A new Cooperatives Act to replace the 1993 legislation is in its final drafting stage and will soon be tabled to the cabinet for approval
PUTRAJAYA: The draft of a new Cooperatives Act to replace the existing 1993 legislation is now in its final stage and is expected to be tabled in a cabinet meeting soon.
Acting Minister of Entrepreneur and Cooperative Development Datuk Seri Alexander Nanta Linggi said the drafting of the new law is considered very important.
He explained that the current Cooperatives Act 1993 has been in use for a long time and has undergone many amendments.
“It is no longer considered as suitable or able to meet the demands of the present day aspects of the objective of the act, therefore a new act will be enacted,” Nanta said.
He made these remarks after attending a briefing session with the top management of his ministry, also known as KUSKOP.
The new act is expected to create cooperatives that are more responsive and dynamic.
It aims to facilitate business transactions and improve the well-being of the people while strengthening governance aspects.
Regarding his new responsibilities at KUSKOP, Nanta stressed his commitment to ensure all ministry plans for 2026 are implemented.
He said the ministry has drawn up a 2026 direction including initiatives to strengthen entrepreneur development nationwide.
These efforts will focus especially on assisting entrepreneurs in Sabah and Sarawak. – Bernama
