OPENING REMARKS BY MR TEO SER LUCK, MINISTER OF STATE FOR TRADE & INDUSTRY AT THE OPENING CEREMONY OF FRANCHISING AND LICENSING ASIA 2011, THURSDAY, 8 SEPTEMBER 2011, 10.00AM, AT MARINA BAY SANDS SINGAPORE 

Dr T. Chandroo, Chairman, Franchising and Licensing Association, Singapore

Distinguished guests

Ladies and gentlemen,

Good morning. I am delighted to join you at the opening ceremony of Franchising and Licensing Asia (FLAsia) 2011. I understand that this year we welcome about 180 exhibitors from a diverse range of sectors.

The Government has been taking active steps to nurture a business-friendly environment and foster the spirit of entrepreneurship. As the Chairman of the Action Community for Entrepreneurship (ACE), I encourage budding entrepreneurs to consider taking up a franchise business as it requires lower start-up costs and resources for product and market research. On the other hand, I also encourage companies to consider franchising as a business expansion model, especially in the fiercely competitive Asian region. Franchising, as a proven and established business model, helps companies ramp up cash flow and customer brand awareness and at the same time, allows companies to support other more resource- intensive business concepts or market entry strategies. Many of our Singaporean companies such as Ya Kun, BreadTalk and MMI International have expanded their franchises overseas.

In conclusion, I would like to congratulate FLA for successfully organising FLAsia 2011. I wish all our local and overseas visitors and exhibitors many rewarding franchising opportunities over the next few days. Thank you.