Several franchises in Australia have indicated interest in partnering with National Development Bank (NDB) to bring in businesses to support locals in setting up businesses, bank managing director Moses Liu said.
He said negotiations were on-going.
NDB Investment Ltd (NDBIL), a subsidiary of NDB, was seeking reputable international franchises to support its Stret Pasin Business Scheme (SPBS).
NDBIL was looking at bringing in franchises such as McDonalds, KFC, 7-Eleven convenience stores, NightOwl and Starbucks.
“We did approach McDonalds, but they are not prepared to come yet.”
Liu and NDB Investment acting chief executive Desmond Yaninen were in Australia recently and met with some of the franchises who indicated interest in setting up businesses in PNG.
“We went to Australia to explore franchise operations and met with those interested to set up shops here.
“The franchise owners we talked to were interested and said they will progress in the next stage where initial agreement may be signed.
“But at this time, it was basically exploratory.”
Yaninen earlier said: “Since NDBIL is not a specialist in running restaurants or hotels, but we will bring in reputable international franchises to operate in PNG.”
He said successful individuals who passed all stages to qualify for SPBS will be put in charge to run those franchises.
“They will run them and could eventually own them.
Yaninen said NDBIL would bring in the franchises and would operate them as the master franchisee.
“That will also depend on whether they will be viable to operate in PNG market,” Yaninen said.
He said there are many advantages, including:
- Avoiding unnecessary trial and error period in starting and operating a new business;
- Lower financial risk compared with other ventures as investment costs are lower and profit margins are higher; and
- Opportunity to run a proven business concept…
PORT MORESBY, (THE NATIONAL)
