The franchising business in Singapore continues to be promising with more than 30,000 franchisees operating in the country, said a senior official Thursday.
Speaking at the second franchising and licensing conference of Asia, Lim Hwee Hua, minister of state of finance and transport, said the industry is continuing to grow at a steady rate in the city-state.
“This diverse sector has in excess of 420 franchise systems, with more than 30,000 franchisees operating with an annual turnover of 5.48 billion Singapore dollars (about 3.63 billion U.S. dollars),” she said.
Although a large number of franchised brands are still related to the food and beverages industry, she pointed out, other sectors such as education and childcare are fast catching up.
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