International Sourcing Programme (INSP) Boost Malaysian Franchise Industry to International Markets
Wednesday, 29 MAY 2024, KUALA LUMPUR: The 31st International Franchise Exhibition and Conference (FIM) 2024 held at Kuala Lumpur Convention Centre (KLCC) from 29th May to 1st June 2024 saw the participation of 18 foreign buyers from 6 countries namely the United Arab Emirates (UAE), Saudi Arabia, Taiwan, India, Bangladesh and Cambodia. MATRADE has coordinated more than 150 business meetings between local and foreign companies, in collaboration with the Malaysian Franchise Association (MFA).
According to Datuk Mohd Mustafa Abdul Aziz, Chief Executive Officer (CEO) of MATRADE, Malaysian franchisors fraternity has expanded to more than 1200 companies, illustrating the immense potential that the industry has domestically and globally. As Malaysia’s franchises sector continues to evolve into innovative and creative products and services, MATRADE is ramping up its effort to promote the capability of Malaysian players by bringing international potential franchisees to participate in this programme. Through MATRADE’s global network of 49 overseas trade offices, it aims to facilitate Malaysian businesses into expanding their global footprints by establishing franchise deals with these potential foreign franchisees.
Supporting the comment, he added “The 8 slots pre-arranged business meetings per foreign franchisees received commendable feedback from the delegates. The INSP is a conducive business meeting platform for Malaysian franchise ecosystem and the gateway to global expansion. The buyers were pre-selected and recommended by MATRADE offices abroad and the organising committee headed by MFA”, he added.
According to Mr Danny Tan, Franchise Field Service Manager of Marrybrown, the business matching organised by MATRADE is an excellent platform for the company to brand themselves to potential foreign franchisees. The event has proven the ability of MATRADE overseas network in identifying quality franchisees with genuine interest. The partnership between Malaysian franchisors and foreign franchisees will further boost their local economic growth as well as providing job opportunities in their respective countries. Closer collaboration between MATRADE and MFA in promoting franchise opportunities in new and emerging markets is inevitable.
Datuk Mohd Mustafa Abdul Aziz highlighted that the INSP had generated RM54 million (USD11.22 million) worth of franchise contracts. The outcomes reflect the confident that these foreign franchisees have on Malaysian franchisors and this will open up bigger market access to Malaysian enterprises.
FIM, which was incepted 30 years ago, is the flagship franchise events in Malaysia which is fully supported by the Ministry of Entrepreneur Development and Cooperation (MEDAC) and co-organised with MFA. The event received recognition by the international franchise organisations such as World Franchise Council (WFC) and Asia Pacific Franchise Confederation (APFC).
