Graduates urged to explore opportunities in franchise industry
KUCHING, May 28 (Bernama) - The Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) will intensify efforts to attract graduates of institutions of higher learning (IPT) to venture into the franchise industry which can generate better income compared to being employed.
Its Minister Datuk Seri Alexander Nanta Linggi today said businesses under this industry were easier to start, especially among youths who have graduated from IPT and they should take advantage of the increasing franchise sales revenue every year.
"This industry can provide an alternative for them not only by looking for work but also to be in business, can be job creators and not just job seekers," he told a press conference after officiating the Sarawak state-level Franchise Bay Tour Programme here.
According to him, the programme is one of several initiatives implemented by his ministry to expose the public, especially prospective businesspeople to get information and guidance on the franchise industry.
"Based on the feedback we obtained, so far this industry has been very helpful in boosting the country's economy and can provide opportunities for the youth," he said.
In his speech at the event, Nanta said according to the Franchise Business Annual Report 2020, there was an increase of 9.7 per cent in turnover that year to RM14.6 billion compared to RM13.3 billion recorded in 2019.
"To date, a total of 1,137 franchise companies have been registered with KPDNHEP while 68 local franchise companies have successfully penetrated the international market and are in 70 countries," he said.
On the Franchise Bay Tour Programme, he said it had set a target for an overall investment value of RM31.7 million with at least 30 potential new franchisees and RM7.5 million expected to be generated in Sarawak.
He said the three-day tour series in Sarawak starting yesterday was the first for this year with the next series scheduled in Johor from June 9 to 11, Pahang (July 15-17), Selangor (Aug 19-21) and Kedah (Nov 17-19).
The programme was started last year in Melaka and Terengganu where a total of 14 local franchisors were involved and as a result, 88 potential franchisees have sought advice and submitted their papers to become franchisees, he added.