THE franchise industry is expected to contribute RM23.6 billion to the gross domestic product this year, up from RM22.5 billion last year, says Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob.
He said 46 local franchisors have expanded abroad, opening a total of 1,413 franchise outlets in 50 countries and contributing significantly to the country's projected gross income after the ministry took over franchise management three years ago.
"We see this strategy has been successful in driving product promotion and franchise branding internationally and enhancing foreign entrepreneurs' confidence in local franchise brands," he said.
He was speaking at a media conference after the pre-launch of the Asean Franchise Expo Symposium (AFES) 2013 and presentation of franchise licences attended by Thailand's ambassador to Malaysia Krit Kraichitti here today.
"I hope franchise operators do their own business development planning in line with the government's strategy of making the country the Southeast Asian franchise hub by 2020," he said.
He said Malaysia's many similarities in food and culture with other Asean countries have contributed to the local franchise industry's growth, adding there are 20 Malaysian franchise brands in Indonesia (with 59 outlets) and 14 each in China (74 outlets) and Singapore (22 outlets).
AFES 2013, to be held at the Kuala Lumpur Convention Centre on March 8-10, targets 500 delegates, 80 booths with 32 local and 48 international exhibitors, and a total of 10,000 visitors. -Bernama
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