13 Jun 2014 – Borneo Post Online
KUALA LUMPUR, June 13 (Bernama) — The Malaysian Franchise Association (MFA) is targeting to record eight per cent growth in transactions at Franchise International Malaysia (FIM) 2014, compared with RM368 million recorded in 2013.
MFA main committee member Abdul Rahman Mohamed said the association was optimistic of achieving the target based on its annual growth rate of 5-10 per cent recorded in previous years.
“The target is made based on the participation of the franchisors in various business sectors, which have grown rapidly and are widely accepted (by consumers).
“Currently, there are 726 franchise companies registered with the Ministry of Domestic Trade, Cooperatives and Consumerism, with operations in 53 countries involving 1,992 outlets worldwide,” he said at a media briefing here Friday.
Half of the registered franchise companies are members of the MFA.
This year, the MFA organises the FIM Exhibition and Conference with the participation of 120 exhibitors in various fields.
The exhibitors include 60 local brands and 23 international brands besides 11 local companies which are participating as new franchisors.
Abdul Rahman said although 30 per cent of the exhibitors consisted of food and beverage companies, the MFA also witnessed the emergence of new and growing sectors such as services and education.
Asked on the franchise companies’ preparedness in relation to the implementation of the the goods and services tax (GST), Abdul Rahman said so far about 60 per cent of them were ready for the tax implementation on April 1, 2015.
“The MFA would ensure all its members are prepared for the GST implementation by the end of the year,” he added.
The 21st FIM Exhibition and Conference is held for three days beginning today.
Besides local exhibitors, the event also sees the participation of other countries including the United States, Korea, Australia and Taiwan.