Latest news with #Angkasa
The Star
3 days ago
- Business
- The Star
New Cooperative Act expected to be tabled in Parliament this December
BANGI: A new cooperative law to replace the current Cooperative Act 1993 (Act 502) is expected to be tabled in Parliament this December, says Entrepreneur Development and Cooperatives Ministry secretary-general Datuk Seri Khairul Dzaimee Daud. He said the ministry is introducing a new law to enable the cooperative movement to operate more effectively as a business entity and become a stronger driver of the national economy. "Therefore, we are repealing the existing act and replacing it with a new one, which will be tabled in Parliament for the first reading in December. "The 2026 Parliament session, scheduled for around March or April, is expected to see the second reading, with the aim of enforcing the new act by July next year,' he said at the opening of the Angkasa-Minda-UKM Cooperative Empowerment Forum here on Thursday, Bernama reported. Previously, Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick said that his ministry was drafting the new Cooperative Act to replace Act 502. The Cabinet paper on the matter was presented and approved in principle on Jan 8. Khairul Dzaimee added that the ministry is actively engaging with state governments and stakeholders to ensure the new law is properly implemented in the best interests of cooperatives. He also said that the new cooperative law aims to create more responsive and dynamic cooperatives, facilitate cooperative businesses, enhance the well-being of the community and improve cooperative governance. "The main essence of this new act is to liberalise the cooperative movement by reducing excessive monitoring, previously focused heavily on legislation, and giving cooperatives more space to operate as business entities,' he said. Meanwhile, Angkatan Koperasi Kebangsaan Malaysia Berhad (Angkasa) president Datuk Seri Abdul Fattah Abdullah expressed support for the government's efforts to enhance the cooperative ecosystem in the country. "We want to make cooperatives a culture among Malaysians by 2050. Angkasa (also) strongly supports the government's efforts to liberalise the laws and regulations that are being made and improve the (cooperative) ecosystem,' he said. Also present were Universiti Kebangsaan Malaysia (UKM) deputy vice-chancellor (Academic and International Affairs) Prof Dr Abdul Halim Abdul Gafor and the Malaysian Inclusive, Development and Advancement Institute (MINDA-UKM) director Prof Tan Sri Dr Noor Azlan Ghazali.
New Straits Times
13-05-2025
- Business
- New Straits Times
Uniting Asean cooperatives
KUALA LUMPUR: THE Asean Cooperative Dialogue 2025 (ACD2025) kicks off today, aimed at unifying cooperative policies and strategies across Southeast Asia to boost the collective well-being of the region's cooperatives. Angkatan Koperasi Kebangsaan Malaysia Bhd (Angkasa) president Datuk Seri Dr Abdul Fattah Abdullah said the two-day dialogue presented a key opportunity for stakeholders to chart a unified direction for cooperatives in Asean, enhancing their role in national and regional development. "ACD2025 is a space for cooperative leaders, government departments, agencies and experts responsible for cooperatives in 10 Asean member states to discuss the sector's future direction. "We want to elevate the sector by encouraging greater regional policy uniformity and standards," he said in a recent interview. Fattah, who is Asean Co-operative Organisation (ACO) president, said ACD2025 aimed to tap into the economic potential of more than 300,000 cooperatives representing more than 65.7 million members across the region. He stressed ACO's unifying role in driving cooperative development and improving the socio-economic well-being of communities across Southeast Asia. "The sector's total estimated revenue stands at US$78.3 billion, demonstrating its significant contribution to regional growth. "With Asean's population exceeding 600 million, the market for cooperative products and services is vast. We need to approach it strategically," he said, adding that the dialogue marked a significant recognition of Malaysia's leadership as Asean chair this year. Additionally, he said the ACD2025 would become a strategic platform to strengthen regional collaboration and advance shared goals, including those outlined in the Asean Community Vision 2025 and the United Nations Sustainable Development Goals. "There is a real need to review national policies and frameworks to ensure we are moving in a common direction." He added that Malaysia had made significant strides in cooperative development, supported by its Entrepreneur and Cooperatives Development Ministry, the Cooperative Commission of Malaysia, the Co-operative Institute of Malaysia, as well as national policies and strong government backing. In July last year, Prime