Just weeks after India announced that they will set up an Invest India office in Singapore, during Prime Minister Narendra Modi’s 2-day visit to the country on September 4 and 5, 2024, the office was inaugurated by Commerce and Industry Minister Piyush Goyal.
The Invest India office in Singapore was inaugurated on Sunday, September 22.
Following the inauguration, the Indian lawmaker tweeted: “Investing in a stronger partnership.
“Proud to inaugurate the @InvestIndia Singapore office today. This marks a pivotal moment in strengthening economic ties and further unlocking vast investment opportunities between India and Singapore.
Also read: PM Modi meets Singaporean CEOs, announces an Invest India office to facilitate collaboration
“It is a significant step towards fostering global partnerships and driving shared prosperity,” Goyal said.
In his official statement, Goyal said: “Singapore is a key strategic partner for India, and this office marks a new chapter in our efforts to strengthen economic cooperation with Singapore and the broader ASEAN region. We plan to open more overseas Invest India offices in the coming months with an aim to provide global investors seamless access to India’s dynamic and growing economy.”
Earlier in September, India and Singapore elevated their bilateral ties to comprehensive strategic partnership, bolstering the relation between the two nations.
The Singapore Office is Invest India’s first overseas office. This move reinforces India’s commitment to deepening investment partnerships and making it easier for global investors to engage with India. The Singapore office will serve as a dedicated point of contact for companies from the region looking to invest in India, fostering collaboration across sectors.
Goyal meets HTL CEO
Goyal also held a meeting with Phua Mei Ming, CEO of HTL International, an upholstered furniture manufacturing company based in Singapore.
The meeting between the Indian minister and the HTL CEO wasn’t likely a happenstance. In March 2024, ET Retail reported that the Singapore-based company, which manufactures sofas, was looking to expand its presence in India.
As per the report, quoting Manoj Kumar Nair, Country Head – Brands (HTL Group Singapore) India & Middle East, the company was looking to open 10 stores across Mumbai, Bangalore, Pune, Delhi, Hyderabad and Chennai. This is in line with the company’s aim to target a 25-30 percent growth in 2024.
The exclusive spaces would feature three of HTL’s brands — Domicil, Corium and Fabbrica.
As per India Brand Equity Foundation (IBEF), the “Indian furniture market was valued at approximately USD 23.12 billion in 2022, and it is predicted to rise at a CAGR of 10.9 percent to reach USD 32.7 billion by 2026”.
Nair said 90 percent of the sector in India is unorganised. As per the HTL official, the company is planning to use its strategies to get a share from the unorganised market.
With growth predicted for the country, the minister “deliberated on India’s role in the company’s expansion plans”, highlighting the scope in the country’s manufacturing sector and vast retail market.
