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Suriname Furniture Corridor Set Up In Hyderabad

HYDERABAD, INDIA: The Republic of Suriname, a South American nation, will set up a furniture design corridor in Hyderabad to export furniture to Latin American(LatAm) nations.

This will be the second furniture corridor in India following the first in Kolar (Karnataka). According to Asif Iqbal, Honorary Consul of Republic of Suriname, the corridor will be ready to open by the end of 2016.

“The Republick of Surename is working along with the government run design school, National Institute of Design (NID), for partnership,” he added.

The Dollar Business reported that the Honorary Consulate in the city will boost the economic, educational, and cultural ties between the two countries. Iqbal said that there are around 36 types of rare timber in Suriname that is also affordable. “The local teak is so expensive that it makes sense for the business proposition to design and manufacture furniture here with Suriname timber for export.” The imported teak from Suriname costs Rs. 700 (USD10.44) per cubic feet while local teak in India is priced at Rs. 2,800 (USD41.75) per cubic feet, said Iqbal. Around 170 craftsman will be employed for the construction of this facility.

Suriname’s export to India in the till September in the fiscal year 2015-16 stood at $33.17 million while Sutiname’s import figures from India were $8.4 million during the same period.