Angkasa asked to spread its wings

BANGI, Jan 12 (Bernama) -- Entrepreneur Development Minister Datuk Seri Mohd Redzuan Md Yusof says Angkatan Koperasi Kebangsaan Malaysia Berhad (Angkasa) should  spread its wings.

This, he said, would be in line with the government’s target of increasing revenue from  cooperatives to more than RM50 billion next year.

He urged Angkasa, which comprises 14,000 cooperatives and 6.5 million members, to use its strength and venture into sectors which guarantee returns on investment like logistics, plantation and transportation.

“Co-operatives are an instrument that can be a community organisation to drive entrepreneur development as well as contribute significantly to the nation’s Gross Domestic Product (GDP).

“For that, Angkasa needs to focus on sectors that assure returns, with clearly defined earnings, as well as showcase its relevance to the government’s agenda, which is to develop, increase and expand the country’s GDP in terms of contribution from cooperatives,” he told a press conference after officiating the Cooperative Empowerment Based on the Spirit of Cooperation and Entrepreneurship Convention organised by Angkasa here today.

Also present was Angkasa president Datuk Abdul Fattah Abdullah.

Citing the logistics sector, which has a value of RM170 million, Mohd Redzuan said Angkasa’s involvement in the sector could boost the cooperative sector’s earnings to over RM50 billion by 2020 from RM42 billion currently.

“We are aware that the three sectors have clear economic values and can be the catalyst to increase national revenue, so Angkasa must grab the opportunity,” he said.

Asked to comment on Abdul Fattah’s suggestion for the word “cooperatives” to be included in the Entrepreneur Development Ministry, Mohd Redzuan admitted that it was logical and he would take it up with Prime Minister Tun Dr Mahathir Mohamad.

Meanwhile, Abdul Fattah said Angkasa was already looking at venturing into the three sectors to increase its involvement in eight existing sectors, including finance, construction, community and renewable energy.

-- BERNAMA