The Federation of Indian Chambers of Commerce & Industry (FICCI) and the Singapore Furniture Industries Council (SFIC) have formalised a Memorandum of Understanding (MoU) aimed at enhancing cooperation between the furniture industries of both nations.
This collaboration seeks to leverage shared resources, knowledge, and experiences to create fresh avenues for business expansion. Through this partnership, employment prospects will be bolstered, while the furniture sector in India and Singapore will experience growth and dynamism.
The signing of the MoU took place within the framework of a trade mission jointly organized by SFIC and Enterprise Singapore in New Delhi on August 11. The mission includes a delegation of nine Singaporean furniture and lifestyle firms, currently visiting New Delhi and Mumbai from August 11th to 16th, 2023.
The delegation’s objective is to familiarise themselves with India’s business landscape and explore potential prospects for venturing into the Indian market.
The trade mission’s itinerary has been thoughtfully crafted to facilitate potential business collaborations and the exchange of knowledge. A prominent feature is an industry roundtable hosted by FICCI, aiming to introduce the delegation to prospective opportunities within India’s furniture segment.
Additional planned activities encompass B2B networking sessions, trade exhibitions, and on-site visits involving investment agencies, trade associations, prominent Indian manufacturers and retailers, as well as Singaporean brands that have already made their mark in India.
The signing of this MoU underscores the mutual interest of Singaporean and Indian companies in collaborating to cater to the escalating demand for quality lifestyle products among Indian consumers.
Noteworthy Singaporean furniture brands like Commune, HTL, and ipse ipsa ipsum have already made significant inroads in India, tapping into its immense potential. For instance, Commune, a furniture lifestyle retailer, has partnered with Bauhaus Designs in Bangalore to launch its flagship store through a distributorship model in December 2022. Another branch is slated to open in Mumbai during the third quarter of 2023.
Similarly, ipse ipsa ipsum engages directly with Indian artisans, craftsmen, and manufacturers to produce and market its products. Additionally, it has established a manufacturing facility in Uttar Pradesh, employing 150 in-house artisans to cater to bespoke requirements.
HTL has also established manufacturing plants in Chennai and Pune for both domestic and international distribution. They’ve also introduced franchise stores under the “HomesToLife” brand in New Delhi, Mumbai, and Hyderabad.
Mr. Rudra Chatterjee, chairman of FICCI Furniture Committee, chairman of Obeetee, and chairman of Manor & Mews, said, “The furniture sector has been identified by the Government of India as a priority area for strengthening the competitiveness of Indian industry.
“India’s furniture industry already possesses the necessary ecosystem, including advantages such as skilled labor, raw material availability, substantial demand, and a presence of major global buyers. Collaborating with companies from India and Singapore will enable us to create world-class furniture for both domestic and international markets.”
Mr. Phua Boon Huat, president of SFIC, affirmed, “India offers a range of opportunities across the furniture value chain, spanning sourcing, manufacturing, and distribution. With a growing middle-class population and rising household incomes, India is witnessing robust consumer demand for premium goods.
“Many Singaporean furniture players are well-positioned to meet this demand, thanks to their production or retail of high-quality and aesthetically pleasing furniture. SFIC remains dedicated to supporting Singaporean furniture companies in their efforts to expand into promising markets such as India.”
Ms. Jeannie Lim, assistant CEO (lifestyle & consumer) of Enterprise Singapore, commented, “When entering a foreign market, having a reliable and experienced partner can expedite the learning process and market navigation for Singaporean companies.
“This is why Enterprise Singapore continues to back SFIC in its endeavors to enhance connections within the furniture industry through various means, including this latest mission trip aimed at fostering engagement between Singaporean companies and Indian players, creating fresh avenues for business growth.
“We’re delighted to witness SFIC’s partnership with FICCI and hope that this close collaboration will catalyze more trade and business opportunities between Singaporean and Indian furniture players.”
