Labun: As of December 31 last year, there were 15,809 registered cooperatives nationwide with a total membership of 7.2 million, said Entrepreneur Development and Cooperatives Minister Datuk Ivan Benedict.
He said these cooperatives have raised a combined share capital and fees of RM17.4 billion, with total assets of RM165.8 billion and total revenue of RM64.5 billion.
In Sabah alone, there are 1,798 registered cooperatives with a membership of 369,619 individuals as of December 31, 2023. State cooperatives have combined RM256 million in share capital and fees, with total assets valued at RM945 million. Sabah’s cooperative movement generated revenue of RM677.8 million last year.
“To enhance the knowledge and skills of cooperative staff and ensure the sustainability of the cooperative movement, the ministry established Universiti Keusahavana Koperasi Malaysia (UKKM) in March 2023, which offers diploma, degree, master’s degree and PhD programs.
UKKM, under the Institut Koperasi Malaysia (IKMA), is expected to help transform and enhance the cooperative landscape in Malaysia, making it more competitive internationally.
In addressing the rising cost of living, he announced that the ministry has allocated RM2 million to 2024 to implement the Madani Cooperative Sales Programme.
“This initiative will enable the public to purchase essential items at 20 to 30 percent lower than the market price, as well as increase the income of cooperatives acting as sales managers,” he explained at a ministry engagement session held in conjunction with the Federal Territory. Labuan Cooperation Movement 2024.
As of July 31, 72 Madani Cooperative and Entrepreneurial Sales (JMKU) events have been conducted, with RM1.82 million in approved incentives and RM6.46 million in recorded sales, benefiting 212,050 customers through 230 appointed sales managers.
Ivan reiterated his ministry’s commitment to bring more opportunities and services to the local community, especially in the post-Covid-19 era to ensure that no one is left behind in the country’s economic development.
“To achieve this, the ministry is dedicated to providing information and promoting available business opportunities, training and financing options, such as grants and revolving fund loans, which will help cooperatives plan and launch their businesses more effectively,” he said.
Ewan said the Ministry through the Malaysia Cooperative Commission (SKM) has allocated RM2.5 million to support the cooperative development program through the Angkatan Koperasi Kebangsaan Malaysia Berhad (ANGKASA). This includes RM2 million for the program itself and RM500,000 for the ANGKASA education fund.
The program helps cooperatives expand their businesses and sell their products and services online, while the ANGKASA Education Fund provides educational financing for cooperative members, staff and their children.
“In May, SKM launched the Jom Jelaja Koparasi (JEJAK) initiative to support cooperatives in tourism as they prepare for Visit Malaysia Year 2026 by helping them promote and market their products and services such as health, hospitality and handicrafts,” he said.