Muhyiddin (second right) with Wan Junaidi (right) during the launch gimmick for the Malaysian Cooperative Transformation Plan 2021-2025 (TransKoM). — Bernama photo
KUALA LUMPUR: A comprehensive transformation needs to be done on cooperative movement in the country to empower and strengthen its roles so as to achieve sustainability in facing the challenges of the 21st century in line with the digitalisation era.
As such, Prime Minister Tan Sri Muhyiddin Yassin said the move taken by the Ministry of Entrepreneur Development and Cooperatives to develop the Malaysian Cooperatives Transformation Plan (TransKoM) 2021-2025 was apt to be the axis of transformation to the cooperative movement.
“I’m confident that the plan will be the catalyst for the development of a more progressive and competitive cooperative movement.
“It will inadvertently ensure the survival of the country’s cooperative sector as the biggest contributor to the improvement of socio-economy and wellbeing of the people,” he said at the launch of TransKoM 2021-2025 here yesterday.
Also present was Minister of Entrepreneur Development and Cooperatives Datuk Seri Dr Wan Junaidi Tuanku Jaafar.
The plan outlines five thrusts, namely the inculcation of shared prosperity values; strengthening the legislative system and governance structure; development of talents and human capital; creation of a sustainable business environment; and the empowerment of cooperative governing body and delivery system.
Muhyiddin said the plan also lined up 20 strategic steps and 36 programmes and activities to steer the development of a more progressive and competitive cooperative movement.
As such, he called on all quarters involved in cooperative development, especially the Cooperative Commission of Malaysia, Cooperative Institute of Malaysia, Angkasa and the cooperative movement to give their cooperation and undivided commitment to the ministry in implementing the transformation plan.
“I want all 14,668 active cooperatives registered with the Cooperative Commission of Malaysia to work together to boost the country’s economic growth.
“The inactive and dormant ones, on the other hand, must bounce back to become part of the transformation agents for national cooperative movement,” he said.
Meanwhile, the Prime Minister said TransKoM also aimed at establishing a tertiary education institution with a university status that specialising in cooperative and entrepreneurship education.
He said the institution will be a platform to produce new leaders of cooperative movement armed with knowledge and skills in business and entrepreneurship.
Hence, he called on the public, especially youths, students and graduates to share their ideas and participate in the efforts to empower the cooperative movement in the country.
Muhyiddin also admitted that the global coronavirus pandemic had affected the momentum of the national economic growth, including the cooperative sector which had experienced a massive drop in the value of turnover and also retrenchment of employees.
“Last year alone, the turnover of all cooperatives in Malaysia was estimated to have dropped to RM35 billion from RM45.79 billion recorded in 2019. However, Alhamdulillah, our country is now in the recovery phase.
“Through the Pemerkasa initiative that I announced recently, RM50 million has been allocated under the Malaysian Cooperative Commission Revolving Capital Fund to provide financing incentives of up to RM100,000 without collateral to help over 14,000 affected cooperatives,” he said.
Muhyiddin said he was made to understand that there are 6.1 million members of cooperative movement in the country, comprising mainly the B40 group, single mothers, youths and workers. — Bernama