Empowering cooperative communities through entrepreneurial knowledge

8 December 2023

By Wartawan Nabalu News

KOTA KINABALIU: Programmes on cooperative empowerment and promotion should be implemented to ensure that up-to-date information is disseminated to the grassroots.

Minister of Entrepreneur Development and Cooperative (MEDC) Datuk Ewon Benedick said the concept of "Empowering Cooperative Communities" aligns with the programme implemented by the Malaysian Cooperative Commission (SKM) to cultivate entrepreneurial knowledge through cooperatives.

He was speaking during the launching of Coffee Cactus Cooperative Product of Inanam Traders and Entrepreneurs Cooperative Berhad (KOUPIO) in conjunction with the of Inanam Traders and Entrepreneurs Cooperative Berhad, in conjunction with the Promotion and Encouragement of Cooperatives Programme at Sepanggar, Sabah Level 2023 at Ibis Styles Inanam’.

He said through such programmes implemented by agencies under (MEDC) especially SKM, throughout this year, the community are further informed about the importance of cooperatives.

“They have made cooperatives not only a place for business and knowledge development but also as a platform for unity and economic development of the community.”

He encouraged residents in the Sepanggar Parliamentary constituency, especially in the Inanam State constituency, who have not yet become members of any cooperatives, to make efforts to establish cooperatives that will have a positive impact on the economy of the cooperative members and further develop the socio-economy in the local area.

“Today, I have the opportunity to launch the new product of KOUPIO Cooperative, which is Coffee Cactus, as the first product released by the Inanam Traders and Entrepreneurs Cooperative Berhad, he said adding that the success of a cooperative requires commitment, support, and a high spirit of unity among all cooperative members, which forms the foundation for success.

Cooperation among cooperatives is also closely knit, creating a bond of unity among the community that strengthens the cooperative and enhances the institutionalisation of the Malaysian Civil Society, he said.

“As a large organisation, the cooperative movement is capable of making this country strong and resilient in facing various challenges and obstacles. Therefore, continuous efforts need to be strategically implemented to ensure that the cooperative sector remains competitive and sustainable,” he said.

He added that all players in the cooperative sector need to establish and expand business networks, innovate in the market, and explore new sources that can add value to existing products and services.

He encouraged entrepreneurs to take this opportunity to obtain information about cooperatives for the common good as the cooperative movement plays a very important role in the country's economic development.

The cooperative movement must always be committed and progressive to ensure that the development of the cooperative sector becomes more stable and can play a part in poverty eradication, he said.

According to interim data on cooperatives in Sabah until June 30, 2023, there are a total of 1,765 registered cooperatives with 361,126 members. The accumulated share capital and fees amount to RM244 million, and the accumulated assets are valued at RM868 million.

The total revenue achieved is RM329 million. The cooperative movement in Sabah is commended for this positive development, and it is hoped that by the end of December 2023, these figures will increase to measure the actual performance of the cooperative movement in Sabah.