ECONOMIC BOOST: Cooperatives Commission of Malaysia plans more activities
BUKIT MERTAJAM: THE Cooperatives Commission of Malaysia (CCM) will create new policies to attract more youth, said its executive chairman, Datuk Nik Ali Mat Yunus.
He said this was part of the commission's efforts to encourage entrepreneurship in youth and realise the country's aim of becoming a high-income economy.
"Cooperatives play an important role in the socio-economic growth of the country. CCM is working on ways to get youth to cash in on this," he said after opening the Santai Anak Muda Berkoperasi programme, here, yesterday.
More than 10,000 people attended the day-long carnival, which had activities, booths selling products from cooperatives and a cooking competition.
Nik Ali said there were 463 cooperatives operated by youth with a membership of 292,695 and a turnover of RM148.8 million last year.
The target was to increase that number through more youth-friendly policies, he added.
Nik Ali said: "Out of 29 million Malaysians, 43 per cent are youth and we want to come out with programmes to encourage entrepreneurship in them through cooperatives."
He said CCM had helped youth by providing microcredit and other flexible financing options, regardless of the type of busi-ness.
There are 10,212 registered cooperatives in the country with a turnover of RM31 billion an-nually.
Nik Ali said the assets of the nation's cooperatives were worth RM98 billion, with a membership of seven million and involving shares worth more than RM11 billion.
He said cooperatives would hit a turnover of at least RM800,000 a year or a six per cent increase yearly. "We aim to upgrade one per cent of 700 registered cooperatives from the small category to big category, which promises higher returns for them."
Read more: 'Youth can cash in on coops' - General - New Straits Times http://www.nst.com.my/nation/general/youth-can-cash-in-on-coops-1.250544#ixzz2PqBIRHX6
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