Malaysia Cooperative Policy launched to map out direction of cooperative movement

12 October 2023

By AVV

BANGGI: The Malaysia Cooperative Policy 2030 (DaKoM 2030) was launched by Datuk Ewon Benedick, Minister of Entrepreneur Development and Cooperatives (MEDAC) here today.

The policy will map out the direction of the cooperative movement until 2030 through four core policies and 20 strategies as catalysts toward achieving a target of RM60 billion in revenue by 2025 and RM73 billion by 2030.

DaKoM 2030’s framework is a strategic direction for the development of cooperatives in enhancing economic performance and the social well-being of its members, with the vision of making this sector the main driver of Malaysia's socio-economic growth.

The three main objectives to be achieved through this new policy are, firstly, to make the cooperative sector a significant contributor to Malaysia's economic growth; secondly, to establish capable and strong cooperatives that are accepted by the Malaysian people; and thirdly, to position cooperatives as the preferred business model in driving Malaysia's socio-economic development. The four fundamental principles outlined under DaKoM 2030 are Unite, Educate, Build, and Grow.

Ewon also announced the profile of the Top 100 Cooperatives in Malaysia for 2023 and presented awards to the top 10 cooperatives. The prizes included certificates, plaques, and cash amounts totaling RM15,000 for first to third place, and RM10,000 for fourth to tenth place.

The top ten cooperatives in Malaysia for 2023 are Koperasi Permodalan Felda Malaysia Berhad, Koperasi Peserta-Peserta Felcra Malaysia Berhad, Koperasi Sahabat Amanah Ikhtiar Malaysia Berhad, Koperasi Kakitangan Petronas Berhad, Koperasi Wawasan Malaysia Berhad, Koperasi Tunas Muda Sungai Ara Berhad, Koperasi Kakitangan Bank Rakyat Berhad, Koperasi Tenaga Nasional Berhad, Koperasi Ladang Berhad and Koperasi Kemajuan Tanah Negeri Johor Berhad.

Ewon called on all cooperatives to unite, synergize, and adhere to the cooperative principles that have been the foundation and backbone of its existence for over a century in this country.

“Cooperatives serve as a platform to cultivate concern and care for the needs and requirements of the community. They also provide a means for the community to generate additional income and face economic challenges.”

He hopes that efforts to popularize cooperatives will be intensified so that cooperatives can be seen as the preferred business model for conducting socio-economic activities and assisting the government in its efforts to eradicate poverty.

Also present at the event were YB Senator Puan Saraswathy Kandasami, Deputy Minister of MEDAC, YBhg. Dato' Sri Suriani binti Dato' Ahmad, Secretary-General of MEDAC, Heads of MEDAC agencies, and cooperative movements from across the country.