Almost 250 brands from 20 countries and regions are participating in this year's Franchising and Licensing Asia conference, the largest number since the yearly event was first launched.

The exhibition, now in its eighth year, brings together entrepreneurs and business owners in the franchising industry here.

A total of 8,000 to 10,000 attendees - also a record number - from around the Asia Pacific region are expected at the three-day event, which ends on Saturday.

The franchising sector's contribution to gross domestic product stands at 1.6 per cent and is projected to expand to 3 per cent by 2017, said Minister of State for Trade and Industry, Mr Teo Ser Luck, at the event held at Marina Bay Sands Expo and Convention Centre.

The industry accounts for 18 per cent of Singapore's domestic retail sales volume and generates turnover of $6 billion every year.