Deputy International Trade and Industry Minister Datuk Mukhriz Tun Dr Mahathir has encouraged would-be entrepreneurs who lack in confidence to run a franchise business.
The franchise system was a good method because risks could be controlled and the chances for success were higher compared with own businesses, he told reporters after opening the Kedah-level 1Malaysia Franchise Tour at Universiti Teknologi Mara (UiTM) Merbok Campus here Saturday.
Present were Malaysian Franchise Association Chairman Abdul Malik Abdullah and 1Malaysia Franchise Tour Implementation Committee Chairman Datuk Sohaimi Shahadan.
Mukhriz said the franchise industry with 630 franchisors contributed 2.2 percent to last year's GDP.
"Our target is 4.4 percent if possible for the next five years, and based on our previous target, we want to produce 50 local franchisor brands in a year with 1,000 franchisees," he said.