NEW DELHI : Federation of Indian Chambers of Commerce & Industry (FICCI) and SFIC (Singapore Furniture Industries Council) today signed a Memorandum of Understanding (MoU) to foster bilateral trade and improve business ties in the furniture and lifestyle sector. The MoU will further strengthen collaboration between India and Singapore by sharing resources, knowledge, experiences and the partnership will open new avenues for business, create employment opportunities in the furniture sector across both India and Singapore.
A trade mission was co-organised by SFIC and Enterprise Singapore that included senior management from nine prominent furniture and lifestyle companies from Singapore. FICCI organised an industry roundtable to provide Singapore furniture companies with opportunities in the Indian furniture sector. A series of B2B meetings between Singaporean and Indian furniture companies were organised to explore potential joint ventures and partnerships with between participants from both countries.
Mr Rudra Chatterjee, Chairman, FICCI Furniture Committee; Chairman, Obeetee; and Chairman, Manor & Mews said, “The furniture sector has been identified by the Government of India as one of the focus sectors for further strengthening Indian Industry’s competitive edge. The furniture industry in India already has the ecosystem in place with several advantages like skilled labour force, availability of raw material, huge demand, presence of major global buyers. We need to work alongside with companies in India and Singapore in creating world class furniture both for the domestic and the international market.”
Mr Phua Boon Huat, President, SFIC said, ” India presents a variety of opportunities across the furniture value chain, from sourcing, manufacturing, to distribution. With a burgeoning middle-class demographic and rising household incomes, India is in the midst of experiencing strong consumer demand for a wide range of premium goods. Singapore’s adept furniture industry is well poised to cater to this surge in demand. SFIC remains committed to supporting efforts by Singapore furniture companies as they chart their course into promising markets like India.”
Ms Jeannie Lim, Assistant Chief Executive Officer – Lifestyle & Consumer, Enterprise Singapore, said, “When accessing a foreign market, having a trusted and experienced partner can help Singapore companies shorten the learning curve and time taken to navigate the market. Enterprise Singapore has continued to support SFIC in its efforts to deepen the furniture industry’s connections with international partners through various means, including this latest mission trip to help Singapore companies engage with players in India and grow new business avenues. We are happy to see SFIC embarking on this partnership with FICCI. We hope that the close collaboration between both organisations will catalyse more trade and business opportunities between furniture players in Singapore and India.”
FICCI’s furniture committee with leading furniture manufacturers, exporters, and retailers, works closely with the government, industry, and other stake holders with the objective to make India a self-reliant country in terms of furniture industry and a global supplier and exporter of furniture.
On the manufacturing and sourcing fronts, the Indian government is implementing a strong reform agenda to make India an attractive manufacturing hub for foreign investors. By tapping into India’s robust manufacturing sector, Singapore companies can leverage the competitive advantages of skilled labour, technology and a growing market.