KUALA LUMPUR: Malaysian franchisors in the International Sourcing Programme (INSP) in conjunction with the recent 31st International Franchise Exhibition and Conference 2024 (FIM 2024) have clinched potential sales of RM54 million (US$11.22 million).

The Malaysia External Trade Development Corporation (Matrade) chief executive officer Datuk Mohd Mustafa Abdul Aziz said the outcomes reflect the confidence that the foreign franchisees have on Malaysia franchisors. 

"This will open up bigger market access to Malaysian enterprises," Mohd Mustafa said in a statement.

FIM 2024 saw the participation of 18 foreign buyers from six countries namely the United Arab Emirates, Saudi Arabia, Taiwan, India, Bangladesh and Cambodia.

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 and co-organised with MFA. 

According to Mohd Mustafa, Malaysian franchisors fraternity has expanded to more than 1,200 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, he said 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," he said. 

Meanwhile, Marrybrown franchise field service manager Danny Tan said the business matching organised by Matrade is an excellent platform for the company to brand themselves to potential foreign franchisees. 

Tan said the event has proven the ability of Matrade overseas network in identifying qualityfranchisees 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," he added.

https://www.nst.com.my/business/corporate/2024/06/1058621/malaysian-franchisors-secure-rm54mil-potential-sales-fim-2024