Esteve, Renault: Romania no longer an emerging market

Christian Esteve, Renault manager for the Euromed region (Eastern Europe, Northern Africa and Russia) says Romania has made progress from the time when Renault took over Dacia, in 1999, and has left behind its transition period. “I wouldn’t use the phrase emerging country for Romania. Now, it is a market integrated into the European Union, a market that is making up for ground lost to developed countries and capitalising on the benefits of joining the EU,” says Esteve. He compares the state of the Romanian economy with that of countries like Spain or Ireland a few years ago, whose economies were rising above the EU average rate, boosted by the real estate sector and by industry. He also mentions the effects of the international financial crisis on the Romanian market, especially in the real estate sector and on the segment of new cars. “The local car market suffers just like the European one. The population’s purchasing power is affected, but the major factor behind this is the massive second-hand car imports, which is a reason for concern,” adds Esteve.