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Sabah cooperative sector posts total turnover of RM470.8m last year, says CM
KOTA KINABALU, June 5 — The cooperative sector in Sabah recorded a total turnover of RM470.8 million as of December 31 last year, said Chief Minister Datuk Seri Hajiji Noor.
He said the total turnover involved a total of 1,652 cooperatives operating in Sabah with a membership of 339,000 based on statistics from the Malaysian Cooperative Commission (SKM).
Hajiji said it also involved an asset strength of RM887.1 million, apart from share ownership and fees of RM218.6 million, which proved that the cooperative movement was able to drive the state’s economic development more sustainably.
“Sabah is a state rich in natural resources. Therefore, cooperatives in the state should be wise to utilise it in carrying out production activities or services that can provide lucrative returns.
“The cooperative movement in Sabah must also be ready to adapt to the currents of change to face all challenges in the business environment, especially after the Covid-19 pandemic,” he said in his speech in conjunction with the state-level National Cooperative Day celebration here today.
The text of his speech was read by state Community Development and People’s Wellbeing Minister Datuk Shahelmey Yahya.
Hajiji said the relaxation of the implementation of standard operating procedures at this time was believed to be able to revive the economy and it would certainly give relief to the cooperative movement, especially those carrying out tourism activities, after being affected by the pandemic.
He also wanted the state cooperative sector to seize existing economic opportunities as well as increase competitiveness towards state transformation, besides the cooperative management to plan and evaluate suitable investments that can bring returns to members.
“I am confident that the cooperative sector in the state is able to grow and move in line with other business sectors if it is managed efficiently, transparently and professionally,” said the chief minister.
He said the strategic collaboration between the SKM and state government agencies, such as the Department of Industrial Development and Research, was encouraged as the effort was in line with the objectives of the Sabah Maju Jaya (SMJ) Roadmap (2021-2025).
The cooperative movement in Malaysia began in 1922, and this year marks the 100th anniversary of SKM’s establishment.
The development of the cooperative sector in Sabah began in 1956 and there is still one that is active to this day, namely Koperasi Green Bhd.
At the ceremony, a total of eight cooperatives in Sabah received the best cooperative award with each taking home cash prizes, certificates and plaques. — Bernama