PLAN FOR CO-OPS TO BECOME 3RD BIGGEST CONTRIBUTOR TO ECONOMY

KUALA LUMPUR, Oct 30 (Bernama) – The government is committed to empowering the cooperative movement, spearheaded by the Malaysia Co-operative Societies Commission, to enable the sector to become the third biggest contributor to the economy.

Entrepreneur Development Deputy Minister Datuk Wira Dr. Mohd Hatta Ramli said with 14,000 cooperatives in the country comprising six million members and total assets of more than RM140 billion, this aspiration was not impossible to realise.

"That is a big group (of cooperatives), if we empower each of the cooperative to produce various types of products, I believe the sector can accommodate the needs of the community and consumers.

"If the turnover is high, it will become an income source for the cooperatives and members, and able to provide jobs to many people," he said to reporters after the closing ceremony of the Young Entrepreneurs Strive for Success (YESS) 2018 Convention here, today.

To-date, the cooperative sector only contributed less than five per cent to the nation’s gross domestic product (GDP).

"So, if we strive really hard and drive the cooperatives to be involved in a big way to produce consumer products, provide banking and credit services and others, then the cooperatives’ role could be enhanced and become the third biggest contributor to the GDP.

"I feel there’s ample room for growth, but on the condition that the cooperatives plan their work carefully," he said.

Commenting on the National Entrepreneurship Policy under the new government administration, Mohd Hatta said the policy is still at the preparation stage and needs special discussions among the agencies involved.

-- BERNAMA