KUALA LUMPUR, Oct 26 — The introduction of the National Franchise Policy 2030 (DFN 2030) is expected to generate RM100 billion in sales within the industry by 2030.
Acting Domestic Trade and Cost of Living (KPDN) Minister Armizan Mohd Ali said the policy, to launch by the first quarter of 2024, can further develop Malaysia's franchise industry internationally.
“The franchise industry has already seen tremendous sales growth from RM14.6 billion in 2020 to RM30 billion in 2021.
“We also focus on growing local franchise brands internationally. Currently, 70 local franchises have successfully penetrated into the markets of 80 countries,” he said during a press conference at the Parliament building today.
Armizan was speaking after KPDN met with the Malaysian Franchise Association (MFA) to obtain industry feedback.
Simultaneously, the function of the Franchise Advisory Board, established under the Franchise Act 1998 (Act 590), must be strengthened to play a more active role in implementing DFN 2030.
“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 DFN 2030 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.
— Bernama
