Mr. Dickson Low, President, Franchising and Licensing Association of Singapore

Mr. Dhiren Shantilal, Chairman, Organising Committee, Franchising and Licensing Asia

Mr. Chua Wee Phong, Group Chief Executive Officer, Constellar,

Your Excellencies,

 

Ladies and gentlemen,

 

Introduction

 

1. Good morning. I am very glad to be back at Franchising & Licensing Asia 2024. On behalf of the Singapore Government, a very warm welcome to our international guests.

 

2. This year’s theme, “Resilience in Franchising: Evolve to Thrive”, is timely and relevant for the franchising sector. Amid ever-changing consumer preferences, technological advancements and unpredictable markets, we all know businesses must develop resilience to navigate challenges and thrive in a fast-evolving landscape.

 

Asia provides vast franchising and licensing opportunities

 

3. All of us are here because we are optimists. Despite the challenges of the current business environment, franchising and licensing continue to gain momentum as popular business models in Asia. FLAsia has grown year on year by 10 per cent in terms of space. I understand the total number of brands being represented jumped by 30 per cent. This growth is driven by the region’s expanding middle class, robust economic growth and rising disposable incomes.

 

4. This year’s FLAsia 2024 features more than 300 franchises and licensable characters, including well-known names like Pac Man and Tamagotchi. With more than 100 exhibitors, it showcases international franchises from countries such as South Korea, Japan, Malaysia and Singapore. FLAsia 2024 offers an excellent platform for knowledge exchange and networking, making it ideal for franchisors and franchisees eager to explore new partnerships.

 

5. I am delighted to welcome new exhibitors this year, including local brands like Dian Xiao Er. Dian Xiao Er is a family-friendly Chinese restaurant in Singapore known for its signature herbal roast duck. They have brought their A-game, raised productivity and redesigned their central kitchen so that they can increase their output and serve their customers better. With 17 outlets across the island, they offer a diverse selection of wholesome dishes at affordable prices. Dian Xiao Er aims to connect with potential franchisees passionate about introducing their unique culinary experience to new markets. I wish Dian Xian Er every success in expanding your brand.

 

6. Besides local brands, we are excited to host several overseas brands making their debut at this year’s FLAsia 2024. Among them is Kids in The Room by Unreal Company, a Korean franchise chain specialising in escape rooms. Kids in The Room offers educational escape rooms for children aged 6 to 14 and their families. These games encourage children to use their five senses and critical thinking to solve puzzles and complete missions. Like Dian Xian Er, Kids in The Room is eager to explore collaboration opportunities at FLAsia 2024 to expand their brand across the region.

 

7. These are just two examples from the over 300 franchises featured at FLAsia 2024. I am sure participants will find plenty of promising collaboration opportunities with new and established brands, spanning industries such as education, food & beverage and more.

 

Sharing Best Practices and Franchise Licensing Journeys

 

8. Beyond franchise opportunities, this year’s exhibition offers workshops and brand showcases in line with the theme of Resilience in Franchising. Participants get to learn from industry experts and, through the workshops, discover the factors of success for franchising and strategies for fostering strong, harmonious relationships between franchisors and franchisees. I encourage you to attend these workshops to benefit from the valuable knowledge sharing.

 

9. Let me give you a sneak preview of what you can expect from the brand showcases. At the “Fresh! Brands Showcase”, potential licensees can discover innovative brands and products at the product showcases and thought leadership presentations. Participants can deepen their understanding of the latest industry trends, products and brands, best practices and innovative approaches to licensing and franchising. This is an ideal platform to gain insights and inspiration to drive their businesses forward.

 

Holistic support for companies expanding overseas

 

10. Besides holding this important event, FLA Singapore provides holistic support to help Singapore companies build capabilities and expand overseas. The Association helps enterprises build their franchise competencies through its SkillsFuture courses. In addition to the current four franchise management courses, FLA Singapore will launch four more franchise and license courses in 2025. These courses allow business leaders to share best practices, reimagine the next frontier and what’s possible for the next wave of business opportunities. These new courses will focus on areas such as franchisee recruitment and market entry strategies, which are critical capabilities businesses need to expand overseas. I commend FLA for these efforts, which align with the Government’s push to upskill our enterprises.

 

11. FLA and Enterprise Singapore (EnterpriseSG) are working closely to support and facilitate the overseas expansion of Singapore companies. This year, FLA Singapore led two Singapore delegations to attend franchise exhibitions in Malaysia and Indonesia. These are the two priority markets that FLA Singapore has identified for the next two years. An upcoming delegation will head to the Philippines, another key market, in the first half of next year. I urge you to participate, and EnterpriseSG will also provide the necessary support. It is good to go with FLA Singapore as part of a support network and I encourage businesses interested in exploring these markets to reach out to FLA Singapore.

 

Conclusion

 

12. In conclusion, building business resilience is more than just a strategic advantage. It is essential in today’s ever-evolving market environment. Despite the challenges in the global economy, we can all remain optimistic. We can rely on FLA Singapore’s network, and Asia offers vast opportunities in franchising and licensing. The Government, together with FLA Singapore, remains committed to supporting businesses in their transformation and market expansion.

 

13. I wish everyone a fruitful and inspiring time over the next three days at FLAsia 2024. I look forward to the many exciting partnerships emerging from this event. Thank you.