Minister Datuk Seri Anwar Ibrahim, during the National Cooperative Congress, announced an additional RM6 million to boost the development of cooperatives in recognition of their contribution to the economy. Anwar said the funds would be channelled through Angkasa for various initiatives. Of the total, RM2 million would be allocated to Angkasa by the Domestic Trade and Cost of Living Ministry and another RM2 million from the Implementation Coordination Unit. Fattah said: "In contrast, some Asean countries place cooperatives under broader ministries, such as those overseeing culture, youth or agriculture, with varying levels of support. "Also, some countries invest significantly in the sector, while others allocate little to none. We need greater harmonisation and recognition so that cooperatives can thrive across the region." Fattah said different Asean countries have strengths in specific sectors. "Vietnam in industrial cooperatives, Singapore in retail, Thailand in agriculture and Malaysia in halal products, Islamic finance and community-based cooperatives." He emphasised the need for sustained support from Asean governments to ensure the successful implementation of the ACD2025 Resolution, which would be presented at the end of the two-day event. "Cooperatives must be recognised as important economic entities. This recognition should be reflected in national policies that prioritise their involvement in strategic sectors. "We also need cooperative-friendly policies and legal frameworks that support cross-border operations, such as tax incentives, access to development projects, financing and digitalisation support." Fattah said the region's cooperative sector would benefit from a dedicated Asean fund to support small- and medium-sized cooperatives in boosting productivity, overcoming challenges and expanding market access. "We hope Asean governments will fully commit to implementing the ACD2025 Resolution as a regional agenda."With the right policies and implementation, cooperatives can play a much larger role in grassroots development and inclusive socio-economic growth." Fattah added that the Asean Cooperative Product Showcase, which featured innovative products and services from cooperatives across the region, was held alongside the dialogue. "A total of 24 delegates from five countries, namely Malaysia, Indonesia, Timor-Leste, Thailand and Vietnam are participating in the exhibition, showcasing their cooperative offerings to potential regional markets." On the domestic front, Angkasa just celebrated its 54th anniversary yesterday. Established on May 12, 1971, Angkasa now represents over 16,280 cooperatives nationwide, with 7.2 million members. Up to 2024, the cooperative movement's contributions are substantial, with RM173.3 billion in assets, RM18.3 billion in share capital and fees, and RM68.2 billion in annual turnover. "Angkasa has grown steadily over the decades. We play a central role in driving cooperative policy and expanding business networks locally and internationally," Fattah said. Guided by its Strategic Plan 2017–2050, Angkasa focuses on four key areas: economic development, ecosystem, governance and innovation. Fattah said: "These efforts align with national priorities, including the National Entrepreneurship Policy 2030 and the Malaysian Cooperative Policy 2030, to position cooperatives as key drivers of high-impact entrepreneurship. "The goal is to boost cooperatives' role in driving economic resilience and broad-based prosperity, and positioning them as the leading model for sustainable and inclusive socio-economic growth." He said among the initiatives were business incubation programmes and support for cooperatives entering strategic sectors such as halal products, tourism, digitalisation, agriculture and plantations. "Angkasa is also dedicated to strengthening its presence at both regional and international levels through active participation in ACO and the International Cooperative Alliance (ICA). "Angkasa has gained global recognition through events like the ICA General Assembly in Kuala Lumpur (2017), the Global Youth Forum in Sarawak (2020) and the Asia-Pacific Cooperative Youth Summit in Sabah (2023). "These events reflect Malaysia's strong cooperative movement and have drawn international interest in our model." However, he admitted that challenges remain. "Many cooperatives struggle with business sustainability, limited human resources, lack of digital readiness and capital constraints. Public perception also continues to narrowly associate cooperatives with loan activities." He said to address financing issues, Angkasa, via its Koperasi Pembiayaan Syariah Angkasa, offered business loans to cooperatives. "To address digitalisation challenges, a Cooperative Digitalisation Plan has been developed, along with the introduction of the BA100 online retail management system.
