M K Stalin, the Chief Minister of Tamil Nadu, laid the foundation stone for the projected International Furniture Park in Tuticorin, which will cost around Rs 1,500 crore and will enhance economic activity in the state’s southern regions. According to the state government, the facility, which is anticipated to open in the first phase, will create 1.50 lakh new jobs. An investment of Rs 3,500 to Rs 4,500 crore would be made in the second phase of expansion, which is scheduled to take place in ten years and generate 3.50 lakh jobs, according to an official announcement. “The goal of establishing an international furniture park in Tuticorin was to improve people’s living standards in southern Tamil Nadu by giving job opportunities,” Stalin explained.
Tuticorin was chosen as the location for the furniture park because it is not only the state’s second largest port, but also ranks third nationally in terms of exim commerce. Tuticorin also served as a port of entry for ships arriving from Southeast Asia, Australia, and New Zealand. According to experts, the global furniture market is predicted to reach USD 750-800 billion by 2020, with China and Vietnam leading the way. “However, India’s contribution to the world furniture industry was modest, therefore Tamil Nadu chose to establish this park,” he explained. The proposed park will occupy 1,156 acres of land in Tuticorin, around 13 kilometres from the harbour. Nearly 70-80 per cent of the raw materials would be developed in-house thereby enhancing competitiveness of Tamil Nadu.
