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FT/PZU Executive Breakfast Forum

Growing Europe: The Economic Vitality of Central and Eastern Europe

Davos |
Speakers include:
Andrzej Duda

Andrzej Duda

President of Poland

Kolinda Grabar-Kitarović

Kolinda Grabar-Kitarović

President of Croatia

Egils Levits

Egils Levits

President of Latvia

Overview

Countries of Central and Eastern Europe (CEE) have been through profound change in the quarter of a century since they became democracies and joined international organisations such as NATO, the Council of Europe and World Trade Organisation. 

The region’s favourable growth dynamics have been achieved by political and economic stability that is backed up by EU membership. Young and dynamic populations are driving the region’s tech sector, which is seeing rapid growth. Currently there are around 30,000 start-ups, including 12 unicorns with a combined value of 30 billion euros. 

Today, the region represents a combined GDP of 1.2 trillion euros and offers increased opportunities for public and private investors. In 2018, it accounted for almost 20% of economic growth in the European Union. According to the European Commission, Poland is expected to grow at 4.2%, which is three times higher than the EU average of 1.4%. 

The convergence of the CEE region’s fundamentals and the development path of its capital markets was recognised by 2018’s upgrade of Poland from emerging to developed market by FTSE Russell, giving a clear signal of the region’s investment potential as a location that could outperform already established propositions, such as the BRICS. 

Countries of the CEE region offer safety and growth with opportunities in both public and private markets. However, they face challenges related to the size of their economies and domestic capital markets. For example, the Polish equity market in the FTSE Russell Developed Market Index stands at below 0.15%. As the BRICS story was built both on its rapid growth rate and the sheer size of its markets, so it is crucial for CEE countries to act together as a regional bloc to reach critical mass and appear on the radar screen of large global investors. 

What are the opportunities for investors from regional capital markets firms as well as global investment funds, venture capital and private equity? What does cross-border cooperation mean for new technology, 5G, infrastructure and renewable energy? How can a platform for maintaining and enhancing the region’s positive growth momentum be achieved? What is the role of the Three Seas Initiative in driving the region’s rapid expansion? How can the region successfully transform into a hub for future digital growth? How can regional business cooperation enhance democratic and economic development?

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fallback Add to my Calendar 01/22/2020 07:00:0001/22/2020 08:45:00falseFT/PZU Executive Breakfast Forum Countries of Central and Eastern Europe (CEE) have been through profound change in the quarter of a century since they became democracies and joined international organisations such as NATO, the Council of Europe and World Trade Organisation. The region’s favourable growth dynamics have been achieved by political and economic stability that is backed up by EU membership. Young and dynamic populations are driving the region’s tech sector, which is seeing rapid growth. Currently there are around 30,000 start-ups, including 12 unicorns with a combined value of 30 billion euros. Today, the region represents a combined GDP of 1.2 trillion euros and offers increased opportunities for public and private investors. In 2018, it accounted for almost 20% of economic growth in the European Union. According to the European Commission, Poland is expected to grow at 4.2%, which is three times higher than the EU average of 1.4%. The convergence of the CEE region’s fundamentals and the development path of its capital markets was recognised by 2018’s upgrade of Poland from emerging to developed market by FTSE Russell, giving a clear signal of the region’s investment potential as a location that could outperform already established propositions, such as the BRICS. Countries of the CEE region offer safety and growth with opportunities in both public and private markets. However, they face challenges related to the size of their economies and domestic capital markets. For example, the Polish equity market in the FTSE Russell Developed Market Index stands at below 0.15%. As the BRICS story was built both on its rapid growth rate and the sheer size of its markets, so it is crucial for CEE countries to act together as a regional bloc to reach critical mass and appear on the radar screen of large global investors. What are the opportunities for investors from regional capital markets firms as well as global investment funds, venture capital and private equity? What does cross-border cooperation mean for new technology, 5G, infrastructure and renewable energy? How can a platform for maintaining and enhancing the region’s positive growth momentum be achieved? What is the role of the Three Seas Initiative in driving the region’s rapid expansion? How can the region successfully transform into a hub for future digital growth? How can regional business cooperation enhance democratic and economic development?FT/PZU-Executive-Breakfast-Forum-1d8bd648ebb0720aee9ea0c5a0e40a4eMM/DD/YYYY

