BEAUFORT: With a total of 14,795 registered cooperatives and some seven million members, Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick stressed the need to ensure the sector remains competitive and sustainable.
“Continuous efforts need to be implemented strategically. This includes creating and further expanding business networks, innovating in the market and exploring new resources that can add value to existing products and services,” he said when officiating the launch of Murni Restaurant owned by the Lumadan Beaufort Women’s Cooperative Berhad, here, recently.
Citing interim cooperatives statistics, Ewon said the registered cooperatives recorded shared capital and membership fees worth RM16.5 million and assets of RM152 billion as of June last year.
“For Sabah, the State Cooperative Statistics Data recorded a total of 1,661 cooperatives with 343,320 members as of June 30, 2022,” he said.
He added that the cooperatives in Sabah managed to acquire accumulated assets of RM822,575,410 million, as well as RM220,523,696 million in accumulated share capital and fees. The total turnover was RM268 million.
“The cooperatives movement is capable of making the country strong and robust in the face of challenges and obstacles. It has shown an evolution that we can be proud of and is seen as a major player and effective contributor to the national economy,” the Penampang MP said.
Ewon urged cooperatives in Sabah to seek guidance and assistance from agencies under his Ministry such as the Cooperative Commission of Malaysia (SKM) to obtain SKM Development Assistance or Revolving Capital Fund (TMPSKM).
This is to further enhance cooperative business activities in line with the 2021-2025 Malaysian Cooperative Transformation Plan (TRANSKOM).
“This is proven by the SKM Transfer Assistance given to Lumadan Beaufort Women’s Cooperative Berhad amounting to RM80,000 in 2022 by SKM to open a Coop-Restaurant as the next cooperative business activity.
“In order to increase product promotion, marketing and advertising, the Women’s Cooperative also received assistance from the Online Cooperative Product/Service Trading Programme (e-DAPAT) amounting to RM18,000,” he said.
Ewon said his Ministry and agencies under it would continue to empower and implement the transformation of the country’s cooperative sector in line with the country’s economic development transformation agenda.
“I am confident and believe that the cooperative movement throughout Malaysia will continue to be an important pillar to prosper the country’s economy and strengthen the well-being of the people,” he said.
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