place to live (7.1) and business potential (7.0).

Infrastructure and office space

Krakow lies at the crossroads of important communication routes and its favourable geographical location fosters smooth communication. The indicator with the highest value is air transport. Balice Airport provides direct domestic and international connections with many cities in Europe and other continents. Krakow’s investment potential includes also the high availability of office space, currently in Krakow there is over 1,600,000 sq m. The report evaluates the city infrastructure at the level of 6.5 and availability of office space at 6.8 on a 10-point scale in 2021.

– Krakow has a very efficient and effective public transportation system and a modern international airport, which in 2018-2019 handled over 8 million passengers annually. The city is also well connected by road and rail with the rest of Poland. The advantage of Krakow is undoubtedly its location in the vicinity of the A4 motorway, which makes it also a recognizable logistics centre – said Michał Galimski, the representative of Cushman & Wakefield.

Growing educational potential in Krakow

23 universities, including one of the oldest universities, guarantee a wide range of competences. The number of students in Krakow is over 129,000, most of whom specialize in engineering, finance and the IT industry. The educational potential in Krakow was rated at 7.9 on a 10-point scale.

– Krakow has all the assets to be a place where good business can be developed. First of all, we notice the enormous intellectual potential, the source of which is the academic community. This potential consists of nearly 130,000 students studying at 23 universities. In our long term perspective is to continue to develop Krakow as a strong academic centre, because it is, among other things, a platform that attracts investors to Krakow. In the region, I mean not only Poland, but the whole of Europe – we are a leader in providing modern business services. There are about 250 corporation in Krakow with almost 85,000 employees – said Jerzy Muzyk , Deputy Mayor of Krakow for Sustainable Development.

– The pandemic has in some way increased Krakow’s possibilities by involving people from the region working remotely. The current situation has not significantly influenced the development of cooperation between universities, business and the city. The IT industry continues to attract people from all over Europe. The Pearl of Małopolska constantly attracts investors. An example is a new investment from the Fintech industry. A company from Austria will be looking for 300 employees – explained Agnieszka Grzegorczyk – an expert at Engineering & Operations Antal.

The labor market is also developing in Krakow

The strengths of Krakow create staff in the area of administration and HR, staff with linguistic competences, as well as in the field of IT and engineering. In terms of professional potential, the capital of Małopolska is one of the most promising locations. During the pandemic, the employment potential of IT specialists has increased significantly.

The “Business Environment Assessment Study” was conducted among the heads of 809 companies in Poland in the fourth quarter of 2020. The series of reports dedicated to major urban centers in Poland aims to describe the business reality in which companies operate. The material allows to look at the Polish market from the business perspective and indicate the main trends in the economic development of enterprises. The report, prepared every year, contains information on the level of remuneration of specialists and managers on the Polish market.

Krakow’s investment potential

Additional information can be found on the website: www.investmentpotential.pl

The text appeared on the website: Krakow.pl