PETALING JAYA: There are more than 16,000 cooperatives in Malaysia, reflecting the sector’s role as a major economic driver says the Entrepreneur and Cooperatives Development Ministry.
Its minister Datuk Ewon Benedick (pic) said a total of 16,284 cooperatives were registered as of December last year, comprising some 7.2 million members nationwide or 21% of Malaysia’s population.
This marks 475 more cooperatives registered compared with the same period in 2023.
According to Ewon, capital shares in the cooperatives sector amounted to RM18.3bil with RM173.3bil worth of assets, while recording RM68.1bil in annual turnover.
“These figures are a testament to the sector’s potential and its role as a major economic driver,” he said in his address at the Asean Cooperative Dialogue held at a hotel here yesterday.
Ewon noted how Malaysia’s cooperative movement began in 1922 following the introduction of the Co-operative Societies Enactment 1922.
“The sector has expanded steadily over the years and continues its major role in driving socio-economic development for the country,” he said, noting that the sector began with only 11 cooperatives.
He also cited Bank Rakyat, describing it as one of the country’s most celebrated cooperative success stories.
According to the minister, it began as a small cooperative bank and grew into one of the largest Islamic cooperative banks in South-East Asia.
“In the 2023 edition of the World Cooperative Monitor, published by the International Cooperative Alliance, Bank Rakyat was also ranked 244th among the world’s top 300 cooperatives.
“This acknowledgment highlights its outstanding performance and contribution to Malaysia’s economy, particularly as the country’s largest Islamic cooperative bank.”
Ewon said Bank Rakyat, Koperasi Tentera and Co-opbank Pertama are listed as the premier cooperatives, reflecting their robust financial health and good governance.
“These success stories collectively showcase how Malaysian cooperatives are at the forefront of driving inclusive and sustainable development, embodying both Asean 2025’s aspirations and values of the Madani framework.
“They reaffirm the cooperative model as a powerful tool for social upliftment. A true economy by the people, for the people.”
He said cooperatives play an important role in economic empowerment within the Asean region.
“It provides employment, promotes entrepreneurship and contributes significantly towards the gross domestic product across various member states.”
Ewon said cooperatives must take centre stage in shaping a more resilient and inclusive Asean economy.
He added that cooperatives should be given the same level of policy attention and institutional support as small and medium enterprises, which have benefited from financial aid, strategic incentives and structured policy frameworks.
“It is high time that cooperatives receive similar recognition and resources to maximise their impact,” he said.
National Cooperative Movement of Malaysia president Datuk Seri Dr Abdul Fattah Abdullah called for greater recognition towards cooperatives.
“We must work together to ensure that cooperatives are treated as s a core pillar of Asean’s economic development.”
Abdul Fattah, who is also the Asean Cooperative Organisation president, urged for the establishment of an Asean Cooperative Ministerial Meeting to provide cooperatives with an official platform, similar to what small medium enterprises already have.
“The time for discussion is over; the time for action is now,” he said.
