Singapore's share of world furniture export market is expected to increase to 2 percent by 2015 from the present 0.7 percent, a Singapore government minister said on Sunday.
The outlook for Singapore's furniture industry is clearly optimistic and buoyant, said Singapore's Information, Communications and the Arts Minister Lee Boon Yang at the opening of the international furniture fair Singapore 2008.
The fair is held in conjunction with the 25th furniture show of the Association of Southeast Asian Nations (ASEAN),
"As furniture manufacturers, you must continue to sharpen your competitiveness to grow the business and win new market share. This is where having distinctive branding and strong design capability could make a huge difference to the future of Singapore's furniture industry," he said.
The minister said that Singapore's furniture industry registered a value added of 655 million Singapore dollars (about 474.6 million U.S. dollars) and contributed 0.34 percent to the country's gross domestic product (GDP) in 2005.
The Singapore furniture industries council on Sunday launched anew brand identity, called Singapore Mozaic, for the country's furniture industry, and 27 furniture companies have come under this banner.
The minister described the launch as a timely initiative to strengthen the country's international market share of world furniture exports.
The global furniture manufacturing output increased by 6 percent to 8 percent a year since 2002, and the industry is currently worth more than 300 billion U.S. dollars. In Asia, it's share of global furniture exports has jumped from 18 percent in 1996 to 32 percent in 2006.
Source:Xinhua
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