KUCHING: Sarawak has a lot of high potential products that can be developed for the franchise industry.
This will not only generate income but create job opportunities for the community including in rural areas.
Deputy Minister of Youth, Sports and Entrepreneurship Development Dr Ripin Lamat said as such Perbadanan Nasional Berhad (Pernas) has taken the initiative to organise various programmes including the Business In Transformation Programme (BIT) to help small entrepreneurs.
Through a franchise system, entrepreneurs can grow and promote local brands to overseas markets, he said during a press conference after representing Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg at the Sarawak Bizfranchise 2023 programme here on Saturday.
He said as of March 30 this year 16 companies have been registered as franchisors in Sarawak.
“And this year, Pernas is targeting to provide potential financing opportunities of RM5 million in Sarawak.
“The amount of funding in Sarawak since 2010 totals about RM19 million involving 65 companies and we expect the franchise industry in our country to grow by 20 to 30 per cent this year.
“So, in terms of the value of the economic contribution of the franchise business in Malaysia, the target is as much as RM25 billion.
“Therefore, this is a business sector with great potential and also a business opportunity for new and existing entrepreneurs,” he said, adding that until December 2022 a total of 1,154 franchise brands have registered with the Ministry of Domestic Trade and Costs of Living (KPDN) in the country.
