LAST_UPDATETue, 17 Jul 2018 1pm

Co-Op Sector To Hit Target Of RM50 Bln Turnover In Near Term

Datuk Seri Hamzah Zainudin.Datuk Seri Hamzah Zainudin.

MELAKA -- The country's cooperative sector has so far achieved a turnover of more than RM40 billion and is expected to hit its target of RM50 billion revenue in the near term, in line with the National Co-operative Policy’s objective.

Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hamzah Zainudin said by achieving the target, through various economic activities undertaken by co-ops, it would help boost the country's Gross Domestic Product.

"We want to see our co-ops succeed by being truly competitive, dynamic and aware of the agenda behind their establishment, that is the national development agenda, as envisaged by the Prime Minister that the co-op movement become a main trade body," he said.

He was speaking at the launch of the National Cooperative Day 2018 here today by Datuk Seri Najib Tun Razak, Present was the prime minister’s wife, Datin Seri Rosmah Mansor and Melaka Chief Minister Datuk Seri Idris Haron.

Hamzah said the government had implemented various measures to empower and improve the co-op sector, including allocating more than RM100 million every year to develop and mobilise co-ops in the country.

He said other efforts included revising the Cooperative Act to enhance image of co-op movement as a professional body capable of competing with corporate bodies.

At the event, Datuk Md Aini Taib, Chairmen of Kosas Bhd and Koperasi  Tanjung Karang Bhd, was awarded the Tokoh Koperasi Negara 2018 award. He was presented with RM30,000 cash, a trophy and an appreciation certificate by Najib.

Koperasi Profesional Putrajaya Bhd won the Potential Co-op Award 2018 while Koperasi  Pegawai-Pegawai Kerajaan Negeri Kedah Darul Aman Bhd walked away with Best Co-op Award 2018.

Commenting on his accolade, Md Aini said the success and achievement of a co-op depended on the support of members of its board of directors, trust of its members and honesty of its management and administration, as it called for financial prudent in managing the money invested by members.

Recounting his experience, he said Kosas was set up in Dec 1975 with a capital of only RM240 contributed by 20 founding members and directors, including him.

"Alhamdulillah, Kosas now has assets worth RM200 million with a total membership of 5,000," he said, adding that Kosas generated its income through various investments and economic activities, including oil palm and pineapple plantations, real estate and tourism.

Md Aini, who was Selangor Football Association ex-president, said Kosas had never failed to pay dividends of not less than 10 per cent and up to 20 per cent to its members.