Jeong Hyun-sik, Association President, "Will Promote Excellence of K-Franchise Worldwide"

Korea Franchise Association Holds 2022 WFC General Assembly in Seoul for the First Time in 12 Years
About 80 Participants from 35 of 45 Member Countries to Attend Online and Offline

Jung Hyun-sik, Chairman of the Korea Franchise Industry Association, held a press conference on the 12th at Ediya Lab in Gangnam-gu, Seoul, explaining the WFC General Assembly. Photo by Franchise Association

[Asia Economy Reporter Moon Hyewon] “I will emphasize to global franchise industry stakeholders that Korea represents the future of your country 10 years from now.”

Jung Hyunsik, Chairman of the Korea Franchise Industry Association, stated this at a press conference held on the 12th at Ediya Lab in Nonhyeon-dong, Gangnam-gu, Seoul. He added, “The catchphrase for the World Franchise Council (WFC) regular general meeting has been set as ‘A Glimpse into the Franchise Industry 10 Years Ahead.’”

According to the association, the 2022 WFC regular general meeting will be held for four days from the 19th to the 22nd at COEX in Seoul under the theme “The Future of Franchises Meets in Seoul.”

This is the first time in 12 years since 2010 that the WFC general meeting is being held in Seoul. About 80 participants from 35 of the 45 member countries are expected to attend both online and offline.

Participants, including representatives from franchise associations of various countries, plan to share each country’s COVID-19 recovery strategies and discuss new directions for the development of the franchise industry amid increased uncertainty.

According to the association, domestic franchises are being used as a testbed for the application of 4th industrial revolution technologies. Over 70 companies, including Paris Baguette and Burger King, are utilizing big data, and more than 100 companies are employing various ICT (Information and Communication Technologies) such as artificial intelligence (AI), Internet of Things (IoT), autonomous driving, and robotics. Additionally, due to the surge in contactless consumption, digital infrastructure such as unmanned stores and digital ordering and payment systems are being established.

In particular, despite a global decline in the service robot market, it is growing domestically. According to the World Robotics Report published by the International Federation of Robotics, global service robot market sales decreased by 14% from $12.9 billion in 2018 to $11.1 billion in 2020. In contrast, the domestic service robot market grew by 29%, from 665 billion KRW to 857.7 billion KRW during the same period.

The association plans to invite delegations from participating countries to experience cutting-edge facilities such as Ediya Lab and Dream Factory, SPC Pyeongtaek Factory, and Emart24’s smart unmanned payment stores.

Chairman Jung said, “This will be a great opportunity to showcase the excellence of K-Franchise, which utilizes ICT and digital infrastructure, to the world,” adding, “We will make this general meeting a platform for exchange between the domestic industry and overseas, and a stepping stone for K-Franchise to expand globally once again.”

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