Franchise expo set to clinch RM370m trade deals

Source From (Business Times): http://www.btimes.com.my/Current_News/BTIMES/articles/sabri15/Article/index_html

Published: on 16 March 2012

KUALA LUMPUR: The Franchise International Malaysia 2012 (FIM 2012), organised by Malaysia Franchise Association (MFA), is expected to clinch some RM370 million worth of trade deals.

Minister of Domestic Trade, Cooperatives and Consumerism Datuk Seri Ismail Sabri Yaacob said the target was made based on the overwhelming response received last year, where the exhibition recorded deals worth RM352 million.

"We are targeting 25 per cent of the total exhibitors for the event to be part of international participants," he said, adding that 60 booths have been sold as of today, with majority of them are local.

He said the event would dedicate a total of 120 booths for the local and international franchise participants.

Speaking to reporters after officiating at the soft launch of the FIM 2012 here yesterday, this year the franchise sector is estimated to contribute RM22.5 billion to the country's gross national income (GNI), and RM50.58 billion for the year 2020.

To date, there are 603 franchisors in the country, of which 416 are local, 126 are international and the remaining 61 are master franchisor.

Also present was MFA chairman Abdul Malik Abdullah.

FIM 2012 will be held from July 6 to July 8 at the Putra World Trade Centre.

The exhibition is to promote and encourage the development of the franchise industry, creating a platform for them to promote their brands and develop more successful franchisee entrepreneurs.

MFA expects some 10,000 people, both local and foreign, to visit the exhibition, while a conference to be held concurrently with the exhibition , will feature local and international franchise industry players.

On the other matter, Sabri said the ministry had sent a proposal of change of the Franchise Act 1998 to the Attorney General for further action.

"Changes in the Act is to enable us to collect data on number of franchisees in the country beside the number of franchisors," he said.