Radu, UniCredit: Seek dollar export markets

Romanian companies should not get stuck in an effort to export to the eurozone, but instead seek dollar-based economies where they could earn very well during this period as a result of the euro’s depreciation against the American currency, says Rasvan Radu, CEO of UniCredit Tiriac Bank.

“Romania’s chance to emerge from the crisis is exports-related. It has now become very clear that we cannot expect to be driven out of the crisis by inertia, by the rebound of the eurozone, which is yet to be seen. We have to concentrate more on supporting exports to non-euro markets, and the state needs to play a very important part in facilitating the access of Romanian companies.” The head of UniCredit says he now sees the error in abandoning old markets, such as Turkey, Russia, Serbia, and Arab countries, where Romanian companies could be competitive, while Bulgarian companies are significantly boosting their dollar exports.

“Over the last six months the economic situation has been particularly hard on Romanian companies, with sectors such as retail seeing Romanian companies disappear altogether. We have to also have competitive Romanian companies.”