Malaysia-UK joint committee to boost franchise ecosystem
LONDON: A joint committee between Malaysian and United Kingdom (UK) franchise business associations will be established to strengthen Malaysia's franchise ecosystem in the UK, said Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi.
The Rural and Regional Development Minister said the initiative would serve as a support platform to help Malaysian franchise brands penetrate the UK market by next year.
'There are plenty of opportunities for Malaysian companies to expand their franchise businesses in the UK, especially in halal-related sectors such as food, traditional medicine and cosmetics.
'I will chair the Cabinet committee on franchises. I will obtain reports on the progress that can be made promptly, and I will review the achievements every six months when I chair this Cabinet committee twice a year,' he told a press conference here Tuesday.
Earlier, he attended the Malaysia-UK Franchise Business Dialogue, held in conjunction with his four-day working visit to the UK.
Ahmad Zahid added that Malaysia is also committed to supporting the franchise ecosystem through financing policies by the Majlis Amanah Rakyat (MARA) and digital grants from the Malaysia Digital Economy Corporation (MDEC), with the aim of achieving RM100 billion in sales by 2030.
He said closer cooperation would be pursued to encourage UK franchises to explore the ASEAN market via Malaysia, while at the same time promoting the expansion of Malaysian brands into the UK market through the proposed committee.
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