FINTECH: Poland and New Zealand to tighten FinTech/IT Cooperation

As published on: tvpworld.com, Friday 11 August, 2023.

Poland wants to “develop cooperation with New Zealand in Fintech/IT, services for the banking sector and medical devices,” the Ministry of Economic Development and Technology (MRiT) wrote in a press release on Thursday.

The EU and New Zealand signed a free trade agreement (FTA) on July 10. However, as the ministry indicated, the agreement will enter into force after it is ratified by all parties.

“We assume that from the first year of this agreement being enforced, EU companies, including Polish ones, will benefit from duty discounts totaling approximately EUR 140 million per year. Thanks to the agreement, the value of trade between the European Union and New Zealand will increase by as much as 30 percent. The EU’s annual exports could increase by as much as EUR 4.5 billion, and investments in New Zealand have the potential to increase by as much as 80 percent,” Grzegorz Piechowiak Deputy Minister of Economic Development and Technology said.

He added that during the negotiations on the provisions of this agreement, Poland sought to improve its market access to New Zealand for a range of agricultural products, which will, in turn, benefit the producers of pork, poultry, dairy products, vegetables, frozen strawberries, flour, preserves, and juices.

Economic cooperation

The ministry said that trade between Poland and New Zealand reached more than USD 309 million in 2022, with Polish exports reaching a value of more than USD 198 million.

The ministry explained that Poland exports to New Zealand mainly electromechanical industry products, agri-food products, and chemical industry products.

Furthermore, in order to prepare Polish companies for new opportunities in the market in New Zealand, the ministry, with the help of the Polish Investment and Trade Agency and the Foreign Trade Office in Sydney, organized a briefing for Polish companies.


Poland New Zealand FinTech

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