New Cooperatives Act Draft Now In Final Stage - Nanta

PUTRAJAYA, Dec 8 (Bernama) -- The draft of the new Cooperatives Act which will replace the Cooperatives Act 1993 (Act 502) is currently in the final stage and is expected to be tabled in a Cabinet meeting soon, said Acting Minister of Entrepreneur and Cooperative Development Datuk Seri Alexander Nanta Linggi.

Nanta, who is also the Minister of Works, said the drafting of the new law was considered very important given that the existing Act 502 had been in use for a long time and had undergone many amendments to the point that it was no longer in line with the needs and current developments in the cooperative sector.

“This is something we consider as major to be done in due time. And I have been briefed on that generally. It is not just an amendment but it is a totally new act.

“Because that act (Act 502) has been very old act, amended several times in the past and it is no longer considered as suitable or able to meet the demands of the present day aspects of the objective of the act, therefore a new act will be enacted,” he said.

He said this in a press conference after attending a briefing session with the top management of the Ministry of Entrepreneur and Cooperative Development here today (KUSKOP) which was also attended by the ministry’s secretary-general Datuk Seri Khairul Dzaimee Daud.

The new act is expected to create cooperatives that are more responsive and dynamic, facilitate business transactions and improve the well-being of the people besides strengthening the governance aspects of cooperatives.

Previously, former Minister of Entrepreneur and Cooperative Development Datuk Ewon Benedick was reported to have said KUSKOP is in the process of drafting a new cooperatives act and the Cabinet paper on the matter was tabled and agreed in principle on Jan 8.

Regarding the new responsibilities at KUSKOP that he has assumed since Dec 3, Nanta stressed his commitment to ensure that all the ministry's plans for 2026 are implemented according to the set direction.

He said KUSKOP has drawn up a 2026 direction including various initiatives to strengthen the development of entrepreneurs nationwide, especially in Sabah and Sarawak.

"So I see these as very good and helpful steps where they are the target groups that need assistance. For example, I see that the policy or strategy to assist entrepreneurs nationwide including efforts to increase the number of entrepreneurs at various levels will be continued," said Nanta.

-- BERNAMA