Cooperatives can prosper a nation

26 October 2023

By AVV

KOTA BELUD: Residents of Ulu Woriu Zone (NATESA) who are not members of any cooperatives should consider establishing cooperatives.

Minister of Entrepreneur Development and Cooperative Datuk Ewon Benedick said by doing so they can create a positive impact on the economy as cooperative members and contribute to the socio-economic development in the rural areas, ultimately benefiting all local residents.

Speaking during the Empowering the Cooperative Community Programme at Ulu Woriu Zone Programme in Kadamaian, he said they should seek information about cooperative movement as it plays a very important role in the economic development of the country.

"Thousands of cooperatives worldwide produce various products and services for marketing, which have an impact on improving the social status of cooperative members and creating many job opportunities for the community," Ewon who is also the Kadamaian State Assemblyman said.

"According to cooperative statistics data as of December 31, 2022, the number of registered cooperatives is 1,707, with a total membership of 350,368 people."

"Meanwhile, the accumulated share capital and fees amount to RM232 million, and the accumulated assets are valued at RM915 million," he shared adding that the total revenue achieved is RM569 million.

Ewon said the role of the Cooperative Commission of Malaysia (SKM) is not only a developing cooperatives but also as a federal government agency that supports the government's desire to jointly assist those in need and carry out community activities or CSR.

He shared that the role and contribution of the cooperative movement are of great importance to the country's economy and need to be further enhanced over time.

The cooperative movement will continue to strengthen and remain relevant as long as cooperatives dare to respond to the challenges of globalisation and technology and adapt to the current changes, he said.

"I am confident and believe that the Cooperative Movement throughout Malaysia and especially in Sabah will continue to be a vital pillar in prospering the nation's economy and strengthening the welfare of the people."