Damansara, 28 Jul 2022 – The Micro and Affordable Franchise Program (F3M) implemented by the Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) in collaboration with the Malaysian Franchise Association (MFA) has begun to show success in helping to produce franchise owners from the B40 and M40.
This success has also succeeded in placing this group in the current development of the franchise industry as well as erasing the perception that franchising is a ‘heavenly’ business because it requires a large amount of capital. The implementation of F3M is also KPDNHEP’s commitment to increase the involvement of B40 and M40 groups in the franchise industry not just as employees at franchise outlets but as owners of well-known local franchise brands.
A visit by YB Dato’ Rosol bin Wahid, Deputy Minister of Domestic Trade and Affairs (KPDNHEP) to the Global Art Damansara Perdana outlet, Petaling Jaya, Selangor and a meeting with the owner of the outlet, Cheong Shu Qi who is a B40 group, was to find out the latest developments in the operation franchise outlet under the implementation of F3M.
Global Art Outlet Damansara Perdana is one of the franchise outlets created by KPDNHEP through the Matching Grant initiative under the implementation of the F3M Program. Global Art is a local international franchise brand that has 168 outlets in the country and 493 outlets abroad. To date, Global Art has expanded to 21 countries including Indonesia, Vietnam, Hong Kong, India, Australia, Saudi Arabia and the United States.
According to Dato’ Rosol, the F3M initiative introduced in 2021 aims to increase the number of micro-scale and affordable franchise businesses in the country and help improve the quality of life of the B40 and M40 groups to generate income. The F3M program implemented not only gives franchisors the opportunity to develop their franchise brand, but can also produce more players in the franchise industry, especially among the young generation M40 and B40 in line with the Government’s desire to close the income gap and reduce the unemployment rate.
Finally, KPDNHEP greatly appreciates the commitment of all parties involved in making the F3M Program a success and the achievements of grant recipients who successfully opened franchise businesses under this initiative. It is hoped that the Government can consider continuing this F3M Program for the long term to produce more franchise business owners in the future and the creation of new jobs.
Source: KPDN Corporate Communication Unit
Full Article: https://www.kpdn.gov.my/en/media-kpdnhep/berita-kpdn/berita-terkini/2022-berita-terkini/1298-success-of-the-micro-franchise-development-program-and-affordable-franchises-in-ensuring-b40-and-m40-groups-as-franchise-owners