Cooperative Movement Needs To Be Creative, Innovative To Remain In Business - Ramanan

SUNGAI BULOH, Aug 23 (Bernama) -- The cooperative movement needs to keep looking for new ideas to stay relevant and attract more customers, said Deputy Minister of Entrepreneur Development and Cooperatives Datuk R. Ramanan.

He said cooperatives can no longer operate conventionally but need to be more creative and innovative with the business world getting more and more competitive.

 "The cooperative movement plays an important role as one of the contributors to the well-being of society through the development of the social aspects and the welfare of members, in addition to eradicating poverty and the distribution of the country’s wealth.

"Therefore, board members and management of cooperatives need to enhance their knowledge by attending courses and training provided by the Malaysian Cooperative Institute (IKMa) and other agencies to ensure the success of the cooperative sector," he said.

Ramanan said this in his speech when opening the state-level 2024 National Cooperative Day (HKN) which was also attended by Malaysian Cooperative Commission (SKM) chief executive officer Rusli Jaafar here, today.

Meanwhile, Ramanan said Selangor has the highest number of registered cooperatives in the country, totalling 2,115 cooperatives with a total of 648,633 members until December last year.

"This is further strengthened by the overall assets amounting to RM2.69 billion which generates share capital or fees of RM785 million, while the total revenue is RM706 million," he said.

He said various incentives, grants and financing were offered to cooperatives to encourage them to diversify business activities. 

He urged cooperatives in need of assistance to develop their operations and services to apply for it through SKM's Business Development Assistance and SKM's Revolving Capital Fund (TMP-SKM).

Today's event is part of the National Cooperative Month (BKK) celebration, which takes place every July to promote cooperative awareness among Malaysians and strengthen the spirit of cooperation and solidarity.

Meanwhile, commenting on Prime Minister Datuk Seri Anwar Ibrahim's recent official visit to India, Ramanan said it was very successful and would help elevate Malaysia's economy.

"It is evident that they (Anwar and Indian Prime Minister Narendra Modi) have a close friendship, and both sides held meetings involving various parties," he said.

Anwar concluded his three-day official visit to India from Aug 19 to 21 with significant achievements in bilateral relations, including the elevation of ties from an Enhanced Strategic Partnership (ESP) to a Comprehensive Strategic Partnership (CSP), securing RM4.5 billion in investment commitments, as well as several key agreements.

The upgraded status reflects a stronger commitment by both countries towards cooperation in various sectors.

-- BERNAMA