MELAKA: The national cooperative sector is projected to reach a revenue of RM100mil this year, driven by positive growth and capital accumulation, says Malaysia Cooperative Societies Commission chief executive officer Mohd Marzuki Yasoa’.
He said as of Dec 31 last year, the sector recorded a revenue of RM81.6bil and total assets amounting to RM186.75bil.
A total of 16,468 cooperatives with accumulated share capital and fees amounting to RM18bil were recorded last year.
“These figures reflect the significant role and contribution of the cooperative movement in strengthening economic development and enhancing the well-being of members and the community.
“As such, we are optimistic that the national cooperative sector’s revenue can reach RM100bil this year,” he told reporters.
Mohd Marzuki said the Entrepreneur and Cooperative Development Ministry is prioritising food security, urging more cooperatives nationwide to engage in the sector as a key agenda for the movement.
He said the government provides various forms of financial assistance to help the cooperative movement grow, including the revolving capital fund, which has been allocated RM50mil this year.
However, Mohd Marzuki said to date, only about RM22mil of the allocation has been disbursed to cooperatives in need, adding that cooperatives requiring assistance should apply.
