KUALA LUMPUR: The Ministry of Entrepreneur Development (MED), together with the Cooperatives Commission of Malaysia (SKM), is reviewing a proposal to amend the Cooperative Societies Act 1993 and the Malaysia Cooperative Societies Commission Act 2007.
Minister Datuk Seri Mohd Redzuan Yusof said the ministry is awaiting the full report from SKM before presenting the findings at the next session of Parliament.
“The report aims to make the commission more efficient and not stand in the way of cooperatives wishing to carry out entrepreneurial activities,” he told a media conference after launching Co-Opbank Pertama Malaysia Bhd (CBP) and its new logo here today.
Earlier in his keynote speech, Mohd Redzuan said a review of the Cooperative Societies Act 1993 is aimed at ensuring cooperatives develop in line with the government’s aim of increasing cooperatives’ contribution to gross domestic product besides ensuring their relevance to the nation’s development.
“The review mainly focuses on rationalising the functions of agencies related to cooperatives namely SKM and Institut Koperasi Malaysia, reducing bureaucracy and strengthening the cooperative ecosystem,” he said.
As of Dec 31, 2018, a total of 14,245 cooperatives were registered with SKM, with over 6.5 million members, share capital of RM14.8 billion and assets worth RM140.4 billion. – Bernama
