Aegean Furniture Exporters/Gürle: India's Furniture Market Awaits Turkish Companies

Forex - India's rapidly growing furniture market may serve as a springboard for Turkish furniture exporters aiming to globalize. The Sectoral Trade Delegation organized by the Aegean Furniture, Paper and Forest Products Exporters' Association from December 2 to 7, 2024, in Mumbai, is leading the way in elevating trade relations between Turkey and India.

India: A Giant Market Waiting to be Explored Ali Fuat Gürle, President of the Aegean Furniture, Paper and Forest Products Exporters' Association, views the organization of the trade delegation in Mumbai as a strategic move, stating, "India is a significant importer, but Turkey's share in the $1.5 billion imports is quite low at $16.5 million in exports. With a population of 1.4 billion, India is rapidly becoming a powerful player in the global furniture market. The furniture sector, which was valued at $5 billion five years ago, is expected to reach $24 billion now and surpass $50 billion by 2029. Turkey's current share in this large market is still very low, presenting great opportunities for our companies. Now is a very suitable time to enter the market. The Indian market holds great potential waiting to be explored for our Turkish furniture sector. Mumbai, chosen as the center for the trade delegation, is the heart of India's trade and business world. Our Mumbai Trade Delegation has been an important step for our companies. Now, our goal is to transform these contacts into lasting business partnerships."

Strong Message: "More Activities, More Exports" Highlighting India as the fifth-largest economy in the world, Hikmet Güngör, Vice President of the Aegean Furniture, Paper and Forest Products Exporters' Association, stated, "Our Minister of Trade, Mr. Ömer Bolat, our TİM President, Mr. Mustafa Gültepe, and our Coordinator President, Mr. Jak Eskinazi, have repeatedly emphasized in all their speeches the vision of ‘More marketing activities, more sectoral trade delegations, more national participation fairs, more Turquality projects hence more exports.’ We continue to fulfill all our responsibilities in this context. We are determined to strengthen our exports through more marketing activities. It has been a long time since a trade delegation has been organized to India specifically for the furniture sector. Our Consul General and our Trade Attaché were very pleased to see us in India."

Key to Success in India: Design, Brand, and Network Güngör noted, "The growth rate in India is very high. With its multicultural structure, friendly approach towards Turks, and open business environment for foreigners, Mumbai is an ideal starting point for entering the Indian market. Furthermore, digital trade platforms and strong infrastructures in cities like Bengaluru emphasize the opportunities in the sector. Bangalore, home to e-commerce giants like Amazon (NASDAQ:AMZN) and Pepperfry, offers attractive partnership opportunities for Turkish furniture manufacturers. The emphasis Indian consumers place on personal relationships is key to ensuring the sustainability of our business connections. To succeed in the Indian market, strong design and brand perception are essential. Building a robust network is a necessity for industry players due to the decision-making role of architects in the sector."

Each of our participating companies conducted over 20 bilateral business meetings, which can be considered a record. Hikmet Güngör stated, "Our Mumbai Trade Delegation was the first step in establishing business connections that will enable the Turkish furniture sector to integrate more strongly into the Indian market. The people of India show interest in Turkey and Turkish products, viewing our cultures as closely related, which facilitates our trade. Ten companies participated in our delegation; 47 importing firms engaged in bilateral meetings, and each of our participating companies conducted over 20 bilateral discussions, totaling 240 meetings, which can be regarded as a record. All the importing firms participating in the bilateral meetings were carefully selected real buyers. In the coming years, we expect these contacts to turn into solid partnerships. The rapidly growing upper-income class in India, with its interest in design and quality, can pave the way for Turkish furniture to achieve the place it deserves in this market."

Güngör added, "In our delegation organizations, we both organize bilateral meetings to connect our companies with serious and real potential buyers, while also visiting significant points in the market for them to familiarize themselves with the market. Specifically for the India trade delegation, we rented a space at the Wolfx fair, one of the important fairs in the city, welcoming buyers to our stand and facilitating bilateral meetings for our companies."

In the opening speeches of the delegation, Consul General Mustafa Kemalettin Eruygur highlighted that India has 60,000 billionaires, construction is rising rapidly, and India should be considered as four separate large countries from north to south and east to west, emphasizing that all these areas have a demand for imports.

While speaking about the Indian market, Trade Attaché Mustafa Furkan Albayrak emphasized that now is the perfect time to enter a market populated by those capable of making significant expenditures and that this delegation was well-timed, adding that the furniture sector is one of the leading sectors presenting potential from India's perspective.

Representing the Association were Hikmet Güngör, Vice President of the Aegean Furniture, Paper and Forest Products Exporters' Association, TİM General Assembly Delegate Metin Güreler, and Serap Ünal, Deputy Secretary-General of the Aegean Exporters’ Associations. Evaluation forms from the firms participating in the delegation indicate a satisfaction level of nearly 100%.