KUALA LUMPUR, July 23 — Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah said cooperative leaders and members need to have integrity and be trustworthy in managing the cooperative’s assets and earnings for the benefit of the country.
His Majesty said that he was proud of the achievements of cooperatives in the country with assets that have reached RM150 billion.
“This is a huge figure, I hope this can be administered and managed as best as possible. Each member (of cooperatives) must have integrity and be trustworthy so as not to be negligent in matters of governance for the benefit of the existing seven million members.
“This is a huge trust, so make this cooperative (movement) one that can be developed together and which can benefit seven million members,” His Majesty said when gracing a dinner held in conjunction with the 100th anniversary of the cooperative movement here tonight.
That way, Al-Sultan Abdullah said cooperatives will be able to run independently and not depend too much on the government, adding that cooperative members also need to provide guidance and ways to develop the cooperative movement in the interest of the nation.
Al-Sultan Abdullah said the leadership of the cooperative movement needs to go down to the sub-districts and villages to give briefings and attract the attention of the young generation to make cooperative activities a success.
In addition, Al-Sultan Abdullah said that Malaysians who have just only begun to recover from the effects of COVID-19, are now also faced with the implications of the Ukraine-Russia conflict, which to some extent have undermined the country’s recovery efforts.
“So this is a problem that we always face, it needs to be dealt with by all of us as Malaysians and members of Keluarga Malaysia and the cooperative fraternity and hopefully we can come out of the issues we are facing now.
“I had inquired earlier about the issues concerning the price of chicken, the price of rice and so on and Alhamdulillah, the minister has provided some information about this, and I hope that all members (of cooperatives) can give solid support for us to help the government overcome the problems faced now,” His Majesty said.
Earlier, Al-Sultan Abdullah and Raja Permaisuri Agong Tunku Hajah Azizah Aminah Maimunah Iskandariah’s arrival was welcomed by Entrepreneur Development and Cooperatives Minister Tan Sri Noh Omar.
At the event, Al-Sultan Abdullah conferred the National Cooperative Figure Award 2022 to National Cooperative Movement of Malaysia Berhad (Angkasa) vice-president Datuk Mohamad Ali Hasan and the Best Cooperative Award to Koperasi Permodalan Felda Malaysia Berhad (KPFMB).
Earlier, in his speech, Noh said the role of the cooperative sector in the country’s economic progress is seen as having great potential as a driver for inclusive socio-economic development.
“Currently, the cooperative sector is the third most important contributor to the national economy after the public and private sectors. Recognising the important role played by the cooperative movement in developing the socio-economy of the people, the government has agreed that National Cooperative Day is celebrated every year on the third Saturday of July and that July is recognised as National Cooperative Month,” he said.
He said until Dec 31 last year, there were 14,834 cooperatives with a membership of 7.07 million people, in addition to a total share capital or cooperative fees of RM16.54 billion. The total assets of cooperatives are RM154.98 billion while the contribution of cooperative earnings to national income amounts to RM37.89 billion.
This year’s Cooperative Day celebration is themed “100 Years of Cooperative Movement, Building Malaysian Families” in line with the current government’s policy of aiming to make Malaysia a country that continues to develop sustainably along with fair, equitable and inclusive economic distribution.
