By Ayesha Mudassar ISLAMABAD, Feb 04 (INP-WealthPK): Pakistan’s furniture industry has enormous potential to capture world markets through its exquisite designs provided it is given proper incentives and facilitation for boosting exports. According to the Pakistan Bureau of Statistics (PBS), the volume of furniture exports expanded to 466,000 in the first half of the fiscal year 2021-22 (1HFY22) compared to 67,000 in 1HFY21, registering an astronomical 596% increase year-on-year. During the period under review, furniture worth $3.998 billion was exported compared to $1.545 billion during the corresponding period of the previous year, according to WealthPK. The global furniture market is predicted to generate $715 billion in revenue in 2022. The growth in the market is generally encouraged by the construction sector as well as rising disposable incomes across the globe. The market is estimated to expand at a 4.79% annual rate (CAGR 2022-2026). Source: Statista Pakistan Furniture Council (PFC), a representative body of prominent furniture designers and manufacturers, is also playing its part by assisting the country’s furniture and interior design businesses, whose innovative thinking has the potential to drive significant economic growth. The country has six wooden furniture hubs - Karachi, Lahore, Sargodha, Chiniot, Gujrat, and Peshawar. The most prominent woodworkers are from Chiniot, Gujrat, and Peshawar, who are noted for their advanced carving techniques and uniquely ornate patterns, making Pakistani furniture stand out around the world. Chinioti furniture has been in higher demand for many years and meets more than 80% of the country's total furniture demand. China also hopes to maintain a stronger economic and investment relationship with Pakistan by strengthening trade links with Pakistan's furniture industry. While speaking at a recent online Dezhou Furniture Industry Chain Pakistan Market Development Promotion Conference, Badar Zaman, Pakistan’s investment counsellor in China, said that Pakistan is China's all-weather strategic partner and that Pakistan's furniture industry complements China well. As China-Pakistan Economic Corridor has entered a new phase with China becoming Pakistan's largest trading partner, many of the country's furniture producers are eyeing China as a new market. The linkages between the furniture sectors of China and Pakistan will further strengthen cooperation in industry exchanges, project investment and promote the development of a two-way economic and trade cooperation, said Badar Zaman, according to WealthPK. Meanwhile, a spokesperson for the Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) told WealthPK that the chamber recently organised a conference titled ‘furniture industry online/offline promotion’ to encourage in-depth cooperation between the Dezhou furniture industry and that of Pakistan’s. She emphasised that Pakistan is endowed with enormous natural resources, and our people possess the best capabilities available to aid in modernisation of the country. However, for the most part, woodworkers manufacture hardwood furniture with outdated technology, insufficient tools and manual labour, which adds more to the cost than to the value. Therefore, woodworkers must be trained on modern lines, and the industry must vigorously transform itself to be more innovative. This can be made possible through setting up of modern woodworking institutes and testing laboratories of international standard. Furthermore, the government should cooperate with furniture manufacturers and exporters to organise exhibitions in foreign nations to promote Pakistan's exports. The overseas Pakistanis should also explore the market potential for Pakistani furniture in their respective countries. There is a compelling need to explore the foreign markets to help Pakistan capitalise on its exquisite woodwork and carving potential.