Mr. Ernie Koh, President of Singapore Furniture Industries Council

Distinguished guests

Ladies and gentlemen

Good afternoon.

1. A very Happy Lunar New Year to everyone. I am delighted to be here today to celebrate this festive occasion with the Singapore Furniture Industries Council (SFIC).

Recent Performance of the Furniture Industry

2. Singapore’s economy has grown at a modest pace over the past few years, with our GDP growing at 2.9% in 2014. The global economy has also been sluggish, with the recent recovery in the US being offset by slower growth in China and other economies. Against this backdrop, our furniture industry is doing reasonably well. In 2014, our furniture industry’s revenue rose by 2.8% from 2013 to reach an estimated $6.24 billion.

SFIC’s Role in Growing the Furniture Industry

3. Singapore’s furniture industry has had to overcome our domestic land and manpower constraints, and find creative ways to grow sustainably. It has also had to adapt to global trends such as customers seeking greater customisation.

Read the full speech here.