MIRF 2019 TARGETS HIGHER REVENUE OF RM90 MILLION

KUALA LUMPUR, July 19 (Bernama) -- The Malaysia International Retail and Franchise Exhibition (MIRF) is targeting a higher transaction value of RM90 million this year, leveraging on the 30 per cent increase in exhibitors with over 380 booths from over 10 countries.

Domestic Trade and Consumer Affairs Minister Datuk Seri Saifuddin Nasution said the set target for the three-day event, which focuses on franchise brands, is achievable looking at the initiative taken by the organisers to arrange various business matching among franchisors and franchisees.

“The phenomenal increase in participation compared to previous years also signifies the overwhelming confidence that investors and businesses have in the Malaysian economy and their interest to invest and benefit from our economic growth, “ he told reporters at the opening ceremony of MIRF 2019, organised by Malaysia Retail Chain Association, here on Thursday.

He said the government is targeting the franchise industry to contribute RM35 billion to Malaysia’s Gross Domestic Product (GDP) and for Malaysia to establish itself as a franchise hub by next year.

The industry’s contribution to GDP was about RM30 billion last year and this year it is expected to grow by around the same quantum, he said, adding that the ministry’s ongoing promotional programme overseas and locally are expected to boost the industry further.

He said to-date, a total of 877 franchises are operating in Malaysia, of which 570 or 65 per cent are local franchises. Of the local franchises, 65 franchises have expanded their brands to 66 countries with 4,700 outlets.

On another note, he said the retail sector remains one of the main contributors to Malaysia’s GDP. The sales of the wholesale and retail trade contributed RM110.8 billion to the GDP in May this year, he disclosed.

Saifuddin said the government will continue to provide a conducive environment by adopting a pro- business attitude to drive the retail sector growth while convincing investors that the country is an excellent choice as a hub and platform.

To facilitate the sector’s business, the government recently lifted the freeze on the intake of foreign workers with conditions that they must have a certain percentage of local workers and must come out with an exit strategy in the long term to reduce these foreign workers, he said.

-- BERNAMA