The Korea Franchise Industry Association on Jan. 19 held a ceremony in Seoul to mark the handover of its chairmanship, along with a vision declaration event.

About 500 people attended, including 13 lawmakers from relevant standing committees, government officials from the Ministry of Trade, Industry and Energy, the Fair Trade Commission and the Ministry of Agriculture, Food and Rural Affairs, and member companies.

In his inaugural address, new chairman Na Myung-suk presented four visions to restore trust in the franchise industry and drive a renewed leap forward: strengthening shared growth and ethical management, expanding welfare such as mutual aid programmes, globalising K-franchises, and reinforcing policy and media functions.

The association plans to set up an ethics committee this year and introduce an ethical management certification scheme to strengthen industry self-regulation. It will pursue a franchise mutual aid programme to support safe operations and welfare for franchisees. It will establish a K-Franchise Global Promotion Headquarters to help small and mid-sized brands expand overseas and to support the creation of local K-franchise streets.

Na said he would properly publicise the positive functions of the franchise industry, which accounts for 7 percent of national GDP, to help bring about deregulation and the presentation of reasonable alternatives. He said he would make the association a platform for shared growth and take the lead so the industry can compete globally.