Franchise Business Survey Cycle Shortened from 3 Years to 2 Years... Strengthening Support for Overseas Expansion

[Asia Economy Sejong=Reporter Dongwoo Lee] The franchise business survey cycle will be shortened from three years to two years. Additionally, a comprehensive system to support franchise businesses' overseas expansion will be established by the end of this year.

The Ministry of Trade, Industry and Energy announced on the 26th that the amendment to the Enforcement Decree of the Franchise Business Promotion Act, which includes these provisions, was approved at the Cabinet meeting.

According to the new enforcement decree, the franchise business survey cycle will be shortened from the existing three years to two years, and the ministry plans to conduct the survey in the second half of the year reflecting this amendment.

The ministry expects that shortening the survey cycle will enable more timely investigations, analyses, and policy formulation regarding the market characteristics and structural changes of franchise businesses, which are sensitive to consumer trends.

The amended enforcement decree also stipulates the legal basis for establishing and operating an information system to support overseas expansion, as delegated by the higher law. Tasks such as promoting internationalization and establishing and operating information systems, as defined in the Franchise Business Promotion Act, can be entrusted to the Korea Trade-Investment Promotion Agency (KOTRA) and institutions designated by the Minister of Trade, Industry and Energy.

The ministry plans to build a 'Franchise Comprehensive Support System' by the end of the year to analyze and provide various local information focusing on promising overseas expansion target countries, and is also pursuing integrated support measures linked with information from KOTRA and the Korea Agro-Fisheries & Food Trade Corporation (aT).

A ministry official stated, "We will continue to make efforts to effectively support the globalization of domestic franchise businesses, which are centered on the domestic market."

This content was produced with the assistance of AI translation services.