Wednesday, March 26, 2008 'Export furniture to India'
WITH the slowdown of the US economy, furniture and fashion accessories, exporters in Cebu are urged to penetrate India’s growing market.
“Cebu is strong in the furniture industry and India has a huge market of high-end buyers that is not explored at all,” said Rajeet Mitter, Indian Ambassador to the Philippines.
Mitter said this at a roundtable discussion with the Cebu Chamber of Commerce and Industry (CCCI) last week to dialogue about possible linkages between the major business groups in India and their counterparts in Cebu.
He said furniture and fashion accessories from the Philippines, particularly Cebu, have been gaining a good reputation among Indian buyers because of their “delicate craftsmanship and high aesthetic appeal.”
At present, though, Philippine exports are concentrated on the United States, Middle East and some European countries.
Largest importer
Mitter said that in 2005, India accounted for 17 percent of the global import market and was among the world’s largest importer of furniture.
Furniture imports in India come from Italy, Germany, Spain, China, Korea, Malaysia, Indonesia, Japan and the Philippines, he said.
He said the most popular furniture pieces among Indians include bedroom furniture, office, kitchen, garden and contract furniture in wood, metal, plastic, cane and bamboo.
As the purchasing power of most Indians has steadily increased, driven by the emerging middle-income market of the country, Mitter urged local furniture exporters and even fashion accessories manufacturers to export to the South Asian country. He said now would be the best time to do it as the United States market has become weak.
Mitter admitted that the economic slowdown in the US has adversely affected Indian export players. Like their Philippine counterparts, Indian exporters are also hurt by the Indian rupee’s growth.
Link
“We need to help each other,” he told officials and members of the CCCI.
During the meeting with the local chamber, Mitter vowed to link the Cebu business community with major Indian business organizations to advance trade and commerce relations between the province and India.
Edward Gaisano, CCCI president, told Mitter of the CCCI’s plan to conduct a trade mission to India, in line with Cebu’s aim to be an information technology (IT) and business process outsourcing (BPO) hub.
“I will personally recommend CBM (Cebu Business Month) to the Nasscom (National Association of Software and Services Companies),” the Indian Ambassador said.
Apart from IT, BPO and furniture and fashion accessories industries, Mitter said Cebu and India could forge trade partnerships in mining, pharmaceutical, engineering consultancy and construction works, among others.
The ambassador, whose first visit to Cebu was to attend the Association of the Southeast Asian Nations (Asean) Summit in January 2007, said he saw big potentials in Cebu for major IT and BPO investments. (MMM)
