Akhbar Atas Talian No 1 Borneo

Franchise sector urged to collaborate for mutual growth

0

BANGKOK: The franchise sector here are encouraged to delve into the diverse array of franchise brands showcased at the Malaysian Pavilion during the Thailand Franchise Business Opportunities Expo (TFBO) 2024, today.

Minister of Entrepreneur Development and Coporative Datuk Ewon Benedick said this in his speech when launching the event.

He said the Malaysian Pavilion at TFBO 2024 had seven of Malaysia’s Top brands, namely D’ Tandoor, FatNinjas, Global Art, IrisPro, MuzArt, Myeongdong Topokki and Cleanpro.

He expressed his hope that this event would serve as a catalyst for both parties to initiate the growth and expansion of their businesses by investing in Malaysian franchise brands here in Thailand.

Malaysia and Thailand have nurtured a longstanding and fruitful relationship over the years with economic collaborations being a cornerstone of this partnership, characterized by substantial trade and investment interactions.

“As fellow members of ASEAN, we have collaborated to advance regional integration, foster economic stability, and enhance prosperity for our citizens.”

According to him, Trade between Malaysia and Thailand has grown steadily over the years.

“Our countries are major trading partners, with a diverse exchange of goods and services. In 2023, the total trade volume between Malaysia and Thailand reached new heights, reflecting our dynamic and complementary economies.”

Ewon stressed that the most dynamic aspects of the trade relations lies within the franchise and entrepreneurship sectors.

“Malaysian franchises have successfully penetrated the Thai market, introducing a variety of business models and innovative concepts. Concurrently, Thai entrepreneurs have achieved prosperity in Malaysia, enriching our local business environment with fresh ideas and opportunities.”

“Our governments have been instrumental in supporting this growth, offering various incentives, financial assistance, and training programs to encourage cross-border franchising and entrepreneurial ventures. Events like the Thailand Franchise & Business Opportunities (TFBO) Expo provide a platform for businesses to connect, explore opportunities, and forge new partnerships,” he elaborated.

On the franchise sector in Malaysia, Ewon shared the franchise industry in Malaysia has grown significantly, becoming a key part of the country’s economy. Malaysia has a history of franchising since the 1950s, with local brands emerging in the 1980s.

The Malaysian government has actively supported and regulated the industry, establishing the Malaysian Franchise Association (MFA) in 1994. Malaysia led Asia by implementing the Franchise Act in 1998 and introduced the Franchise Development Programme (FDP) to assist local entrepreneurs in franchising their businesses, demonstrating a strong commitment to nurturing domestic franchises.

He further stated that In 2022, Malaysia’s franchise industry experienced substantial growth, reaching RM36 billion in total annual sales, a 20% increase from the previous year.

The government is confident in the industry’s ongoing contribution to Malaysia’s GDP in 2024 and 2025 due to its consistent performance. The ministry works closely with MATRADE, MFA, and industry stakeholders to support growth and achieve targets. Additionally, fostering the longstanding friendship and cooperation between Malaysia and Thailand is highlighted as crucial for mutual growth and prosperity, he said.

He said this programme was not just about building successful businesses but also sustainable relationships between Malaysia and Thailand through the power of international cooperation.

Also present during the event were Datuk Jojie Samuel Ambasador Of Malaysia to The Kingdom Of Thailand, Datuk Dr Radzali Hassan Chairman of Malaysian Franchise Association (MFA) and Dato’ Hazimah Zainuddin Chairman of PERNAS.

 

 87 total views,  1 views today

Leave A Reply

Your email address will not be published.