Agenda - 22nd Jan

  • 7:00am
    Registration and Breakfast
  • 7:15am
    Opening Remarks

    Gideon Rachman, Chief Foreign Affairs Correspondent, Financial Times
    Paweł Surówka, CEO, PZU

  • 7:20am
    Keynote

    Andrzej Duda, President of the Republic of Poland

  • 7:25am
    Keynote

    Kolinda Grabar-Kitarović, President of the Republic of Croatia

  • 7:30am
    Keynote

    Egils Levits, President of Latvia

  • 7:35am
    Keynote

    Jüri Ratas, Prime Minister of Estonia

  • 7:40am
    Panel: Growing Europe -- The Economic Vitality of Central and Eastern Europe

    Karan Bhatia, Vice President, Government Affairs and Public Policy, Google
    David McCormick, Co-Chief Executive Officer, Bridgewater Associates
    Georgette Mosbacher, Ambassador of the United States of America to the Republic of Poland
    John Rogers, Executive Vice President, Goldman Sachs
    Paweł Surówka, President of the Management Board, PZU

    Moderator: Fred Kempe, President and CEO, Atlantic Council

  • 8:40am
    Closing Remarks

    Marek Lusztyn, President and CEO, Bank Pekao

Keynote Speakers (4)

Andrzej Duda

Andrzej Duda

President of Poland

Andrzej Sebastian Duda serves as the sixth President of Poland. He has held office since 6 August 2015.

Previously, from 2006 to 2007, Duda was a Deputy Minister of Justice, and from 2008 to 2010, he served as an Undersecretary of State in the Chancellery of President Lech Kaczyński. He became a member of the Sejm, the lower house of Parliament, after the 2011 parliamentary elections, when he received 79,981 votes for the Kraków area as a candidate of the Law and Justice party. In September 2013, the news weekly magazine “Polityka” commended him for being one of the most active MPs at the time, describing him as being open to opposition arguments and refraining from personal attacks, as part of his role at the Commission for Constitutional Responsibility. He remained a member of the Sejm until he was elected to the European Parliament in 2014.

Duda ran in the May 2015 presidential election as the candidate for the Law and Justice party. In the first round of voting, he received 5,179,092 votes or 34.76% of the total. In the second round, he received 51.55% of the vote, beating the incumbent president Bronisław Komorowski, who received 48.45%. On 26 May 2015, Duda, as president-elect, resigned his party membership.

President Duda holds a doctorate degree in Law. Before entering politics, he was a lecturer in administrative proceeding and later administrative law at the Jagiellonian University.

Kolinda Grabar-Kitarović

Kolinda Grabar-Kitarović

President of Croatia

Kolinda Grabar-Kitarović was elected President of the Republic of Croatia on 11 January 2015.

She began her career in 1992 in the Ministry of Science and Technology and in 1993 moved on to the Ministry of Foreign Affairs, where she held various positions, including from 1995 Head of Department for North America, and from 1997 Counsellor in the Croatian Embassy in Canada, rising to Minister-Counsellor and Deputy Chief of Mission.

From 2001 to 2003, Ms Grabar-Kitarović was Minister Counsellor in the Ministry of Foreign Affairs and in November 2003 was elected Member of Parliament in the 7th electoral district. The same year, she was sworn in as Minister of European Integration, and in 2005 as Minister of Foreign Affairs and European Integration, an office she held until 2008. The major objective of her term was to lead Croatia on its path to Euro-Atlantic integration, and she was Head of the State Delegation for Negotiations on the Accession of the Republic of Croatia to the European Union.

