Latest news with #NationalCooperativeMovementofMalaysia
The Star
13-05-2025
- Business
- The Star
Over 16,000 cooperatives registered in Malaysia as of Dec 2024
PETALING JAYA: As of December last year, 16,284 cooperatives have been registered in Malaysia, says the Entrepreneur and Cooperatives Development Ministry. Minister Datuk Ewon Benedick said this includes approximately 7.2 million members nationwide, representing 21% of Malaysia's population. The cooperatives sector's shares and subscriptions total RM18.3bil, with assets worth RM173.3bil, and an annual turnover of RM68.1bil. 'These figures are a testament to the sector's potential and its role as a major economic driver,' he said at the Asean Cooperative Dialogue (ACD 2025) on Tuesday (May 13). Ewon also noted that Malaysia's cooperative movement began in 1922 with the Co-operative Societies Enactment 1922. 'The sector has expanded steadily over the years and continues its major role in driving socio-economic development for the country,' he said, noting the sector began with only 11 cooperatives. He said cooperatives play an important role in economic empowerment within the Asean region, which is home to over 650 million people. 'It provides employment, promotes entrepreneurship, and contributes significantly to the gross domestic product across various member states,' he said. Separately, National Cooperative Movement of Malaysia (Angkasa) president Datuk Seri Dr Abdul Fattah Abdullah called for greater recognition of cooperatives. 'We must work together to ensure that cooperatives are treated as a core pillar of Asean's economic development,' he said. Abdul Fattah, also the Asean Cooperative Organisation (ACO) president, said support is needed from all Asean governments, apex cooperative bodies, and policymakers to elevate ACO to an accredited Asean entity. He urged the establishment of an Asean Cooperative Ministerial Meeting (ACMM) to provide cooperatives with an official platform, similar to what Small Medium Enterprises already have. 'The time for discussion is over. The time for action is now,' he said.
New Straits Times
21-04-2025
- Business
- New Straits Times
Asean chairmanship a gateway for cooperatives to expand businesses
LANGKAWI: Malaysia's Asean chairmanship offers the country's 16,000 cooperative movements a chance to expand their businesses and boost economic benefits for members. Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick urged local cooperatives to be proactive in exploring Southeast Asian markets. "In addition to collaborating with major companies for multi-million-ringgit investments in Langkawi, cooperatives are encouraged to expand their operations across Southeast Asia in conjunction with the Asean chairmanship 2025. "The window of opportunity is even wider with the ministry, in collaboration with the National Cooperative Movement of Malaysia, set to host the Asean Cooperative Dialogue 2025 next month," he told a press conference after launching the Langkawi Development Authority (Lada) COOP Invest Day 2025 at Aloft Langkawi here today. Benedick said the forum would bring together cooperatives from across the Asean region to focus on strategic cooperation and potential investment opportunities in Malaysia and beyond. He also highlighted Koperasi Sahabat Amanah Ikhtiar Malaysia's (KOOP Sahabat) recent memorandum of understanding with Marriott International to develop a hotel in Langkawi. "The hotel will be built on a 0.64-hectare site in Pantai Chenang with an investment of RM200 million. It will house 280 rooms and operate under the Fairfield by Marriott brand. "This project is expected to inspire other cooperatives to invest in the tourism sector or other viable industries," he said.
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.
