Wednesday, 16 November 2016
CYBERJAYA: The Malaysian franchise industry is flourishing despite the challenging economic situation, said Minister of Domestic Trade, Cooperatives and Consumerism, Datuk Hamzah Zainudin.
The franchise industry had contributed significantly to the national economy, accounting for 3.4 percent or RM26.8 billion of gross domestic product (GDP) last year.
To date, the number of franchise businesses registered with the ministry is 830, out of which 556 are local brands and the rest foreign. Based on these developments, the ministry is targeting the industry to contribute RM35 billion or 4.4 percent to the nation’s GDP by 2020.
The Business Over Coffee-A Session With Export-Ready Franchisors programme, which discussed the challenges faced by export-ready companies to expand their businesses overseas, was participated by over 60 local franchise industry players.
The government’s commitment to boost activities and franchise development programmes next year would be through a RM3.15 million allocation specifically for promotion and marketing.
The ministry would also intensify the Franchise Malaysia Goes Global (FMGG) and Enhanced Franchise Development Programme (EFDP), a mission to promote local franchises abroad by focusing on countries in ASEAN, the Middle East and East Asia.
With the increase of local franchises abroad, he was confident that the government’s agenda to make Malaysia a franchise hub in Southeast Asia would be achieved.
Source by: Internet