In 2008, Ms Grabar-Kitarović became Ambassador of the Republic of Croatia to the United States of America. In 2011, she was appointed NATO Assistant Secretary-General for Public Diplomacy, a position she held until 2014 -- the first female Assistant Secretary-General in the history of NATO and the highest ranking woman in NATO.

In 2019, President Grabar-Kitarović became the Chair of the Council of Women World Leaders, a network of 75 current and former Presidents and Prime Ministers. It is the only organisation in the world dedicated to women heads of state and government. She also received the 2019 Fulbright Lifetime Achievement Award.

She has a degree in English and Spanish from the University of Zagreb, and completed further education in Portuguese. She completed the Diplomatic Academy in Vienna and obtained a Master’s degree in International Relations from the University of Zagreb. She was a Fulbright scholar on pre-doctoral research in international relations and security policy at the George Washington University, US, and was awarded the President’s Medal for scientific, social and political work. She was also a Lukšić Fellow in the Senior Managers in Government Executive Program at the John F. Kennedy School of Government at Harvard.

Egils Levits

Egils Levits

President of Latvia

The President of Latvia, Egils Levits, is a Latvian lawyer and political scientist. He actively participated in the restoration of Latvia in 1989-1991. He was a Member of the Council of the Latvian People’s Front and the Congress of Citizens, and is one of the authors of the concept of the Declaration on the Restoration of Independence of Latvia issued on 4 May 1990.
Mr Levits was the first Minister of Justice after full restoration of the Constitution, the first Ambassador of Latvia to Germany after restoration of the country, the first Latvian judge at the European Court of Human Rights (1995-2004), and the first Latvian judge at the European Court of Justice. He has co-authored many significant draft laws (including the Law on the Constitutional Court of Latvia, the Administrative Procedure Law, and the Law on the Structure of the Cabinet of Ministers). He is also the author of the Preamble or Introduction to the Constitution adopted in 2014.
Mr Levits is the author of many scientific publications on issues regarding state law, administrative law, human rights, and democracy. He has provided many opinions on various legal and political and legal issues to the Latvian Parliament (Saeima), the Cabinet of Ministers, various ministries, the Constitutional Court, other courts, public authorities, the institutions of the European Union, and international institutions. He publishes regularly on development challenges in Latvia.
Mr Levits has been the Ambassador of Latvia to Germany, Austria, Hungary, and Switzerland, as well as Deputy Prime Minister, Minister of Justice, and Member of Parliament. He has chaired the Commission of the Constitutional Law of the President of Latvia (2007- 2013).
He has degrees from the Faculty of Law and the Faculty of Philosophy and Public Science of the University of Hamburg.

Jüri Ratas

Jüri Ratas

Prime Minister of the Republic of Estonia

Jüri Ratas, who is a member of the Estonian Centre Party, leads the Government of the Republic of Estonia in his second term of office, as of 29 April 2019.

Mr Ratas became a member of the Estonian Centre Party in 2000 and has served as Chairman of the party since 2016. He first served as Prime Minister in 2016-2019. Before that, in 2007–2016, he was a member of the XI, XII, and XIII Riigikogu (Estonian parliament) and served as Vice-President of the Riigikogu. In 2005–2007, he was the Mayor of Tallinn, and in 2003–2004 and 2005, he was the Deputy Mayor of Tallinn. In 2002–2003, he was the Economic Adviser to the Tallinn City Office. In 1999–2002, he was Chairman of the Board of OÜ Värvilised (car maintenance).

He graduated from the Tallinn University of Technology in Business Management and obtained his Master’s degree in Economic Sciences from the same university. He also obtained a Bachelor’s degree in Law from the University of Tartu School of Law.

