SingCham Weekly 13 Mar: Second Highest Economic Growth Among G20
Monday, 13 March 2023
Indonesia aims for $5bn in furniture export revenue in 2023
Indonesia is aiming for up to $5bn in furniture export revenue this year which can be achieved by improving raw material supplies and export funding scheme, Chief Economic Minister Airlangga Hartarto said. In the supply system, the government will provide certification to ensure that the materials used in the furniture industry come from sustainably managed forests. The Industry Ministry will shoulder the cost of certification, Airlangga said when opening the Indonesia International Furniture Expo in Jakarta. Government support was needed to strengthen Indonesia’s competitiveness over neighbouring Vietnam, whose furniture exports already topped $18bn in value. Indonesia, which has the comparative advantage in terms of raw material supplies, has the potential to become the regional leader in the furniture industry, the minister said.