Valeriu Iftime, a 65-year-vintage Romanian businessman, is finding that financial success often comes with public skepticism. While his company boasts substantial revenue, Iftime acknowledges a common perception in Romania: that anyone who accumulates wealth is viewed with suspicion. His story highlights the complexities of building a business empire in a developing economy, balancing ventures in both the energy sector and professional sports.
Iftime, the owner of FC Botoșani, a top-tier Romanian football club, and the president of Elsaco, a leading energy efficiency company, has develop into a prominent figure in Romanian business and politics. He currently serves as the president of the Botoșani County Council, affiliated with the National Liberal Party (PNL). Despite his diverse portfolio and contributions to regional development, Iftime says he’s often labeled with a familiar accusation: “you’re a thief.”
The core of Iftime’s success lies in Elsaco, which he describes as a major player in Romania’s urban energy market. The company generates an annual turnover of between 300 and 400 million euros, capitalizing on over 100 billion euros in European Union funding allocated to Romania in recent years, according to Iftime. Elsaco specializes in energy efficiency solutions, automation, and IT&C services, contributing to infrastructure development, including the rehabilitation of Bucharest’s heating network.
However, Iftime’s investment in FC Botoșani has been a financial drain. He estimates having personally invested approximately 23 million euros into the club over the past 20 years, simply to keep it competitive in Liga I (Romania’s top football league) for 13 consecutive seasons. This financial commitment, despite the club’s consistent performance, underscores the challenges of owning a football club in Romania.
Navigating Economic Disparities in Botoșani County
Beyond his business ventures, Iftime is focused on addressing the economic disparities within Botoșani County. As president of the County Council, he believes a key to development is job creation, emphasizing that infrastructure projects must be linked to economic opportunities. “If you want development, you have to create jobs,” he stated in a recent interview. “At the complete of a modernized road, there must be a factory, a workshop, something where people can work.” He criticizes past administrations for focusing on superficial improvements without a broader economic strategy.
Investing in Infrastructure and Sustainable Energy
Iftime’s vision for Botoșani County includes significant investments in infrastructure and a transition towards sustainable energy. He’s prioritizing the modernization of county roads, improving connectivity to national routes, and fostering collaboration with local administrations. A key project involves a 400 kV substation, which could connect all energy producers in the county to the Suceava-Bălți 400kV line. He also plans to invest in wind and photovoltaic parks, and expand gas networks to underserved areas, positioning Botoșani as a regional leader in renewable energy.
Despite facing financial and bureaucratic hurdles, Iftime remains optimistic about the future of Botoșani County. His approach centers on pragmatic solutions, rigorous planning, and maximizing the absorption of European funds. The coming months will be crucial as these infrastructure projects move forward and the county seeks to attract further investment.
What remains to be seen is whether Iftime’s vision for Botoșani County will translate into tangible economic growth and a shift in public perception. His efforts to balance business success with regional development will undoubtedly be closely watched as he continues to navigate the complexities of Romanian politics and economics.
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