PM: Agrofood Fund to channel RM100mil to cooperatives to improve country's food security

KUALA LUMPUR: A total of RM100mil from the Agrofood Fund will be placed under the Cooperative Societies Commission of Malaysia (SKM) to assist cooperatives in expanding the agrofood industry, says Datuk Seri Ismail Sabri Yaakob.

In his speech during the National Cooperatives Month 2022 (BKK2022) celebration on Saturday (July 2), the Prime Minister said this was due to the government's confidence in cooperatives' ability in ensuring national food security.

ALSO READ: Food insecurity: Learn from past policy failures

"Hopefully, this can assist cooperatives in expanding the agrofood industry and the rearing of chicken in particular.

"At the same time, it can help cooperatives to increase food production which subsequently tackles the issue of the rising cost of living that leaves a big impact on Malaysians, especially those from the lower income brackets," he said.

ALSO READ: State, district committees to be set up to implement food security action plan in a coordinated manner, says PM

He added that the government also agreed to provide a special allocation of RM10mil to the Entrepreneur Development and Cooperatives Ministry.

The allocation in turn would be used to organise exhibitions and expos together with associations and non-governmental organisations (NGOs), he said.

ALSO READ: No decision yet on reintroducing GST, says Ismail Sabri

The Prime Minister also noted that the government supported the forming of Koperasi Rakyat BR2.0 Malaysia Berhad (BR2.0) as a cooperative entity formed under the Cooperative Societies Act 1993 (Act 502) that was overseen by SKM.

"BR2.0 is also expected to play a major role and develop cooperatives, as well as small and medium enterprises (SMEs) which contribute to the development of the nation's economy.

"It (BR2.0) also enables members of Keluarga Malaysia (Malaysian Family) to invest and hold shares in cooperatives with positive expected returns," he said.

Also present at the event was Entrepreneur Development and Cooperatives Minister Tan Sri Noh Omar and Federal Territories Minister Datuk Seri Shahidan Kassim.