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BUSINESS

Co-operatives federation empowers co-operatives under six economic sectors -- Noh Omar

09/08/2022 03:34 PM

KUALA LUMPUR, Aug 9 (Bernama) -- The establishment of the co-operatives federation, representing a  co-operatives union, empowers the co-operative movement that carries out activities under the six economic sectors.

The six sectors are wholesale and retail, tourism, personal care and health, financial services, farming, real estate and construction industry, agriculture and agro-based industries.

Entrepreneur Development and Cooperatives Minister Tan Sri Noh Omar said co-operatives were seen as important in the socio-economic development of society, especially in helping to deal with the people’s cost of living. 

“In view of the importance of the cooperatives sector in the development of socio-economy and in addressing the cost of living of the people, the government has agreed that the plantation co-operatives be given assistance in the recruitment of foreign labour. 

 “Besides that, the wholesale and retail cooperatives have implemented the Supply Chain Empowerment for Co-operatives Programme (SCOPE) as an effort to ensure the consistent supply of consumer goods at cheaper prices,” he said during a question and answer session at the Dewan Negara today. 

He was responding to a question by Datuk Juhanis Abd Aziz on the mechanism implemented to increase 

the role of the co-operatives sector as one of the drivers of the nation’s economy.

Noh said RM100 million has been channelled for the plantation and agro-based industries under the revolving capital fund by the Malaysia Co-operative Societies Commission (SKM) to assist co-operatives to develop the agro-food industry. 

He said there are 14,834 co-operatives registered with a membership of 7.08 million people up to Dec 31, 2021. 

A total share capital and co-operatives fees of RM16.54 billion and co-operatives assets of RM154.98 billion were registered. 

The contribution of the co-operatives to the national income amounted to RM37.89 billion.

-- BERNAMA

 

 


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