More than 500 Coopmarts to be established nationwide

PUTRAJAYA: More than 500 cooperative shops or Coopmarts will be established across the country to enable cooperative members to generate more income and alleviate the cost of living burden of Keluarga Malaysia (Malaysian families), Prime Minister announces.

Datuk Seri Ismail Sabri Yaakob said the establishment of the Coopmarts was necessary as the government realised that the cooperatives were able to play a bigger role to benefit the Malaysian families.

He said the Coopmarts would not only enable the cooperative members to generate income through dividends but would also offer essential items and other basic necessities to the local community at a much lower and reasonable price.

"This move will ensure that the benefits will be enjoyed by all Malaysian families especially those in rural areas or areas where the majority of them are from the B40 group, as well as the members of the cooperatives, consumers and entrepreneurs involved in the supply chain," he said.

In his speech at the launch of Koperasi Pudina Putrajaya Bhd Coopmart and Coop Community Mart here today, Ismail Sabri said the Coopmarts would get direct supplies from cooperative suppliers such as Angkatan Koperasi Kebangsaan Malaysia Berhad (ANGKASA), as well as other suppliers.

He said the government through the Coop Community Mart Programme had set aside RM360,000 as infrastructure assistance and revolving capital for the establishment of Coopmarts in public housing areas, namely one in Putrajaya and another in Hiliran Ampang.

The cooperative sector has so far recorded RM41.47 billion in revenue with a total membership of 7.1 million people.

Based on its large membership, Ismail Sabri said the government believed that cooperatives could play a role in helping to reduce the cost of living of the people.

"In fact, the cooperative movement can control part of the wholesale and retail market, especially the value chain system of supplying essential goods in bulk through its comprehensive and integrated ecosystem," he said.

Ismail Sabri said the Cooperative Commission of Malaysia as of December last year showed that 2,581 cooperatives in the wholesale and retail sector had been registered with revenue amounting to more than RM820 million.

"If all cooperatives in the wholesale and retail sector were to work proactively and collectively as a movement, each of their members will also benefit from it, including an improvement in their socioeconomic status. This will bring about a huge impact on the economy of the people and the country.

"This is simply because the cooperative sector gives the opportunity to the Malaysian families to generate extra income by being members and shareholders of the cooperatives, which also act as the marketer and promoter of the products produced by its members.

-- BERNAMA