53 Years On, Angkasa Maintains Successful Track Record, Remarkable Performance

KUALA LUMPUR, May 12 (Bernama) -- Celebrating its 53rd anniversary today, the National Co-operative Movement of Malaysia Berhad (Angkasa) maintains its successful track record, showcasing remarkable performance across multiple fronts, including the notable achievement of RM64.5 billion in revenue by the co-operative movement last year.

In a press release today, Angkasa announced that this figure surpassed the government's RM60 billion target set for the year 2025, highlighting its sustainability, especially in the wake of the government's economic recovery initiatives.

Statistics from the Malaysian Cooperative Commission also reveal that as of Dec 31, 2023, there were 15,809 registered co-operatives with a membership of 7.22 million, as well as a total share capital/fees amounting to RM17.5 billion and assets of RM165.8 billion.

"This success proves the resilience of the co-operative movement, bolstered by strong support systems from the members, and Angkasa as the apex body. It also shows the support from the government and its agencies.

"Angkasa is committed to fulfilling its responsibilities in advancing the success of the co-operative movement through development programmes and strategic business collaborations to ensure its continued resilience in addressing the uncertainties of the economy, which have impacted the global business landscape," the statement added.

The statement mentioned that in efforts to strengthen the co-operative movement, Angkasa has spearheaded several crucial initiatives, which include the Angkasa Strategic Plan or PESAN50, which aligns with government policies such as the Malaysian Co-operative Policy (DaKOM) 2023 and the Cooperative Digitalisation Action Plan (DIGIKOP) 2030.

"For instance, the Basic Goods 100 (BA100) project aims to enhance co-operative performance, transition into the digital economy, and achieve higher revenue targets. Additionally, Angkasa has intensified co-operative businesses in each state through various business development projects," the statement noted.

Angkasa added that projects such as poultry farming, dairy cattle, tourism, and agriculture aim to increase co-operative involvement according to the locality and geography of each state, thereby enhancing competitiveness in the open market.

The statement informed that Angkasa also fosters strong relationships with co-operatives abroad, including in the ASEAN region, and Asia Pacific facilitated by Angkasa's president, Datuk Seri Dr. Abdul Fattah Abdullah, who holds various key positions in the international co-operative sector.

Abdul Fattah is also the president of the ASEAN Co-operative Organisation (ACO) and vice-president of the International Cooperative Alliance Asia and Pacific (ICAAP), while Angkasa board member, Datuk Kamarudin Ismail, serves on the board of the International Cooperative Alliance (ICA). 

The statement highlighted that these positions offer avenues to showcase Malaysian co-operative products and services globally, with current efforts concentrated on advocating the Mosque Co-operative and School Co-operative models overseas, aimed at generating import-export prospects. 

"As a result, Cambodia and the Philippines have adopted these models, and Angkasa is in the process of expanding these initiatives to Timor-Leste, Thailand, Kenya, and the entire Asia-Pacific region soon."

"With the successes we have achieved and continuous empowerment endeavours, Angkasa and the co-operative movement in Malaysia are prepared to face both challenges and opportunities in the current digital economy era," the statement concluded.

Furthermore, through continuous efforts and strong cooperation, Angkasa is confident that the co-operative movement will drive the nation's economic development, benefit everyone, and contribute to sustained socio-economic well-being.

-- BERNAMA

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