Newly elected chairman Tumi Sengoara toasted the success of franchising in South Africa, which has grown to become one of the most important business sectors contributing 12.57% to GDP, with close to 30,000 franchised outlets in over 17 business sectors employing over half a million people. “Despite the economic downturn franchising continues to be a dominant business format as far as SME development is concerned. Across the globe small business is recognised as the safety net of any economy and franchising is proving to be quite resilient even in this economic climate.”