Collective movement of cooperatives influences the cost of living –PM Ismail

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KUALA LUMPUR JULY 2: The integrated efforts played by the Malaysia Cooperative Commission (SKM) and Angkatan Koperasi Kebangsaan Malaysia Bhd.

(ANGKASA) via cooperatives involved in the wholesale and retailing in food supply industry including marketing should be strengthened at all levels to stabilise the prices of commodities in the market.

Prime Minister, Datuk Seri Ismail Sabri Yaakob said the business model of the cooperative itself has shortened the supply network with the reduction of the roles and the involvement of middlemen thus stabilising the prices of essential food commodities.

Ismail said, with 14,834 registered cooperatives under SKM, 7.1 million members and the strength of 20 per cent of the national population, the collective movement of cooperatives has the power to influence the cost of living for the Malaysian Family.

The Prime Minister then announced the allocation of RM100 million under the Agro-Food Fund to be placed under SKM to help cooperatives expand the agro-food industry specifically in poultry farming.

“It is our hope that this measure will help increase food production hence reduce the increase in prices of commodities that will have a big impact on the Malaysian Family,” Ismail said in his speech in conjunction with the National Cooperative Month 2022 Celebration at Malaysia Tourism Centre (MaTIC) here today. 

Ismail added, the government has agreed to give the quota of foreign workers in the plantation sector while the Ministry of Human Resources will simplify the process of application manually if the process encounter problem at the Foreign Workers Centralised Management System (FWCMS).

The government has also agreed to support the establishment of the Koperasi Rakyat BR2.0 Malaysia Berhad or BR2.0 a new cooperative entity formed under the Cooperative Act 1993 (Act 502) that is monitored by SKM.

Ismail added, BR 2.0 is expected to play a bigger role in developing the cooperatives and the Micro, Small and Middle Industry (PMKS) that contributes to the economic development of the country.

“The establishment of BR 2.0 will enable the Malaysian Family to invest and have shares in the cooperative similar to Bank Rakyat and will get good returns.

“The government has also allocated RM10 million to the Ministry of Entrepreneur Development and Cooperatives (KUSKOP) to help finance organising strategic collaboration activities such as exhibitions and expos with non-governmental organisations (NGO),” Ismail said.

Ismail also stressed that the cooperatives’ movement has share capital and accrued fees amounting RM16.5 billion with RM155billion assets and revenue reaching RM37.9 billion.

“I believe this figure could be increased when the awareness and interest in participating in the cooperative becomes a lifestyle that could contribute to the prosperity of the national socio-economy,” Ismail said. –Malaysia World News.






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