Malaysians urged to venture overseas
LOCAL franchise systems are encouraged to venture overseas to leverage on grants and other assistance provided by the government.
As at August this year, 20 local companies have expanded to 42 countries worldwide.They include Clara Network (beauty product), food and beverage companies Marry Brown Fried Chicken, Nineteen O One and Secret Recipe, and childcare and pre-school education companies Smart Reader Worldwide and Vital Years.
“There is great potential in local franchise systems and, with strong support from the government, the industry can go much further,” Malaysia Franchise Association (MFA) chairman Datuk Mukhriz Mahathir said at a press briefing on Tuesday.
Over the past four years, the industry has seen a 15 per cent year-on-year increase in the number of registered franchise business under the Registrar of Franchise.
To date, there are 321 franchise systems registered in Malaysia, of which 197 are home-grown and 114 are foreign franchises.
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