Franchise Industry Unperturbed By Economic Challenges

KUALA LUMPUR, July 28 (Bernama) -- The franchise industry remains on a strong growth path judging from the 15 to 20 new franchise products that have expanded locally and abroad, despite current economic challenges. "The industry remains positive. Many Malaysian brands are expanding overseas," Malaysian Franchise Association Vice-Chairman Dr Richard Ong told a press conference on Malaysia Franchise Award 2016 here Thursday. He attributed the success of the industry to various efforts by the authorities to promote the sector at various events, trainings and exhibitions. "We believe the industry will continue to grow strongly," said Ong. To-date, the industry contributes between 50 per cent and 60 per cent to the country's economy, annually, mainly under the food and beverages sector followed by the services sector, he explained. Ong said MFA participated in the Philippines franchise exhibition recently and would visit Australia next month to showcase products that match international standards. "At the same time, we will also promote our franchise products in China, Singapore and the Middle East and continue to move forward into other parts of world," he said. MFA currently has 330 members, which included franchisors and franchisees involved in the food business, apparels and accessories, services and maintenance, childcare and pre-school education, healthcare and retail. Meanwhile, the Franchise Award 2016, to be held on Nov 11, is aimed at recognising micro entrepreneurs who has contributed to the country's franchise industry. This year, 17 awards will be given away to franchisepreneurs, ranging from the coveted 'Franchise of the Year' award to the 'Special Appreciation' award. -- BERNAMA