BY REICO WONG

INDIVIDUALS and businesses in Singapore searching for growth opportunities should leverage on the country's reputation for conducting business and look towards franchising and licensing.

This was the key message put forth by Dr T. Chandroo, chairman of the Franchising and Licensing Association (FLA), at the launch of the annual FLA awards yesterday.

Into its sixth year, the awards are meant to motivate entrepreneurs in the franchise industry. A new category called the Franchise Star Achiever has been added.

Last year, Kinderland won Franchisee of the Year, while The Manhatten Fish Market took home both the local and international Franchisor of the Year awards.

Nominations for this year's awards will close by Aug 16.

Dr Chandroo said that franchising has become a global phenomenon and Singapore, with its strategic location and mix of tradition and cosmopolitan sophistication, is a "natural magnet".

However, he acknowledged that establishing a franchise is not an easy task.

Capital access, assistance in terms of strategic business advice and manpower development are challenges. The FLA has thus set up the Franchise Assist Programme.

This new initiative will offer funding from the Government's Local Enterprise and Association Development Programme to both FLA and non-FLA members, among other forms of aid.

Dr Chandroo specifically highlighted that opportunities abound for food-and-beverage firms to expand overseas, and said: "We are also expecting more players in the education, business services and beauty industries to venture abroad."

reicow@sph.com.sg

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