IMPROVING BUSINESS A FOCUS OF NATIONAL COOPERATIVES CONGRESS

KUALA LUMPUR, July 25 (Bernama) — Improving the competitiveness of the cooperative business will be one of four main areas of focus at the National Cooperatives Congress 2024 over two days from today.

The other three areas of focus are strengthening identity and self-awareness, improving laws, regulations and governance, and enhancing education and human capital.

Angkatan Koperasi Kebangsaan Malaysia (ANGKASA) president Datuk Seri Dr Abdul Fattah Abdullah, said that the resolutions from the congress, held after 53 years, would be submitted to Prime Minister Datuk Seri Anwar Ibrahim tomorrow.

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“We want to achieve recognition for the cooperative movement as a business entity so that cooperatives can enjoy incentives similar to those given by the government to small and medium enterprises (SMEs).

“Currently, we see that assistance is somewhat unbalanced. I am not saying it is unfair, but considering the number of cooperative members in Malaysia, which is 7.2 million individuals, more than 20 percent of the population are cooperative members,” he told reporters after opening the National Cooperative Congress 2024 today.

In addition, Abdul Fattah said that in line with the government's mandate to strengthen the role of cooperatives and advance cooperative businesses, direct facilities and assistance from the government are needed.

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"This is among our suggestions, including increasing funds, providing budgets for development, and exploring other tax incentives that can be given to cooperatives to align them with SMEs,” he said.

Earlier, Abdul Fattah, in his keynote address, said that according to data from the Cooperatives Commission of Malaysia (SKM), as of December 2023, cooperatives' revenue recorded RM64.6 billion, surpassing the government's target of RM60 billion for 2025.

“There are 15,809 cooperatives with a membership of 7.2 million and assets valued at RM165.9 billion, while shares or fees total RM17.4 billion. The cooperative movement's revenue exceeds the government's target under the Malaysian Cooperative Policy (DaKoM), demonstrating the cooperative movement's capability to generate economic viability,” he said.

He added that the cooperative movement also seeks access to unlimited capital and to eliminate bureaucratic red tape.

“Minor issues like these cause cooperatives to face obstacles in expanding their businesses more aggressively,” he said.

Aligned with the MADANI Economic Goals, Abdul Fattah said that ANGKASA is determined to lead the national cooperative movement to become a leader in the Asian economy.

The last Cooperative Congress was held in 1971, and the closing ceremony of the National Cooperative Congress 2024 is expected to be officiated by the Prime Minister tomorrow.

-- BERNAMA