Petaling Jaya, 3 December 2003 – The Direct Selling Association of Malaysia (DSAM) is set to celebrate 25 years of helping the nation build entrepreneurs and making direct selling a viable profession for many more. DSAM will recognize this spirit of entrepreneurship at its 8th National Convention tomorrow which will be officiated by the Minister of Domestic Trade and Consumer Affairs, YB Tan Sri Muhyiddin Yassin.
Themed “Building a Nation of Entrepreneurs”, the Convention is expected to be attended by nearly 2,000 people from DSAM’s 75 member companies, Government officials and invited guests. The Convention will be held at the Sunway Pyramid Convention Center, Petaling Jaya.
During a briefing session with the media today, Paul Yee, President of DSAM commented that:”Direct selling has been and continues to be a tremendous source of business opportunity and empowerment for people all over the world regardless of gender and nationality. In Malaysia, we are excited that this achievement is translated into economic opportunities for more than 3 million distributors. We continuously strive to strengthen the financial foundation of this industry and improve its credibility and professionalism in Malaysia.”
Member companies of DSAM recorded a combined sales turnover of more than RM2.29 billion for the year 2002, an impressive 25.8% growth from 2001 (RM1.82 billion). The 2002 sales of RM 2.29 billion constituted about 60% of the RM 3.9 billion total industry sales.
The acknowledgement of the significant contribution by the direct selling industry in Malaysia was clear when the Ministry of Domestic Trade and Consumer Affairs announced a relaxation of rules for direct selling companies in an effort to boost trade relations, support the industry as well as to encourage healthy competition. The rules included allowing direct selling companies to renew licenses for up to five years instead of doing so annually and the reduction of paid-up capital requirement for local direct selling companies from RM 2.5 million to RM 1.0 million.
On May 21, 2003, the Government also revealed a stimulus package that included tax exemptions on export revenues for direct selling companies exporting locally produced goods.
Said Yee, “We are delighted that the local direct selling industry is gaining recognition and support from the Government for our economic contribution to the nation. It is our wish to work closely with the Government for cohesion while promoting a nation of entrepreneurs that hold strongly to the values of honesty, professionalism, credibility and trust.”
Neil H. Offen, Secretary General of the 58-nation World Federation of Direct Selling Association (WFDSA), said, “Our industry is founded on the basis of helping people achieve their individual personal goals and full potential in life without being subjected to commands or controls. Experience – even very limited experience – with a direct-selling company delivers a powerful, life-altering benefit. This is especially so in developing nations and with the 8th National Convention, we salute those who have made it as an entrepreneur.”