The franchise industry here is on a roll and is projected to create 14,400 jobs by 2013.
That estimate from the Franchising and Licensing Association (FLA) was announced by Ms Indranee Rajah, Deputy Speaker of Parliament, yesterday.
Ms Rajah told the opening of the Franchising and Licensing Asia (FLAsia) 2008 exhibition: ‘Last year, Singapore’s 30,000 franchisees brought in near US$3.8 billion (S$5.6 billion) in revenue. The growth of the franchising and licensing market is very encouraging as its resulted increase in commercial activities will create favourable employment opportunities.’
The Suntec exhibition will showcase about 200 top franchises, brands and licences from more than 18 countries from sectors like food and beverage, education and health and wellness.
Some well-known brands involved include 7-Eleven, Carl’s Jr and Spa Esprit. They have all found a lucrative home in Singapore, which has long been an ideal location for franchisors.
Mr Douglas Foo, chairman of FLA Singapore, told The Straits Times yesterday: ‘Singapore has good intellectual property protection and a good talent pool, as well as a globalised workforce.
‘These are good pre-requisites for Singapore to be the hub of franchising.’
Ms Rajah backed that view in her speech, citing a World Bank report which said Singapore was positioned top among 175 countries on the ease of doing business and providing investor protection.
