SIPITANG: The Ministry of Entrepreneur Development and Cooperatives (MEDAC), through the Malaysian Cooperative Commission (SKM), has made history by successfully registering 1,001 new cooperatives nationwide throughout the year 2023.
Its minister, Datuk Ewon Benedick, described this achievement as a testament to the high awareness and great interest of the people in this country in the cooperative movement.
“Last year, for the first time in history, we set a record by registering 1,001 new cooperatives, compared to an average registration of around 600 to 700 new cooperatives per year in previous years.
“MEDAC, through SKM and the Malaysian Cooperative Institute (IKMa), organised a cooperative awareness programme throughout the past year, and I believe this has contributed to the cooperative awareness among the people.
“I express great hope that these new cooperatives can successfully conduct their businesses according to good cooperative business practices, take care of the welfare of their members, and contribute to the country’s economy,” he said.
Ewon said this in his speech made when officiating the Sipitang District Level Cooperative Community Cultivation Program here today.
According to interim data on cooperatives in Sabah until June 30, 2023, the total number of registered cooperatives is 1,765, with a membership strength of 361,126 people, he said.
Meanwhile, the accumulated share capital and fees amount to RM244 million, and the accumulated assets are valued at RM868 million. The total revenue achieved was RM329 million.
Ewon also said that the criteria for cooperative registration applications have been simplified, especially the minimum number of members, which is now five individuals.
“We have improved the cooperative registration process. Today, five individuals with the same skills, for example, five farmers in a village, can establish their own cooperative, or five professionals in the city can establish a cooperative,” he said.
Also present were Sipitang MP Datuk Matbali Musah, Sindumin assemblyman Datuk Dr Yusof Yaacob, Chief Executive Officer of SKM Haji Rusli Jaafar, and President of the Central Lundayeh Community Cooperative Sabah, Datuk Pangiran Lalung.
