The Ministry of Entrepreneur and Cooperative Development has allocated RM1.03 million to strengthen the economic role of cooperatives in Penang, supporting SMEs amid global challenges.
BUKIT MERTAJAM: The Ministry of Entrepreneur and Cooperative Development today channelled RM1.03 million in assistance to strengthen cooperatives as a driver of the people’s economy in Penang.
Minister Steven Sim Chee Keong said the aid, distributed via the Cooperatives Commission of Malaysia, aims to bolster economic activities and income generation for members.
He stated the government must act swiftly to face uncertain global geopolitical challenges impacting the economy.
“The conflicts in Ukraine, Gaza and the tensions between the United States and Iran have definitely had an impact on us,” Sim said at the Coop Talk programme here.
He noted that since assuming duty in January, he has announced various funding specifically for SMEs, hawkers and petty traders to ensure they remain competitive.
Of the total, RM786,420 was allocated under the Revolving Capital Fund to Koperasi Pekebun Getah Negeri Pulau Pinang Berhad.
A further RM200,000 from the Supply Chain Empowerment for Cooperatives Programme was given to Koperasi Kariah Masjid Ibadur Rahman Kepala Batas Pulau Pinang Berhad.
Sim, who is also Bukit Mertajam MP, presented corporate social responsibility contributions worth RM5,000 in food baskets to 50 asnaf students and school workers.
He also donated RM1,000 and two television sets to SMK Taman Sejahtera to support learning facilities.
Ahead of Aidilfitri, a Raya CSR contribution of RM33,000 was distributed to 21 active mosque cooperatives and 12 school cooperatives in his constituency to help the B40 group.
Commenting on the cooperative movement’s performance, Sim said Penang had 819 cooperatives with 171,713 members as of 31 December 2025.
“This movement has assets worth RM1.29 billion, with earnings of RM848.90 million,” he said.
He added this proves cooperatives play a crucial role in the community economy, aligning with the National Entrepreneurship Policy 2030.
