A total of RM24.5 billion to the country's gross domestic product next year will be targeted to be achieved through the franchise industry said Deputy Domestic Trade, Co-operatives and Consumerism Minister Datuk Ahmad Bashah Md. Hanipah. The optimism is also backed by last year's achievement, where the franchise industry made up about 2.5% of total GDP, amounting to some RM24.3bil, surpassing the RM22.5bil target for the year.
As of June 28 this year, a total of 672 franchise companies have been registered nationwide, he said in his speech at the launch of the Community Franchise Programme in Sabah on Saturday.
Ahmad Bashah also said that the government had allocated a budget of RM8 million for the Small Franchise Loans Scheme (SPKF) through his said ministry in assisting local franchises from low and medium income groups.
It is also reported that up to June, 247 applications for loans totalling RM6.32 million have been approved. Futhermore he added saying that applications are still open, despite SPKF fund has only RM1.68 million left.
Ahmad Bashah said Malaysians' low participation in the franchise industry is due to the lack of capital and financing as well as the low level of awareness of franchise opportunities.
"This industry is for all income groups," he said.
A total of 21 franchisors, including 17 from Peninsular Malaysia and four from Sabah, attended the programme.
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