Commission targets RM50 billion revenue for Malaysian co-op movement

KUALA LUMPUR: The Malaysian Cooperative Societies Commission (SKM) is targeting a revenue of RM50 billion from the nation’s cooperative movement by 2020.
Executive chairman Datuk Dr Noor Zari Hamat said the co-op movement achieved encouraging growth last year compared with 2016.
“The co-op sector chalked up a turnover growth of 0.9 per cent to RM40 billion (2017) compared with RM39.66 billion previously.
“Achieving that target required aggressive co-op participation nationwide,” he told reporters after SKM’s Excellent Service Awards 2017 ceremony here today.
Noor Zari said co-ops in the country could be expanded based on the experience of the co-op management in developed countries such as Denmark, where co-ops controlled 35% of the retail and wholesale sectors.
He said the involvement of co-op members in Malaysia does not stand out, as they choose to remain just as members.
“The situation is different from that in several other countries, where most co-op members get involved with the management.
“This is what we need to emulate, so that all co-op members are able to help their co-ops move forward,” Noor Zari said.
As at end-2017, there were 13,900 registered co-ops with a membership of 6.55 million.
Meanwhile, 101 SKM employees were selected as recipients of Excellent Service Awards 2017 based on their participation in community programmes. – Bernama