From right , Gaurav Marya, chairman of franchise consultancy firm FranGlobal; Rasheed Mymunul Islam, deputy managing director of Monno Group; Shafiul Islam Mohiuddin, president of FBCCI; Selima Ahmad, president of Bangladesh Women Chamber of Commerce and Industry, and Mirza Nurul Ghani Shovon, president of the National Association of Small and Cottage Industries of Bangladesh, attend a session at the International Franchise and Retail Expo at the Westin hotel in Dhaka yesterday. Photo: FranGlobal

Franchise business has great prospect in Bangladesh

Franglobal, an Indian franchise consultancy firm, intends to bring more than 50 brands to Bangladesh within the next two years along with investment of $39 million and 2,500 new jobs, as the country’s solid economic growth continues to attract global attention. For that end, the company yesterday organised a daylong exposition, which was attended by more than 50 brands from 12 countries, including the US, the UK, Italy, South Africa, Australia, Malaysia, Thailand and India. The exposition was FranGlobal’s first official event in the country after setting up shop here. Speaking at the event, Gaurav Marya, chairman of FranGlobal, said foreign franchisees in Bangladesh are doing very well. “So, we believe this is the opportune time for FranGlobal to enter the Bangladesh market — we are positive about the country.”

Bangladesh holds high-quality growth plausible to global manufacturers as there is a huge neighborhood market.

Every 0.33 dollar is spent on a franchise in the US, he said. “The equal will occur in Bangladesh and it is going to manifest very fast.”

Marya carried out a session where he discussed the fine approaches to enlarge business via franchising and partnering with global brands.

He went on to cite a PricewaterhouseCoopers study that cited that Bangladesh is poised to be among the top three fastest growing economies of the world through 2030.

The country is domestic to hundreds of corporations and has emerged as one of the largest concentrations of multinational agencies in South Asia, in accordance to the study.

“The franchise market will grow quicker in Bangladesh than in India. I would not be surprised if Bangladesh’s franchise enterprise stands at about $6 billion to $7 billion within six to seven years,” Marya said.

In Bangladesh, the largest have an effect on of the commercial enterprise mannequin would be considered in the education, healthcare and health sectors.

The cited franchise expert said his association would organise 4 activities each and every 12 months to furnish a platform for both local and foreign brands so that they can expand.

He went on to reward the authentic techniques for placing up a commercial enterprise in Bangladesh.

“I used to be advised that getting licence in Bangladesh is very tough. But this is now not the reality. I did now not face any challenges in acquiring the permissions and setting up an office,” he added.

One of the manufacturers that FranGlobal may be bringing to Bangladesh is UClean, India’s first organised chain of laundry and home cleaning stores.

“Every neighbourhood of Bangladesh affords top notch growth opportunity,” stated Arunabh Sinha, founder and chief executive of UClean.

The organisation is keenly looking at Bangladesh due to the fact the consumption sample is comparable to India’s, he added.

The neighborhood office of FranGlobal has appointed sixteen human beings to run its operations in the country.

Talking about the operations, Raiyan Zaman, advertising and marketing lead of FranGlobal Advisors Pvt. Ltd, stated franchising is a new concept in Bangladesh.

But already 30 local brands have contacted the neighborhood office to get a better perception of the business concept.

The participating organizations at the match include: STC Wallpaper, Rubix 108, Voylla, Spark Minda, Jetking, Gold’s Gym, Regus, Café Udupi Ruchi, and Bradford License India. “The participating businesses are all bullish about the Bangladesh market,” Zaman said.

The exposition, held at The Westin Dhaka, showcased the participants’ franchise possibilities alongside with the knowledge-sharing classes by way of a variety of neighborhood and worldwide professionals from food and beverage to retail, e-commerce and education sectors. Shafiul Islam Mohiuddin, president of the Federation of Bangladesh Chambers of Commerce and Industry; Mirza Nurul Ghani Shovon, president of the National Association of Small and Cottage Industries of Bangladesh; Selima Ahmad, president of Bangladesh Women Chamber of Commerce and Industry, and Rasheed Mymunul Islam, deputy managing director of Monno Group, had been present. FranGlobal plays a essential role in representing nearby buyers and partnering with numerous global groups for the entry and expansion in exceptional topographies and has six worldwide places of work in extraordinary countries, according to Marya.

The franchise consulting firm has offices in Canada, the UK, Singapore and Greece, among others.