KUALA LUMPUR: The Ministry of Entrepreneur and Cooperatives Development through Perbadanan Nasional Bhd (Pernas) and Pernas' wholly owned company, Malaysia International Franchise Sdn Bhd (MyFranchise) will invest RM62 million to add 50 branches of Gloria Jean's Coffees and 100 branches of 1901 Frankfurters from this year until 2029.
Its Minister Datuk Ewon Benedick said the move was to ensure the franchise entrepreneurship ecosystem in this country continues to grow in a more orderly and structured manner in line with the National Franchise Entrepreneur Development Policy 2030 (D-PUF 2030) which is being finalised.
He said that with a projected total sales return of RM1.8 million per year for Gloria Jean's Coffees and RM600,000 per year for 1901 Frankfurters, it will create up to 900 job opportunities within five years.
"It opens up more opportunities and increases the entrepreneurial potential in Malaysia, with a target value of franchise sales of RM100 billion by 2030.
"I hope this will be an important starting point in sparking community interest in franchise entrepreneurship, thus contributing towards the achievement of the Madani Government's aspirations in an effort to improve the quality of life and the national economy," he said when officiating at the launch of the 'Flagship Store' of 1901 Frankfurters and Gloria Jean's Coffees at Menara Pernas here today.
Also present were Deputy Entrepreneur and Cooperatives Development Minister Datuk R. Ramanan and Pernas chairman Datuk Hazimah Zainuddin.
Elaborating on the D-PUF 2023 policy, Ewon said it is in line with the Madani Economic Framework, especially in the country's franchise industry.
In fact, he said, the Cabinet also agreed to centralise the governance and regulation of the franchise industry under the Franchise Act 1998 to the ministry to strengthen the entrepreneurial ecosystem to be more holistic.
"The ministry always fully supports the initiatives implemented by Pernas, especially in efforts to drive franchise entrepreneurship and make it a high-value business sector," he said. - Bernama