The Federation of Indian Chamber of Commerce and Industry or FICCI has embarked on a mission focused on the furniture sector, aimed at discovering new collaborative opportunities with furniture enterprises in Singapore as part of a broader market outreach initiative.
Rudra Chatterjee, the Chair of the Ficci Furniture Committee, who spearheaded the industry delegation’s visit to Singapore, remarked on the significance of this mission in strengthening ties between the Indian and Singaporean furniture markets. He expressed enthusiasm about the potential for collaboration that could lead to mutual growth and prosperity in both nations.
During a productive interaction with the Singapore Furniture Industries Council (SFIC) on Wednesday, Chatterjee emphasized the promising prospects for partnerships in areas such as sustainability, design innovation, and market expansion.
Phua Boon Huat, the President of SFIC, echoed this sentiment, highlighting the exciting collaborative avenues presented by the partnership between SFIC and Ficci. He noted that the recent roundtable discussions and B2B meetings served as a platform to explore these opportunities further.
Phua extended a warm welcome to the Ficci delegation, noting that their visit builds upon recent high-level exchanges between India and Singapore, which included SFIC’s business mission to India last August. He expressed optimism about some of their members already engaging in activities within India, further solidifying the relationship between the two countries.
“We look forward to deepening these partnerships for mutual growth and sustainable development,” he stated, reaffirming the commitment to enhancing collaboration. Supported by the state-led business promotion agency Enterprise Singapore, the roundtable aimed to identify collaborative strategies that would bolster the furniture industry in both countries.
The initiative seeks to strengthen the economic ties between India and Singapore, ensuring that both economies reap the benefits of enhanced business relationships and trade opportunities. In 2023, Ficci formalized its commitment to this partnership by signing a Memorandum of Understanding (MoU) with SFIC, aimed at promoting bilateral trade in the furniture and lifestyle sectors.
The High Commissioner of India to Singapore, Dr. Shilpak Ambule, also engaged with the Ficci delegation at the High Commission complex, underscoring the diplomatic support for this initiative. The timing of this business mission coincides with the third edition of the FIND-Design Fair Asia, taking place from September 26-28, 2024. This fair is recognized as a significant marketplace for furniture, interiors, and design, providing an ideal backdrop for the delegation to explore international connections and emerging design trends.
The Ficci delegation is composed of notable leaders from the Indian furniture industry, including Andre Eckholt, Co-Chair of the Ficci Furniture Committee and Managing Director of Hettich India Pvt Ltd; Virendra Singh Ranawat, Co-Chair of the Ficci Furniture Committee and Co-Founder and CEO of Wooden Street; Kunal Giani, Managing Director of Sarva Foam; Kapil Agarwal, Group CEO of Obeetee and Manor & Mews; and others.
India’s furniture sector is recognized by the Indian government as a pivotal area for growth, benefitting from advantages such as a skilled workforce, ample raw materials, and a robust manufacturing ecosystem. Additionally, Ficci encouraged Singaporean businesses to explore the vast opportunities available in India’s rapidly growing furniture market, fostering a mutually beneficial relationship between the two nations.
