SKM makes history by registering 1001 new cooperatives in 2023 - Ewon

3 February 2024

By Wartawan Nabalu News

SIPITANG: The Ministry of Entrepreneur Development and Cooperatives (MEDC) through the Malaysian Cooperative Commission (SKM) has made history by successfully registering 1,001 new cooperatives nationwide throughout the year 2023.

Minister Datuk Ewon Benedick described this achievement as a testament to the high awareness and great interest of the people in this country in the cooperative movement.

"Last year, for the first time in history, we set a record by registering 1,001 new cooperatives compared to the average registration of 600 to 700 new cooperatives in previous years.

"MEDC, through SKM and the Malaysian Cooperative Institute (IKMa), organised a cooperative community outreach programme throughout the past year, and I believe this has contributed to the growing awareness of cooperatives among the people.

"I hope that these new cooperatives can successfully operate their businesses according to good cooperative business practices, safeguard the welfare of their members, and contribute to the country's economy," he said.

Ewon said this in his speech at the inauguration of the District-level Cooperative Community Cultivation Programme in Sipitang today.

According to interim data on cooperatives in Sabah until June 30, 2023, the number of registered cooperatives is 1,765, with a total membership of 361,126 individuals. The accumulated share capital and fees amount to RM244 million, while the accumulated assets are valued at RM868 million. The total revenue achieved is RM329 million.

Ewon also stated that the registration application criteria for cooperatives have been simplified, especially the minimum number of members, which is now set at five individuals.

"We have improved the cooperative registration process. Today, a group of five individuals with similar skills, for example, five farmers in a village or five professionals in a city, can establish their cooperatives," he said.

Also present during the event were Sipitang Member of Parliament, Datuk Matbali Musah, Sindumin State Assemblyman, Datuk Dr Yusof Yaacob, Chief Executive Officer of SKM, Haji Rusli Jaafar, and President of Lundayeh Sabah Central Community Cooperative Berhad, Datuk Pangiran Lalung.