Nation

Time for local entrepreneurs to look beyond local shores

KUALA LUMPUR: Malaysian entrepreneurs must look beyond local shores and scale up their businesses by stepping out to start franchising, even to the international level.

Domestic Trade and Consumer Affairs Minister Datuk Seri Alexander Nanta Linggi said Malaysians have their own products with huge potential in the franchising industry.

"Whatever your products or services are, this is the time to benefit from the platforms and assistance provided such as the International Entrepreneur Network (IEN).

"Learn and equip yourself with knowledge and rise above all challenges and fly beyond our shores, and conquer the world to make our Keluarga Malaysia proud," he said when launching the MyInspirasi for Keluarga Malaysia (MIKM) and Keluarga Malaysia Grand Networking (KMGN) held virtually today.

Nanta said he is certain initiatives by IEN and Yayasan Wholistic Family Association (WFA) will create a significant springboard for business collaborations and accelerate the recovery process for many businesses.

"We have our very own nasi lemak, char kuey teow, roti canai, kolok mee from Sarawak or even latok from Sabah which have the potential to be developed into the franchise industry.

"As many of you know, one of the functions of the ministry is to develop business opportunities and socio-economic standings of Malaysian citizens through the profiles of wholesalers and retailers, franchise, direct selling, hawkers and petty traders as well as downstream sectors of petroleum.

"For that reason, I encourage Malaysian entrepreneurs to look beyond and expand as well as scale up their businesses by stepping out to start franchising locally and maybe even globally," he said.

Nanta said the Covid-19 pandemic not only took a toll on Malaysians, but people were suffering all over the globe.

"Despite the number of financial assistance from the government such as Perlindungan Rakyat and Pemulihan Ekonomi (Pemulih) which have been handed out to help Malaysian citizens and businesses, we cannot deny how much this pandemic has deeply wounded us all.

"Stores, factories, and many other businesses have been forced to close by virtue of policy mandates, downward demand shifts, health concerns, or other factors.

"Many of these closures may be permanent because of the inability of business owners to pay ongoing expenses and survive the ongoing lockdown. This impact is even severe for small businesses."

In a survey conducted by the Entrepreneur Development and Cooperative Ministry between Feb 15 and March 5 involving 3,855 entrepreneurs nationwide, it was found that micro and informal enterprises had been severely affected during the pandemic.

Nanta said the survey found that micro and informal enterprises' products and services were unable to operate fully as they were listed as non-essential sectors, along with not having enough savings and strong cash flow.

"This is alarming as micro and informal entrepreneurs are the most common type of businesses in Malaysia.

"Hence, it is almost unimaginable how much these business owners had to endure during difficult times like these.

"Therefore, to help navigate through these challenges, I am delighted that IEN has taken the initiative to celebrate Malaysia Day with this programme.

"I believe this event will benefit many business owners by connecting them with fellow entrepreneurs and helping them to create businesses, opportunities and collaborations," he said.

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