Ion Alexandru Tiriac, who represents Tiriac Holdings in sectors such as the car industry and real estate, believes the expansion of the Romanian economy depends on small and medium-sized entrepreneurs, as well as the growth of a middle class.
"I believe there are many Romanian companies with high potential, but, in my opinion, for them to be competitive internationally, they need to undergo restructuring and be cosmeticised. After this, these companies need to find an internationally renowned strategic partner in order to continue their logical growth, without relinquishing control of the business to the partner.
Tiriac Group could reach turnover worth 2.2bn euros this year, up 37.5% from the 1.6bn-euro level reported last year.
As a result, Tiriac Holdings entered the top groups with turnover worth above 1bn euros in Romania, besides companies such as Petrom, Lukoil, Dacia, ArcelorMittal Galati, Metro, Rompetrol, Electrica, Rewe, Orange, Vodafone, Porsche and Interbrands.
Ion Alexandru Tiriac says, however, the international crisis is beginning to make its mark on domestic business, particularly in terms of consumers' budgets.
Referring to the biggest business of the group, in the car industry, as well as to real estate investments, Tiriac Jr. says one must take into account the long-term trends of these two markets.
The car sector last year generated the biggest turnover within the group, with the units owned by the group being the importers of Ford, Hyundai, Mitsubishi Jaguar and Land Rover brands, which reported turnover worth 900m euros.
The cumulated turnover of the four importers, Romcar, Hyundai Motor, M Car Trading and Premium Auto, hit 550m euros, while the contribution of the 14 dealerships amounted to 350m euros. This value places Tiriac Auto in the second position in the ranking of players on the car imports market.
On the real estate segment, the biggest project announced by Tiriac is the one in Otopeni, which involves 1bn-euro investments. Overall, the group's real estate investments will reach 2bn euros in five years.
While the two key sectors are now witnessing slower growth rates, for the financial services business, 2008 was a "prolific" year, Alexandru Tiriac explains.
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