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Speakers (6)

Georgette Mosbacher

Georgette Mosbacher

Ambassador of the United States of America to the Republic of Poland

Georgette Mosbacher, an American business executive, entrepreneur and author, arrived in Poland in August 2018. She has taken an active role in international affairs in both the private and public spheres for decades, leading two international companies and opening up foreign markets for each, particularly in Europe and Asia. Ms Mosbacher has served as President of Georgette Mosbacher Enterprises, Inc, a business and marketing consulting company, and as CEO of Borghese Inc, a cosmetics manufacturer, both based in New York City. She also served as a Member of the United States Advisory Commission on Public Diplomacy, having been confirmed by the US Senate to that role in 2016. Her leadership, international business and economic acumen, success in negotiating within an intercultural context, and management expertise make her well qualified to serve as the US Ambassador to the Republic of Poland. 

An active philanthropist, Ms Mosbacher founded the New York Center for Children, which assists abused children and their families in New York City, and has served on the boards of numerous charities supporting veterans and their families. She was also a fellow at the Foreign Policy Association, and served as a board member for the Business Executives for National Security and the Atlantic Council. Engaged in politics, she previously served as a co-chair of the Republican National Committee’s Finance Committee, and was the first woman to serve as the General Chairman of the Republican Governors Association. Ms Mosbacher authored two motivational books for women as well as numerous op-eds published in the national news media. She earned a BS from Indiana University and is the recipient of many awards recognising her humanitarian and entrepreneurial contributions, including two Honorary Doctorates. 

John Rogers

John Rogers

Executive Vice President
Goldman Sachs

John F.W. Rogers is an Executive Vice President and Secretary to the Board of Directors of Goldman Sachs Group, as well as a member of the firm’s Management Committee. He joined the firm in 1994 in the Fixed Income Division and has served in various positions since then. He is also Chairman of the Goldman Sachs Foundation, the firm’s donor advised fund.

Prior to joining Goldman Sachs, John was a senior fellow at the Baker Institute at Rice University and spent a number of years in government service as an Under Secretary at the US Department of State, Assistant Secretary at the US Treasury, and Assistant to the President at the White House, a recipient of the Presidential Citizen Medal in 1985.

John serves as a life trustee and treasurer of the Ronald Reagan Presidential Foundation, Vice Chairman of the Board of the White House Historical Association, Vice Chairman of the Board of the American Academy in Rome, Chairman of the Board of the Atlantic Council and Chairman emeritus of the Board of the National Museum of American History at the Smithsonian Institution. He is also a member and past chairman of the Securities Industry and Financial Markets Association.

Karan Bhatia

Karan Bhatia

Vice President, Government Affairs and Public Policy
Google

Karan Bhatia is the Head of Global Policy and Government Relations at Google, where he advises Google’s leadership on policy issues and leads Google’s work with policy makers, government officials, and key political stakeholders in the US and around the world.

Before joining Google in 2018, Mr Bhatia served as President of GE’s Government Affairs & Policy function, where he oversaw a team of more than 100 government affairs professionals in 35 countries.

He also served in senior positions in the US Government, including at the Departments of Commerce and Transportation, shaping US international economic policy. His last role was as Deputy US Trade Representative, overseeing US international trade policy with respect to Asia and Africa. 

Prior to his government service, he was a partner in the Washington, DC law firm Wilmer, Cutler & Pickering, where he was a member of the firm’s international and corporate groups.

Mr Bhatia has written and spoken widely on international economic policy, taught at Georgetown University Law Center, and testified on many occasions before Congress. He is a member of the World Economic Forum’s Global Future Council on International Trade & Investment, and sits on the boards of a number of nonprofit and trade associations focused on international economic policy.

He holds a Bachelor’s degree from Princeton, a Master’s from the London School of Economics, and a Law degree from Columbia. 

David McCormick

David McCormick

Co-CEO
Bridgewater Associates

David McCormick is Co-CEO of Bridgewater Associates, responsible for overseeing the firm’s strategy, governance and business operations in partnership with Co-CEO Eileen Murray. David joined Bridgewater in 2009 and previously served as the firm’s President, before becoming Co-CEO in 2016. Before joining Bridgewater, David was the US Treasury Under Secretary for International Affairs in the George W. Bush Administration during the global financial crisis. Prior to that, he served in senior posts on the National Security Council and in the Department of Commerce.

