Kuala Lumpur, 26th Oct 2023,
The introduction of the National Franchise Policy 2030 is expected to generate RM100 billion in sales within the franchise industry by 2030.
Acting Domestic Trade and Cost of Living Minister Armizan Mohd Ali said the policy, which is targeted to launch in the first quarter of 2024, will be able to further develop the country’s franchise industry to the international level.
“The franchise industry has already seen tremendous sales growth from RM14.6 billion in 2020 to RM30 billion in 2021.
“We are also focusing on growing local franchise brands internationally. Currently, 70 local franchises have successfully penetrated into markets in 80 countries,” he said during a press conference at the parliament building today.
He said this after the Domestic Trade and Cost of Living Ministry met with the Malaysian Franchise Association (MFA) to obtain feedback on the industry.
At the same time, he said the function of the Franchise Advisory Board, established under the Franchise Act 1998 (Act 590), needs to be strengthened for it to play a more active role in implementing the policy.
“With the existence of strong governance, we believe the international community will purchase the rights to open local franchise brands internationally.
“The current focus is on the policy and strengthening the Franchise Advisory Board. We hope the franchise industry can contribute significantly to the development of the economy via the Madani Economy framework,” he added.
Source: Malaymail
Full Article: https://www.malaymail.com/news/money/2023/10/26/national-franchise-policy-2030-expected-to-generate-rm100b-sales-by-2030-says-acting-trade-minister/98494
