Thailand’s Commerce Ministry in Bid to Promote Franchise Business

BANGKOK, Oct 25 (TNA) - Finding that Thai franchise and licence businesses could grow in the world market, Thailand’s Commerce Ministry will cooperate with the private sector in promoting premium franchise business to the world market, particularly in the remaining fellow members of the Association of Southeast Asian Nations (ASEAN), said Pongpan Jiarawiriyapun, director-general of Ministry’s Business Development Department. Miss Pongpan said that plans to promote ‘Excellent Thai Franchise’ business, if succeeded, could further strengthen Thai business and economy. Although Thai franchise business has started not long ago, its value is as high as 200 billion baht, equivalent to 9 per cent of total wholesale and retail businesses in the country, and the business could still grow, she said. Two directions have been laid and they include expanding franchise business to cover businesses as many as possible and through oversea export expansion, especially as ASEAN Economic Community is to kick off this year-end, therefore, it is possible to expand business first with ASEAN members, said Miss Pongpan. The Commerce Ministry plans to push Thai franchise business to world market in three years, starting in 2016, with not less than 300 customers. It hopes to have a minimum of 1,800 customers which could generate revenue of about 6.3 billion baht. Presently, there are a total of 1,519 Franchise businesses in Thailand with majority of them engage in retail business 38 per cent followed by food and beverage 28 per cent, and service 23 per cent. Their combined registered capital is about 59.5 billion baht while income is 645.8 billion baht. (TNA)