From 1999 to 2005, David was a technology entrepreneur, serving as CEO, and then President, of two publicly-traded software companies, FreeMarkets Inc and Ariba Inc. Earlier in his career David was a consultant at McKinsey & Company. He is a graduate of the United States Military Academy at West Point and has a PhD from the Woodrow Wilson School of Public and International Affairs at Princeton University. He is a former Army officer and a veteran of the First Gulf War. David serves as a Trustee on several boards including the United Service Organizations (USO) and The Hospital for Special Surgery (HSS). He also serves as the Chairman of the Atlantic Council’s International Advisory Board.

Paweł  Surówka

Paweł Surówka

CEO
PZU

As CEO of PZU SA, Poland’s biggest insurance company with operations in five countries, Paweł Surówka heads Central and Eastern Europe’s biggest financial group. He is also Chairman of Pekao SA, Poland’s second biggest bank. Under Paweł’s leadership, PZU has engaged in an ambitious new digital strategy which aims to transform one of Poland’s oldest and most established companies. Before joining PZU in 2016, he was head of corporate and investment banking in Germany of PKO Bank Polski, Poland’s biggest bank, in which capacity he set up PKO’s Frankfurt branch, the first Polish corporate bank outside of Poland. 

Paweł started his career with Bank of America Merrill Lynch in Paris where he was responsible for the biggest private and institutional clients from CEE. Although most of his career has been linked to financial services, he spent two years in the automotive industry, after his former client, the Boryszew Group, one of Poland’s biggest publicly listed industrial groups, asked him to supervise the restructuring of its German automotive division as a Member of the Management Board.

Paweł is a CFA Charterholder and holds a Master in Advanced Studies degree from Ecole des Hautes Etudes Sociales (Paris), a Master’s from the Sorbonne Pantheon Paris I University, and a BA in Philosophy from Hochschule fur Philosophie in Munich. He has been named a Young Global Leader by the World Economic Forum. In 2019, Harvard Business Review ranked him as one of the most effective managers of a publicly listed company in Poland.

Marek Lusztyn

Marek Lusztyn

President and CEO
Bank Pekao

Marek Lusztyn has been the President and CEO of Bank Pekao since November 2019. He is a seasoned executive with more than two decades of experience in the international banking sector. Presently, he leads a team of about 16,000 employees committed to create sustainable value for customers and shareholders.

Before assuming the role of Pekao Chief Risk Officer in 2017, Marek gained extensive experience within international structures of UniCredit Group, at the time Pekao’s parent organisation. He held senior executive positions in London, Munich and Milan, where he was responsible for global market and traded credit risk management, spanning all the countries of operations for UniCredit Group. 

His international career at Unicredit was preceded by numerous roles in risk management at Bank Pekao and front-office trading roles at Bank Handlowy. 

Mark is also a member of the Board of Trustees of the Warsaw School of Economics, a leading business university in Poland. In 2014, he was named a Future Leader in Global Finance by the Institute of International Finance, Washington DC.

Marek graduated with a PhD in Economics from Warsaw School of Economics and is also an alumnus of University of Illinois (Executive MBA) and INSEAD Business School. He also completed an executive program at the Singularity University, Silicon Valley, in the area of innovation and new technologies. He has been a lecturer in the field of banking and finance and authored several academic publications on banking. As an ultra-marathoner and technical diver, he’s not shy of seemingly impossible challenges.

