13 Jun 2015 – The Malay Mail
KUALA LUMPUR, June 13 ― Malaysia’s franchise industry could see up to 50,000 new jobs created, boosting the number of local businesses abroad, Prime Minister Datuk Seri Najib Razak said today.
Najib who is also finance minister said the industry that emphasises “innovation and productivity” was part of the 11th Malaysia Plan (11MP) to propel the country to reach its targeted developed nation status within the next five years.
“We want to see the sector move from being one that is labour-intensive and highly dependent on cheap foreign labour, to one that thrives on innovation and creates high paying jobs.
“These are core thrusts of the 11th Malaysia Plan that I tabled in Parliament last month and these two elements, innovation and productivity, can clearly be seen in every franchise system,” he said at the launch of the Franchise International Malaysia here.
He said Malaysia currently has 80 micro franchise businesses locally, with another 40 franchises expected to pop up abroad on a yearly basis.
Najib also said that the RM20 million allocated in the 2015 budget for the franchise industry has created the Franchise Export Programme, which aims to boost the presence of the country’s franchises abroad.
The 11MP lays the roadmap for the country to reach first world nationhood by 2020 but analysts have voiced reservations on the ambitious plan.
Citing a Deutsche Bank report, Indonesian daily Jakarta Globe reported today that Malaysia faces economic hurdles to reach its target due to weak global trade, subdued commodity prices and a substantial debt burden.
The prime minister also witnessed the exchanges of several memoranda of understanding between Malaysian businesses and companies from Singapore, Indonesia, Thailand, Australia, South Korea and Botswana in a move to trade technology and services.