MIRF 2022 a platform for retail and franchise businesses to grow again
KUALA LUMPUR: The three-day Malaysia International Retail and Franchise Exhibition 2022 (MIRF), which starts today with the theme “Retail and Franchise: Reboot”, is a platform for retail and franchise businesses to grow again after two years of battling the Covid-19 pandemic.
Entrepreneur Development and Cooperatives Minister Tan Sri Noh Omar said the optimism is driven by Malaysia’s sustained recovery in the retail industry since the end of last year with a good growth rate of 18.3 per cent in retail sales for the first quarter of 2022.
Retail sales are projected to grow 25.7 per cent in the second quarter based on the latest Malaysian Retail Industry Report, following the five per cent gross domestic product (GDP) growth recorded in the first quarter of this year.
“I am aware that MIRF saw transactions worth more than RM80 million and attracted over 15,000 visitors during the previous (fourth) edition held in 2019 prior to the pandemic.
“I believe we will be able to increase the revenue figure to more than RM90 million this year while benefitting even more visitors this year,” he said at the opening ceremony of MIRF 2022 at the Kuala Lumpur Convention Centre.
The opening speech was read by Entrepreneur Development and Cooperatives Ministry (KUSKOP) deputy secretary general (entrepreneurship development) Datuk Zamri Salleh.
Noh said KUSKOP, via its agency Pernas, also aims to create 18,000 new jobs in the franchise industry by 2025 in line with its strong commitment to developing more entrepreneurs, especially in the field of franchising.
MIRF 2022 is organised by the Malaysia Retail Chain Association (MRCA) and is expected to generate revenue of almost RM90 million for exhibitors.
The expo, which is expected to attract 15,000 visitors, features more than 400 booths from more than 10 countries, including South Korea, Singapore, Taiwan, India, Pakistan, Japan, Cyprus, and the Philippines.
After the launch ceremony, a memorandum of understanding was signed between MRCA and the Busan Franchise Association to foster collaboration between Malaysia and the South Korean city in promoting the franchise industry.
Meanwhile, in a press statement, MRCA president Sharan Valiram said the association is committed to making Malaysia
a springboard for retailers and franchise businesses to grow, where brands, organisations and industry practitioners gather in one place to network and transact businesses in real-time.
“There are positive indications that the final sales figure this year would reach RM13 billion, judging from the inherent strength of this industry despite the pandemic.
“Once again, the statistics have proven the vital contribution the retail industry brings to the Malaysian economy. It is one of three top contributors to the national GDP,” he said. — Bernama