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FT Chair (1)

Gideon Rachman

Gideon Rachman

Chief Foreign Affairs Commentator
Financial Times

Gideon Rachman became Chief Foreign Affairs Commentator for the Financial Times in 2006. He speaks authoritatively about economics, politics, and globalisation as they apply to Asia, Europe, the Middle East, the Americas and more, and writes a weekly column on international politics as well as feature articles. Mr Rachman joined the FT after a 15-year career at The Economist, which included spells as a foreign correspondent in Brussels, Washington and Bangkok. He also edited The Economist’s business and Asia sections. Mr Rachman’s book, Zero-Sum World, about the future of international relations was published in the UK in 2010. He was named as foreign affairs commentator of the year in the UK Comment Awards for 2010. He is a regular broadcaster for — amongst others — the BBC, CNN and NPR, and also a regular public speaker before both academic and business audiences. Mr Rachman is a graduate of Caius College, Cambridge and has been a visiting fellow at the Woodrow Wilson School at Princeton University.

Moderator (1)

Fred Kempe

Fred Kempe

President and CEO
Atlantic Council

Fred Kempe is the President and Chief Executive Officer of the Atlantic Council. Under his leadership since 2007, the Council has achieved historic, industry-leading growth in size and influence, expanding its work through regional centres spanning the globe and through centres focused on topics ranging from international security and energy to global trade and next generation leadership.

Before joining the Council, Mr Kempe was a prize-winning editor and reporter at the Wall Street Journal for more than 25 years. In New York, he served as Assistant Managing Editor, International, and columnist. Prior to that, he was the longest-serving Editor and Associate Publisher ever of the Wall Street Journal Europe, running the global Wall Street Journal's editorial operations in Europe and the Middle East.

He is the author of four books. The most recent, Berlin 1961: Kennedy, Khrushchev, and the Most Dangerous Place on Earth, was a New York Times and national bestseller. Kempe is a graduate of the University of Utah and has a Master's degree from Columbia University's Graduate School of Journalism, where he was a member of the International Fellows programme in the School of International Affairs.

Presented by (2)

PZU is the largest insurance group in Poland with more than 200 years of experience, dating back to its founding in 1803. After acquiring two banks, Alior SA and Pekao SA, and expanding its businesses to include asset management, pension funds, health insurance and health services, it is also the biggest financial group in Poland. With nearly $100 billion in assets, 22 million customers and 150,000 directed and undirected employees, it is also the largest financial institution in Central and Eastern Europe.

Since 2010, PZU has been listed on the Warsaw Stock Exchange, where it is one of the largest and most liquid stocks. It has also been a member of the STOXX 600 Index since September 24, 2018.

In January 2018, PZU’s Management Board adopted a new strategy, defining itself as a data-driven service company, building all of its financial and health related solutions around client needs and positioning itself as a one-stop-shop for both individual and corporate clients. PZU is one of Poland’s most trusted brands.

The Financial Times is one of the world’s leading business news organisations, recognised internationally for its authority, integrity and accuracy. The FT has a record paying readership of one million, three-quarters of which are digital subscriptions. It is part of Nikkei Inc., which provides a broad range of information, news and services for the global business community.

Partners (3)

Driven by our mission of "shaping the global future together," the Atlantic Council is a nonpartisan organization that galvanizes US leadership and engagement in the world, in partnership with allies and partners, to shape solutions to global challenges. The Atlantic Council promotes constructive leadership and engagement in international affairs based on the Atlantic Community's central role in meeting global challenges. The Council provides an essential forum for navigating the dramatic economic and political changes defining the twenty-first century by informing and galvanizing its uniquely influential network of global leaders. The Atlantic Council-through the papers it publishes, the ideas it generates, the future leaders it develops, and the communities it builds-shapes policy choices and strategies to create a more free, secure, and prosperous world.

Google's mission is to organise the world's information and make it universally accessible and useful. Through products and platforms like Search, Maps, Gmail, Android, Google Play, Chrome and YouTube, Google plays a meaningful role in the daily lives of billions of people and has become one of the most widely-known companies in the world. Google is a subsidiary of Alphabet Inc.

WHO SHOULD APPLY?

This exclusive Executive Breakfast is by invitation only.  

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Venue

Polish House
Promenade 58
Davos 7270 Davos Platz

Switzerland

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