Sure you've been to many beautiful cities . . . but let's face it - when it comes to business it's money that counts." So says a postcard published by the Warsaw Stock Exchange and distributed widely as part of its campaign to highlight the attractions of investing in Poland.

There has been an interesting exchange of postcards between the Warsaw and Vienna exchanges in the past couple of years. However, the correspondence could hardly be described as friendly and is a symptom of the fierce battle between them to become the main exchange for central and eastern Europe.

The Warsaw Stock Exchange makes no bones in its campaign about the rich pickings international investors can find in Poland. Vienna in turn is seeking to promote an image of chaos in the Polish economy in a bid to position itself as the most credible gateway to the region.

Warsaw Stock Exchange president Mr Wieslaw Rozlucki is determined to see off the challenge from his arch-rival and is quick to point out that Warsaw is already the bigger exchange.

The Warsaw exchange is housed in the former Communist Party headquarters and has been quick to embrace the opportunities available since that regime fell in 1989.

There are 223 companies with a combined market capitalisation of 116 billion zlotys (€29.5 billion) now quoted on the Warsaw exchange. There has been a steady increase in the number of quoted telecommunications and information technology companies and banks in recent years.

Mr Rozlucki says multinational investors own about 35 per cent of Polish companies and this has remained a stable feature of the market.

Irish companies, such as AIB and CRH, are among this international group of investors that have bought into what many say is central Europe's biggest and brightest economy.

With a population of 40 million and membership of the European Union just a few years away, Poland hasn't found it too difficult to woo investors. The Warsaw Stock Exchange's aggressive campaign against Vienna also reflects the national aspiration for Poland to develop as a hub for trading between the EU and eastern Europe.

Like Ireland, it also offers an educated workforce, many of whom speak English. There is also a determination to qualify for EU membership and meeting the criteria helps to impose the disciplines that underpin strong economic fundamentals.

In May, the Taoiseach, Mr Ahern, led Ireland's biggest trade mission to Poland, helping to further highlight the potential for Irish companies there.

Mr Brian Earls, first secretary at the Irish Embassy in Warsaw, says the opening up of the Polish economy coincided with the birth of the Celtic Tiger economy. This has been a key factor in encouraging Irish companies to embrace Poland as an investment, he says.

The main opportunities for investment are in banking and financial software and telecommunications software. Construction services, agricultural equipment and sub-contract opportunities with local companies in textiles and engineering are just some of the openings most readily identified by Enterprise Ireland.

In the past five years, Irish firms have invested more than €1 billion (£787.56 million) in Poland and this figure is expected to rise substantially.

Mr Rozlucki and many other executives in Poland have built good relationships with Irish investors and are keen observers of the Irish economy, hoping to emulate its successes.

The Polish government has signalled that it hopes to join the EU before 2005 and possibly as early as 2003. Last month, Business Central Europe, a magazine belonging to the Economist Group, ran a cover story in which it pointed to Ireland as a model for economic success. It highlighted the huge number of advisers whizzing between Dublin and central Europe.

"The most obvious thing that central Europeans can learn from these states [such as Ireland] is how to spend the EU's cash," the magazine advises.

It points out that most of the turnaround in Irish industry was driven by foreign-owned firms.

Ireland can also pass on lessons on the benefits of liberalisation and providing a good business environment, the magazine said.

Irish business people who are active in Poland say it has a strong entrepreneurial culture, coupled with a high level of business confidence. Most of the investment is taking place around Warsaw and other big cities, such as Krakow, Wroclaw, Poznan, Lodz and Gdansk. Warsaw is becoming the headquarters for many international companies in Poland and is a rapidly developing city.

It seems clear that multinationals will continue to position themselves to become key players in central Europe's most promising emerging market.