Federalising cooperatives will benefit members, boost economy, says Zahid

KOTA KINABALU: The idea of federalising cooperatives should be considered as it can improve their operations, and benefits members, says Datuk Seri Dr Ahmad Zahid Hamidi.

The Deputy Prime Minister said this could create healthy competition among members, having cooperatives complementing one another, unifying them, and pushing for mass production.

"The idea of federalising cooperatives should be considered and I hope the ministry will look into this," he said when closing the national Cooperatives Month at Le Meridien Hotel here Sunday (July 30).

He said it could help reduce the budget policy deficit gap and national debt, which had reached about RM1.5 trillion.

"This can be done by among others, generating income for members, increasing gross domestic product, boosting the economy and reducing debts, thus resulting in members contributing directly to the economy," he said.

Ahmad Zahid said it was important that past practices be left in the past, adding it was time for a new beginning to ensure cooperatives could contribute to economic growth.

Earlier, Ahmad Zahid closed the Asia Pacific Cooperative Youth Summit at Promenade Hotel, which was participated by youths from 19 countries in this region.

He said youths were the movers and future of the nation and their ideas and visions would always be heard and taken into consideration in nation building.

He urged youths to continue striving for excellence and to work closely with government agencies in bringing cooperatives to greater heights, promoting entrepreneurship and economic development.

Also present was Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick.