PUTRAJAYA OCT.14: Franchise International Malaysia (FIM) has become one of the focuses of the Malaysian Government in increasing the number of exports of home-grown products and services and throughout 11th Malaysia Plan (2016-2020) 391 new Malaysia franchise outlets have been opened globally.
Prime Minister Datuk Seri Ismail Sabri Yaakob said, the achievement was through the implementation of Enhanced Franchise Development Program (EFDP) in collaboration with Ministry of Domestic Trade and Consumer Affairs (MDTCA), Malaysian Franchise Association (MFA), Economic Planning Unit (EPU) and Malaysian External Trade Development Corporation (MATRADE).
Ismail said, the government has always adapted into pro-franchise policy and welcome franchisors globally to do business here as this is in line with the aim to establish Malaysia as the franchise hub for ASEAN.
“We believe that a healthy growth of franchise business will help prosper and benefit the nation, entrepreneurs, consumers, bankers, support services and the Malaysian society at large.
“Within that policy framework, programs aimed at young entrepreneurs in gaining fair access to resources have been put in place. This is achievable through grants offered by the government via Micro and Affordable Franchise Development Program.
“Under this program, new business owners being offered matching grants, where else full grants is for the franchise owners to expand for more business opportunities,” Ismail said at the launching of the 28th Franchise International Malaysia (FIM) 2021 Virtual Exhibition and Conference with the theme, “Towards Digitalized Franchising” here today.
Ismail added, these are some of the initiatives to revitalise economic growth under the 12th Malaysia Plan, in achieving the goal of “Malaysian Family-A Prosperous, Inclusive, and Sustainable Malaysia as outlined.
The Prime Minister also said, in 2019, franchise industry in Malaysia has recorded a total sale of RM13.3 billion which was 19.1 per cent increase compared to previous year total sale of RM11.16 billion. For 2019, franchise industry has provided more than 80,000 jobs with estimated contribution of RM1.4 billion wages.
“In the financial year of 2020, approximately RM5.2 billion sales have been recorded. We are positive that the sales this year would reach RM13 billion, judging from the strength of this industry despite the pandemic.
“The government has allocated RM10 million to MDTCA to continue with the implementation of EFDP. This is for the training of local franchise businesses in the international franchise management and practices, business matching and trade missions as well as reimbursable of export costs,” Ismail said. –Malaysia World News