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In support of Guyana furniture sector
Dear Editor,
The office of the President should utilise locally made furniture to furnish State House, the official residence of the Prime Minister, the Ministries, our schools, the various conference centres, and other government owned buildings. It is a sector that should be booming during this transformational period, but most of the business has gone to imported products. We have some of the best tropical woods that are considered luxurious around the world. Our furniture sector should be growing in the premium and super premium segments of the market with it being showcased in the highest offices and institutions around the country, while also being integrated into the hotels and resorts being built to support the Tourism sector.
The size of the global market for luxury wood furniture is approximately US$13B with a forecasted CAGR of over 15%, with the larger wood furniture market estimated in the $100s of billions USD. Guyanese furniture manufacturers should be dominating the domestic market, and the growth opportunities in the local hospitality sector. The government should be focused on ensuring that local manufacturers get preference in the purchasing process. A nod to local content that helps elevate the reputation of the Guyanese brand within the premium and super premium furniture segments. Furthermore, the government should be assisting with export opportunities via key long term supply contracts to the Middle East, Europe, and the U.S.
Our nation’s opportunity in the high-end sustainable wood furniture segment is tremendous and needs to be a major business focus going forward. We must not underestimate the value of the products we can produce. Purchasing of beautiful hand-crafted wood furniture is primarily driven by high-net-worth individuals and luxurious hospitality brands. We must use the current increase in international exposure to showcase the luxurious high quality sustainable wood furniture that Guyana has to offer. One of the key steps to enabling the sector’s success is for the government to aid in the certification of sustainable wood furniture manufacturers. Currently, the FSC (Forest Stewardship Council) certification is well recognised in the sustainable furniture industry and provides added credibility for manufacturers using responsibly sourced wood.
CRG recommends using this approach to elevate and grow our nation’s luxury wood furniture sector. It aligns with our ecotourism strategy, our premium plus rum sector, and will bolster and reinforce our brand recognition in the hospitality and tourism sector. When foreign dignitaries visit our country, they should find themselves easily immersed in an environment that showcases the luxury we have to offer in the furniture sector. An opportunity which every administration should be able to leverage for future business agreements that will help the sector grow for generations to come.
Best regards,
Mr. Jamil Changlee
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