Angkasa Committed To Developing Co-operatives For Socioeconomic Well-being

KUALA LUMPUR, July 6 (Bernama) -- The National Co-operative Movement of Malaysia (Angkasa) is committed to developing co-operatives as a means to enhancing the socioeconomic well-being of the people in the country by creating various business opportunities.

Its President, Datuk Seri Dr. Abdul Fattah Abdullah, stated that this initiative aligns with the International Co-operative Day theme, Co-operatives Build a Better Future for All.

He said co-operatives have remained resilient despite the impact of the COVID-19 pandemic a few years ago and continue to achieve impressive earnings.

"As of 2023, the co-operative movement has contributed RM64.6 billion, surpassing the government's target of RM60 billion by 2025.

"This demonstrates that driven collectively, co-operatives can have a significant and stable economic impact even in the face of difficult challenges," said Abdul Fattah, who is also the President of the ASEAN Co-operative Organisation, in a statement today.

Abdul Fattah elaborated that this success demonstrates the resilience and adaptability of co-operatives in facing global economic changes and that with the commitment and cooperation of their members, they not only overcome challenges but also thrive.

He emphasised that continuous support from the government and various stakeholders is crucial to ensure co-operatives remain competitive and contribute sustainably to the country's socioeconomic development.

According to the statement, this achievement is also driven by Angkasa's strategic plans and policies to create opportunities for co-operatives to grow and engage in key high-impact sectors, helping to democratise the MADANI economy.

He added that government support through the Ministry of Entrepreneur Development and Co-operatives plays a vital role in developing a more co-operative-friendly ecosystem and market.

Furthermore, the government's recognition of the co-operative movement by designating July as National Co-operative Month, with the theme Malaysia MADANI: Foundation of Co-operative Excellence, is an acknowledgment of the movement's contribution to the national development agenda.

The statement highlighted Angkasa's position representing Malaysia as the apex body of the national co-operative movement and as a member of the International Co-operative Alliance since April 1972.

This membership has facilitated various strategic collaborations, knowledge sharing, and technology exchanges, enhancing the global visibility of Malaysia's co-operative movement.

It noted that Angkasa consistently promotes co-operative-to-co-operative trade and markets products and services internationally, focusing on four key segments - halal products, Islamic finance, the School Co-operative Model, and the Mosque Co-operative Model.

Furthermore, Angkasa will maintain its commitment to growth by collaborating with all stakeholders, including the government and its agencies, the private sector, and the community, to ensure that the co-operative movement remains viable and generates a long-term positive impact for the people.

International Co-operative Day is celebrated on the first Saturday of July each year. This practice was officially recognised by the United Nations in 1995 as a day dedicated to promoting the co-operative movement and raising public awareness about co-operatives.

According to Angkasa, there are over three million co-operatives worldwide, with more than one billion members contributing to 280 million jobs globally.

-- BERNAMA