SUNGAI BULOH: The cooperative movement needs to keep looking for new ideas to stay relevant and attract more customers, said Deputy Entrepreneur Development and Cooperatives Minister Datuk R. Ramanan.
He said cooperatives can no longer operate conventionally but need to be more creative and innovative with the business world getting more and more competitive.
"The cooperative movement plays an important role as one of the contributors to the well-being of society through the development of the social aspects and the welfare of members, in addition to eradicating poverty and the distribution of the country’s wealth.
"Therefore, board members and management of cooperatives need to enhance their knowledge by attending courses and training provided by the Malaysian Cooperative Institute (IKMa) and other agencies to ensure the success of the cooperative sector," he said.
Ramanan said this in his speech when opening the state-level 2024 National Cooperative Day (HKN) which was also attended by Malaysian Cooperative Commission (SKM) chief executive officer Rusli Jaafar here, Friday (Aug 23).
Meanwhile, Ramanan said Selangor has the highest number of registered cooperatives in the country, totalling 2,115 cooperatives with a total of 648,633 members until December last year.
"This is further strengthened by the overall assets amounting to RM2.69bil which generates share capital or fees of RM785mil, while the total revenue is RM706mil," he said.
He said various incentives, grants and financing were offered to cooperatives to encourage them to diversify business activities.
He urged cooperatives in need of assistance to develop their operations and services to apply for it through SKM's Business Development Assistance and SKM's Revolving Capital Fund (TMP-SKM).
Today's event is part of the National Cooperative Month (BKK) celebration, which takes place every July to promote cooperative awareness among Malaysians and strengthen the spirit of cooperation and solidarity. - Bernama
