Wan Junaidi to boost cooperatives in Malaysia

 

Entrepreneur Development and Co-operatives Minister Datuk Seri Dr Wan Junaidi Tuanku Jaafar (mynewshub pic)

By Jack Lapidus

ALTHOUGH records show that only 30 per cent of the cooperatives in Malaysia were competitive and profitable, it is a promising sector as it recorded a turnover of RM40 billion.

Entrepreneur Development and Co-operatives Minister Datuk Seri Dr Wan Junaidi Tuanku Jaafar said if the number of profitable cooperatives can increase to 50 per cent, they could greatly contribute to the nation’s Gross Domestic Product (GDP).

“That is a lot money,” he said, according to the DayakDaily.

There are about 14,000 cooperatives in Malaysia and nearly 6.6 million Malaysians are involved in them.

“I’m confident that those in Sarawak, especially cooperatives in rural areas, can flourish and do better as well,” he said.

The newly appointed Minister said he was committed to step up and boost the entrepreneurial and cooperatives sector amidst the global economic slowdown and the Covid-19 situation.

“It is a great challenge to develop entrepreneurs amidst economic slowdown. I know it is difficult but we are going to give our best despite me having only book knowledge but not the experience in this sector,” he said at a press conference at the Kuching International Airport on Wednesday.

He also saw the importance of  simplifying various processes, cutting red tape and strengthening mechanisms to make Malaysia more competitive for businesses.

“So, we need to work on how best we can establish ourselves in the new environment of the business world using existing facilities be it SME Corp, SME Bank, Tekun or Bank Rakyat.

“There is a lot of funding available as well as training but we have to leapfrog the system so that we can make it even better in the new environment,” he said.

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