Barnama
04-05-2025
- Business
- Barnama
ACD 2025 To Address Key Regional Issues In Cooperative Movement
PETALING JAYA, May 4 (Bernama) --The ASEAN Cooperative Dialogue 2025 (ACD2025), scheduled for May 13 and 14, will serve as a platform to discuss critical issues related to the cooperative movement among ASEAN countries. Angkatan Koperasi Kebangsaan Malaysia Berhad (Angkasa) president, Datuk Seri Dr Abdul Fattah Abdullah, said ACD2025 will not only highlight the importance of the cooperative movement in the region but also open avenues for strategic cooperation in areas such as trade, tourism, digital technology, Islamic finance, and halal product development. "Most countries currently focus mainly on agricultural cooperatives. Through ACD2025, we hope to elevate the role and contributions of cooperatives across diverse sectors. We propose that cooperatives be recognised as part of the economic sector," he said. He was speaking at a press conference following the ACD2025 Pre-Launch ceremony officiated by Entrepreneur Development and Cooperatives Ministry (KUSKOP) secretary-general, Datuk Seri Khairul Dzaimee Daud, at Angkasa headquarters here today. Abdul Fattah, also President of the ASEAN Cooperative Organisation (ACO), said ACD2025 is an ideal opportunity to showcase Malaysia's cooperative achievements on a regional stage, particularly in the education, community, and consumer sectors. He added that ACD2025 will also create new opportunities for small and medium cooperatives to penetrate the ASEAN market through the cooperative-to-cooperative (C2C) model, thus contributing to grassroots economic growth. Themed 'Co-operatives Build a Better World', ACD2025 has received strong support from the government, including a RM6 million allocation to Angkasa announced by Prime Minister Datuk Seri Anwar Ibrahim at the National Cooperative Congress on July 26, 2024. The funds aim to support the implementation of various strategic initiatives. Abdul Fattah said RM1 million from the allocation is for implementing ASEAN co-operative programmes during Malaysia's ASEAN Chairmanship in 2025. He said the allocation demonstrates the government's confidence in the potential of cooperatives as an economic development driver. It also highlights their role in strengthening regional economic networks and enhancing social well-being within the ASEAN community.
Yahoo
26-03-2025
- Business
- Yahoo
Don't borrow to impress, Angkasa warns as civil servants' personal loans spike by 10pc for Raya spending
KUALA LUMPUR, March 24 — The number of civil servants taking new personal loans has reportedly increased by 10 per cent to around 70,000 individuals, ahead of this year's Hari Raya Aidilfitri celebrations. Utusan Malaysia quoted National Cooperative Movement of Malaysia (Angkasa) president Datuk Seri Abdul Fattah Abdullah saying this annual trend is linked to increased financial needs during festive seasons and other key periods. 'The desire to celebrate Aidilfitri in a grand manner also causes some to overspend,' he was quoted saying. 'This is especially evident in efforts to fulfil family needs and societal expectations. Expenses such as new clothes, special dishes, duit raya, and travel costs add to the financial burden, especially for those with families.' He also warned against borrowing money for unnecessary purchases, such as new furniture or cars, to impress others during the festive season. Abdul Fattah said such personal loans spike also happen during times such as the start of the school term and university enrolments. He noted that many civil servants, particularly those in the lower- and middle-income groups, lack emergency savings, leading them to rely on loans. Abdul Fattah urged civil servants to manage their finances wisely and not take loans exceeding 60 per cent of their monthly income. He also warned against borrowing money for unnecessary purchases, such as new furniture or cars, to impress others during the festive season. 'This ensures they do not face long-term financial difficulties. The 60 per cent salary deduction cap is a guideline set by the government through the Public Service Department to ensure civil servants have enough income for essential needs,' he said. This comes as the Chief Secretary to the Government Tan Sri Shamsul Azri Abu Bakar previously advising civil servants to spend within their means to avoid excessive debt. He warned that under Sub-Regulation 13(7) of the Public Officers (Conduct and Discipline) Regulations 1993, accumulating debts exceeding 10 times one's monthly salary is an offence and could result in disciplinary action.
