KUALA LUMPUR, Nov 28 (Bernama) -- Malaysia's franchise industry has recorded encouraging growth with an investment potential of more than RM911 million as of November 2024 compared with RM700 million a year ago, according to the Entrepreneur and Cooperatives Development Ministry (KUSKOP).
Deputy Minister Datuk Seri R Ramanan told reporters after chairing the Franchise Advisory Board Meeting today that the amount has reached almost RM1 billion this year.
He also said since the franchise sector was centralised under KUSKOP from the previous Domestic Trade and Cost of Living Ministry, KUSKOP has implemented various initiatives.
Among the efforts to improve the country's franchise industry involves the Franchise Advisory Board which aims to ensure that holistic and strategic views are taken into account in the decision-making process.
Meanwhile, he said the meeting discussed the difficulties experienced by franchisors, franchisees, and industry players and how the ministry and the government can advise and assist the sector to develop further.
“We will ensure that the implementation of the act and the enforcement of franchises will begin immediately,” he said, adding that the board acts as a liaison between the industry and the ministry.
It proposes policies and strategic directions to develop franchises.
Franchise Advisory Board members are appointed based on the provisions of Section 36(1), Franchise Act 1998, Ramanan said.
The board’s main aim is to advise the minister and the registrar on franchise-related matters, including enforcing related laws.
“This board comprises 15 members, including Deputy Minister KUSKOP as chairman. Board members consist of experienced individuals with expertise in various fields involving franchises,” he said.
Meanwhile, Perbadanan Nasional Bhd and the Malaysian Franchise Association presented three papers at the meeting.
These papers delved into new initiatives to strengthen the registration system, provide financial support to franchise entrepreneurs, and improve the franchise ecosystem.
-- BERNAMA
BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; www.bernama.com; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies.
Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial
