Franchises are expected to contribute 9.4% to the GDP target this year, minister says

by NURUL SUHAIDI / pic source: mirf.my

THE Malaysia International Retail and Franchise Exhibition (MIRF) 2022 is expected to generate up to RM90 million worth of investments for Malaysia from over 400 retailers. 

Entrepreneur Development and Cooperatives Minister Tan Sri Noh Omar said recognising the importance of the retail and franchise industries to the national economy, franchises are expected to contribute 9.4% to the GDP target for 2022.

Through MIRF, Malaysia can be a springboard for retailers and franchise businesses to grow, where brands, organisations and industry practitioners gather in one place to network and transact businesses in real-time.

Noh said the retail and franchise businesses should utilise the platform to expand their operations not only in terms of revenue but also to reshape and cultivate new business models and innovation strategies after the pandemic.

“Apart from achieving the GDP target for 2022, the government also plans to create 18,000 new job opportunities by 2025.

“The goal is to develop more franchise entrepreneurs, and we remain committed to assisting small entrepreneurs to transform their businesses and compete at the global level,” he said at the launch of MIRF today.

Meanwhile, Malaysia Retail Chain Association president Sharan Valliram said there are positive indications that the final sales figure this year would reach RM13 billion, judging from the inherent strength of this industry despite the pandemic.

“It is proven statistically that the vital contribution the retail industry brings to the Malaysian economy. It is one of the top three contributors to the national GDP,” he said.

Over 15,000 visitors are targeted this year, with 400 retailers and 200 companies from 10 countries taking part.

Among the leading retail and franchise brands participating this year are Marrybrown, Bask Bear Coffee, Ah Cheng Laksa, Big Apple, Tealive and Laundrybar, among others.

The last edition of MIRF in 2019 featured 350 booths and transacted over RM80 million in business revenue.

“We will continue to push for transactions through better business matching and using technology to interact with people,” Sharan added.

MIRF 2022 with the theme “Reboot: Retail and Franchise” is held from today to July 16 at the Kuala Lumpur Convention Centre.

MIRF is supported by Malaysia External Trade Development Cooperation with official sponsors and partners such as Perbadanan Nasional Bhd, Maxis Bhd, Fusionex Group, RHB Bank Bhd and TIME dotCom Bhd.