Published Date: June 29, 2026
Author: HANetf
Poland Becoming Strategic Nearshoring Manufacturing Hub – The global electronics industry is rapidly evolving as manufacturers search for smarter, faster, and more resilient production strategies. For many years, electronics production relied heavily on large-scale manufacturing operations located in Asia. While this approach reduced labour costs, it also created long and complex supply chains that became increasingly vulnerable to disruption. Rising transportation costs, supply chain disruptions, geopolitical uncertainty, and increasing demand for shorter delivery times are forcing companies to rethink traditional manufacturing models. One of Poland’s biggest advantages is its strategic location within Europe. Manufacturers operating in Poland can efficiently supply major European markets such as Germany, France, the Netherlands, and Scandinavia with significantly shorter transportation times compared to long-distance overseas production. At the same time, AI has transformed factory operations by improving efficiency, quality control, and production planning across the electronics sector. These changes are accelerating the shift toward nearshoring, as businesses move production closer to their target markets rather than relying heavily on overseas manufacturing. In Europe, Poland has emerged as a major destination for modern electronics manufacturing thanks to its strategic location, skilled workforce, expanding automation infrastructure, and growing adoption of Industry 4.0 technologies.[1]
NATO 1.5% Infrastructure Spending Target – The necessity of overhauling European transport infrastructure was laid bare by the European Transport Commissioner’s frank assessment of its state in 2025 as “unfit for war.” Upgrading inadequate transport infrastructure and securing European telecommunications networks provide clear opportunities to channel 1.5% investments towards strengthening collective deterrence in Europe. NATO members are encouraged to invest in projects like Rail Baltica. Rail Baltica will enable troop mobility for 200,000 soldiers between Poland and the Baltic region. Without the project, Baltic forces could be more easily isolated in a future conflict. Securing Europe’s 5G networks by replacing high-risk suppliers and implementing zero-trust architecture are two other important priorities. One study estimated it will cost around €3.5 billion to replace risky suppliers. Given 5G networks in Europe are already shifting to an Open Radio Access Network (O-RAN) transition, such a move toward zero-trust seems timely. If directed toward the right strategic priorities, spending NATO’s 1.5 % target funds could end up being the difference between a vulnerable and a defensible Europe.[2]
Euro Zone Inflation Increases to 3.2% in May – Eurozone inflation rises to 3.2% in May, up from 3% in April and far above the ECB’s 2% target. Energy price inflation was the primary driver, up +10.9% year-over-year. Europe is particularly vulnerable to energy shocks as a major net energy importer. Markets are currently pricing in a 94% chance of the ECB hiking its key interest rate by 25 basis points at its meeting later this month, according to LSEG data. While the Iran war-induced energy shock has been prolonged, oil prices remain at lower than levels forecasted given the length of the war. Brent crude prices currently hover at around €78 to €82 per barrel.[3]
Sharp Rise in European Defence Spending – The largest contributor to the global increase in military spending in 2025 was a +14% rise in Europe to $864 billion. Spending by Russia and Ukraine continued to grow in the fourth year of the war in Ukraine, while ongoing rearmament efforts by European NATO members led to the sharpest annual growth in spending in Central and Western Europe since the end of the cold war. The 29 European NATO members spent a combined total of $559 billion in 2025. Germany was the largest military spender in the group, with its expenditure growing by +24% year-on-year to $114 billion. Germany’s military burden exceeded the 2% threshold for the first time since 1990, reaching 2.3% of GDP in 2025. Military spending by Spain increased by +50% to $40.2 billion, also bringing its military burden above 2% of GDP for the first time since 1994.[4]
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The energy shock from the Iran war is seeping ever deeper into the European economy, presenting policymakers with a dilemma as it simultaneously weighs on growth and pushes prices higher. Euro zone composite PMI is at its lowest level since October 2023. This is complicating central bank decisions about interest rate moves and what kind of support the region’s governments offer to consumers facing higher fuel costs. Activity in the euro zone shrank at its sharpest rate in over two-and-a-half years in May as a surge in living costs hammered demand in the dominant services sector and pushed input price inflation to its highest in three-and-a-half years. Separately, the European Commission downgraded its growth projections for the euro zone economy and acknowledged they could fall further if the disruption meant that energy prices only reached their peak by the end of this year. Outside the euro area, companies in Britain suffered their broadest drop-in activity in over a year as the economic impact of the Iran war combined with political uncertainty at home. The European Central Bank left interest rates unchanged in May but is widely expected to be hiking in June.[5] [6]
Key risks
[1] https://www.bbntimes.com/technology/how-ai-and-nearshoring-are-reshaping-electronics-assembly-in-poland
[2] https://www.heritage.org/global-politics/commentary/how-spend-money-wisely-natos-15-infrastructure-spending-target
[3] https://www.cnbc.com/2026/06/02/inflation-euro-zone-iran-energy-costs.html
[4] https://www.sipri.org/media/press-release/2026/global-military-spending-rise-continues-european-and-asian-expenditures-surge
[5] https://www.reuters.com/world/europe/iran-war-drags-european-economy-down-pushes-prices-up-2026-05-21/
[6] Source: VettaFi
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