SKM targets RM50bil revenue from cooperatives by 2020

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KUALA LUMPUR: The Malaysia Co-operative Societies Commission (SKM) is eyeing a revenue contribution of RM50 billion from the co-operative movement nationwide by 2020.

Executive Chairman, Datuk Dr Noor Zari Hamat, said the country's co-operative movement had achieved encouraging growth last year compared with 2016.

“The co-operative sector's turnover recorded a growth of 0.9 per cent to RM40 billion (2017) compared with RM39.66 billion previously.

“Achieving that target required the aggressive co-operative participation nationwide,” he told reporters at SKM's Excellent Service Awards 2017 ceremony here on Thursday.  

Noor Zari added that the co-operatives in the country could be further expanded based on the experience of the co-operative management in developed countries such as Denmark, where co-operatives control 35 per cent of the retail and wholesale sector. - Bernama