KUALA LUMPUR: Koperasi Serbaguna Malaysia (KSM) is set to cooperate with a South Korean firm in producing feed for livestock as an effort to enhance Malaysia's food security, says Datuk Seri Dr Wee Ka Siong.
Lauding the new venture, the MCA president said the cooperative recognised the importance of the domestic food demand.
"We cannot be overly reliant on imported feed and fertiliser because an increase in prices for these products will cause a huge impact to the farmers," he said when opening the 43rd KSM annual general meeting at Wisma MCA here on Saturday (June 24).
Dr Wee said that an agreement would be signed with the South Korean firm early next month.
The feed produced could be supplied to the local market, he added.
He said Malaysia, being the fifth largest egg exporter in the world, has been supplying the farm product to countries such as Singapore, Taiwan and Hong Kong.
"The current restraint in cashflow and increased production costs have affected many small and medium enterprises.
"I hope the KSM investment will benefit the members," he said.
KSM, founded by MCA Youth in 1968, based on the "One for All; All for One" principle, in which the members pool their resources for investment purposes.
Despite falling into a financial crisis in 1986, which saw KSM selling many of its assets, it has grown more potent and is no longer plagued by any financial problems.
Meanwhile, Dr Wee noted that he would like to see more young people joining KSM.
He said KSM has about RM100mil in total assets and is intrigued by the real estate investment business. KSM has provided various benefits to its members over the years, including education incentives, bereavement programmes, and the Sunshine Insurance Plan.
Dr Wee accepted RM50,000 in donations from KSM on behalf of the Universiti Tunku Abdul Rahman (UTAR) Education Foundation for its Kampar hospital project.
KSM chairman Au Tai Yiat announced that former MCA president Tan Sri Tan Koon Swan had been appointed KSM life honorary chairman.
Au added that KSM was negotiating three investment projects in agri-food, mineral, and cooking oil businesses.
"We are partnering with foreign companies to enter overseas markets for the benefit of our members," he added.
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