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Cooperatives Commission Aims To Collect RM24 Billion In Business Returns By End-2012

December 18, 2011
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Cooperatives Commission Aims To Collect RM24 Billion In Business Returns By End-2012

IPOH,– The Cooperatives Commission of Malaysia aims to collect RM24 billion in business returns by end-2012 from economic activities carried out nationwide, executive chairman Datuk Md Yusof Samsudin said Sunday.

He said the target was a realistic figure as cooperatives’ economic activities so far this year have generated RM21 billion.

“The bulk of the turnover came from big oooperatives, with an annual turnover of more then RM5 million.

“Many of the cooperatives are engaged in the plantation, housing, transport and food processing business,” he told reporters after opening the Perak branch building of the National Cooperative Movement (Angkasa).

Md Yusof urged more small-and medium-sized cooperatives to venture into big scale economic sectors and seize new economic opportunities.

He also asked cooperatives to improve their performance to remain competitive and to be able to compete at international level.

Citing Bank Rakyat as a success story and a role model cooperative, Md Yusof said the bank has attained recognition as among the world’s best banks listed on Global 300 by the International Cooperative Alliance.

On daily essentials produced by cooperatives in collaboration with Felda Trading under COOP 1Malaysia brand sold in 543 cooperative sundry shops in Peninsular Malaysia, he said the product range would be increased to 150 types by March next year.

He said currently there are 24 types of products under COOP 1Malaysia brand such as ketchup, cocoa drinking powder and onions being sold since October.

The products are expected to penetrate Sarawak market next month, he added.

— BERNAMA

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