KUCHING: The National Franchise Development Masterplan (PIPFN) 2021-2025 will be ready by middle of next year.
Domestic Trade and Consumer Affairs Minister Datuk Alexander Nanta Linggi gave his word that the masterplan, which is currently being developed, will deliberate on all feedbacks from the franchise industry players.
“Today (July 3) we held a second discussion with some of the franchise industry players, particularly those based in the state. The first one was held on June 29 in Kuala Lumpur.
“The feedbacks from the industry players nationwide will facilitate the drafting of the masterplan so that we can use it as a guideline to develop the franchise industry in the next five years,” he said.
He told this to reporters after a ‘pocket talk’ session with the state’s franchise industry players at Wisma Sugarbun in Satok on Friday.
The ministry’s secretary general Datuk Seri Hasnol Zam Zam Ahmad said the ministry was in the process of collecting information and engaging with the industry players.
“However, we had already prepared a draft on matters that we wish to start implementing for next year.
“Our main focus is on domestic franchise and to lower the entry barrier for the young entrepreneurs,” he said.
Elaborating on the plan to lower the entry point, Nanta said the idea was to assist young people to become entrepreneurs through the franchise system.
“That is why it is important to bring the threshold or rather the entry point in terms of investment from a high of about RM100,000 for established brands and bring it down to RM50,000 for startups.
“We are looking at what are the particular types of business that we can do at the RM50,000 entry point level.
“Some by nature of investment cannot be that low but it is possible for some by the nature of their products,” he said.