Sector Growth: Boost in Investment and Employment, Decrease in Current Account Deficit
Turkish Cypriot Furniture Manufacturers Association President Hüseyin Serious Reflects on 2024 and Looks Ahead to 2025
As we enter the new year, Hüseyin Serious, the President of the Turkish Cypriot Furniture Manufacturers Association (MSD), has shared his reflections on the achievements and challenges faced by the sector in 2024. Serious highlighted the growth in investment and employment, as well as the decrease in the current account deficit of the sector. Looking forward to 2025, he expressed his commitment to working even harder to drive more investments and create more job opportunities within the industry.
In a New Year message, Serious called upon the government to provide positive discrimination in the industrial sector in 2025, emphasizing the importance of supporting the “Furniture Manufacturers Site Project” for further development.
Proud to witness the utilization of locally produced furniture in various projects across the country, Serious noted that the sector’s business volume exceeded 300 million euros in 2024. Despite challenges such as fluctuating exchange rates and inflation rates impacting profitability, Serious remains optimistic about the sector’s growth potential in the coming year.
Addressing concerns about the impact of regulatory changes on foreign investments in the sector, Serious called for a comprehensive evaluation of legislative decisions to ensure sustainable growth for the industry. He stressed the need for support from the government to navigate through economic uncertainties and maintain competitiveness in the market.
Looking ahead to 2025, Serious anticipated a more stable foreign exchange rate scenario and called for policy measures to foster a conducive environment for industrial growth. He urged the government to prioritize production incentives and emulate successful models from Turkey to promote the local furniture manufacturing sector.
Serious also emphasized the importance of the proposed ‘Furniture Makers Site’ project in TRNC, which aims to establish a dedicated hub for furniture production similar to existing models in Turkey. He extended his wishes for a prosperous and healthy new year to all industry colleagues and citizens, reaffirming his commitment to driving innovation and growth within the sector.
