Deputy Minister Ramanan says Sabah cooperatives must adopt digitalisation to stay competitive, with RM1 billion in assets and 375,559 members recorded.
KOTA KINABALU: Cooperatives in Sabah must demonstrate courage in transitioning to digitalisation to remain competitive in today’s economic landscape.
Deputy Entrepreneur Development and Cooperatives Minister Datuk Seri R Ramanan stated that cooperatives can no longer rely on traditional approaches.
He emphasised that adapting to new technology and innovation is no longer optional but essential for survival.
“Without a change towards digital, we not only run the risk of being left behind but also will fall out of the mainstream of modern economic development,” he said during his speech at the Bicara Ilmu programme organised by the Malaysian Cooperatives Institute.
The event attracted 200 cooperative members from Sabah, reflecting their determination to enhance the movement against current challenges.
Ramanan stressed that empowering Sabah’s cooperatives requires strong support and cooperation between federal and state governments.
Performance data until December 31, 2024 shows positive development with 1,994 registered cooperatives and 375,559 members.
Total share capital and collected fees exceeded RM273.37 million with combined assets valued at RM1.008 billion.
Revenue for Sabah’s cooperative movement was recorded at RM774.45 million. – Bernama
