KUALA LUMPUR, May 5 (Bernama) -- The Malaysian National Co-operative Movement (ANGKASA) expects at least 10 cooperative members to venture into the franchise business by year-end.
President Datuk Abdul Fattah Abdullah said the franchise business had the potential to enhance economic growth of the cooperatives through fast and secure returns.
He said to realise the target, ANGKASA was collaborating with Perbadanan Nasional Bhd (PNS) to seek guidance on business rules and procedures for the franchise industry.
"So far, the education, food and hotel industries were suitable franchise businesses that cooperatives could venture into as they yield good returns.
"Cooperatives in public and private higher education institutions and schools are well suited to venture into these businesses.
"However, we will assist any cooperative that wants to start a franchise business," he told a press conference after a meeting between ANGKASA and PNS here today.
Abdul Fattah said a special committee comprising representatives of ANGKASA and PNS would be formed to strengthen the existing relations and ensure that all plans and goals set by both parties are achieved.
"We will also explore markets in Brunei, Indonesia, Myanmar and Vietnam for new business potential, not only in the franchise sector but also other sectors," he said.
Meanwhile, Syed Ali said PNS was confident the cooperation with ANGKASA would be a stepping stone to create more franchise entrepreneurs.
"The PNS academy established in 2009, has produced many successful franchise entrepreneurs and we will provide expertise to help them gain a foothold in the franchise world," he said.