A joint committee between the Malaysian Franchise Association and the United Kingdom (UK) will be established to strengthen the country's franchise network in the UK.
The development was confirmed by Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi when attending the Franchise Business Dialogue: Malaysia-UK in conjunction with a four-day working visit there.
Ahmad Zahid said the effort was implemented as a platform to help Malaysian franchise brands penetrate the UK market by next year.
Ahmad Zahid said Malaysian companies have vast opportunities to expand their businesses related to halal products involving food, cosmetics and traditional medicine.
Furthermore, he will chair the cabinet committee on franchises and obtain immediate implementation reports and monitor its achievements every six months.
He also discussed the strengthening of cooperation to attract UK franchises to the ASEAN market through Malaysia as well as expand the country's brands to the UK through the committee.
Malaysia is committed to strengthening its franchise network through financing support from the Majlis Amanah Rakyat (MARA) and digital grants from the Malaysia Digital Economy Corporation (MDEC), with a sales target of RM100 billion by 2030.
