1,001 new cooperatives registered nationwide last year

KOTA KINABALU: The Ministry of Entrepreneur Development and Cooperatives through the Cooperative Commission of Malaysia (SKM), made history by successfully registering 1,001 new cooperatives nationwide last year.

Its minister, Datuk Ewon Benedick, described the achievement as indicative of the high awareness and significant interest of Malaysians in the cooperative movement.

“Last year, for the first time in history, we set a record by registering 1,001 new cooperatives compared to the average registration in previous years of around 600 to 700 new cooperatives per year.

“The Entrepreneur Development and Cooperatives Ministry through SKM and the Malaysian Cooperative Institute (IKMa), organized a series of cooperative awareness programs throughout last year, and I believe this has contributed to cooperative awareness among the people.

“I am hopeful that these new cooperatives can successfully run their businesses according to good cooperative business governance, take care of the welfare of their members, and contribute to the country’s economy,” he said.

Ewon said this in his speech at the launching of the Sipitang level ‘Program Membudayakan Masyarakat Koperasi’ on Saturday. According to interim cooperative data in Sabah until June 30, 2023, the total number of registered cooperatives is 1,765, with a membership strength of 361,126 individuals.

The accumulated shares and fees amount to RM244 million, and the accumulated assets are valued at RM868 million. The total revenue achievement is RM329 million. Ewon also said that the criteria for cooperative registration applications have been simplified, especially the minimum number of members, which is now is as few as five individuals.

“We have improved the cooperative registration process.

Today, five individuals with similar skills, for example, five farmers in a village or five professionals in the city, can establish their cooperative,” he said.

Also present at the program were Sipitang Member of Parliament Datuk Matbali Musah, Sindumin assemblyman Datuk Dr Yusof Yaacob, SKM Chief Executive Officer Rusli Jaafar, and Koperasi Pusat Komuniti Lundayeh Sabah Berhad president Datuk Pangiran Lalung.