Plan for co-ops to become third biggest contributor to economy

KUALALUMPUR :The government is committed to empowering the cooperative movement, spearheaded by the Malaysia Co-operative Societies Commission, to enable the sector to become the third biggest contributor to the economy.

Entrepreneur Development Deputy Minister Datuk Wira Dr. Mohd Hatta Ramli said with 14,000 cooperatives in the country comprising six million members and total assets of more than RM140 billion, this aspiration was not impossible to realise.

"That is a big group (of cooperatives), if we empower each of the cooperative to produce various types of products, I believe the sector can accommodate the needs of the community and consumers.

"If the turnover is high, it will become an income source for the cooperatives and members, and able to provide jobs to many people," he said to reporters after the closing ceremony of the Young Entrepreneurs Strive for Success (YESS) 2018 Convention here, yesterday.