THE Entrepreneur Development Ministry is preparing a cabinet paper to propose incorporating the word “cooperative” into its name, said Deputy Minister Dr Mohd Hatta Md Ramli. 

He said the paper would, among others, detail the purpose of the inclusion, which was in line with the cooperatives’ desire to strengthen their role and branding by being directly linked, through its name, to the ministry responsible for their sector.

“The co-ops’ demand is reasonable because the inclusion of the word can boost the institution’s role as a strong grassroots economic movement,” he told a media conference after opening a CEO talk organised by the Cooperatives Institute of Malaysia (IKM) in Bangi today.

IKM’s knowledge-sharing programme, featuring successful entrepreneurs as well as representatives from the co-op movement and government, attracted 945 participants representing 700 co-ops.

The word “cooperative” was previously included in the Entrepreneur and Cooperative Development Ministry, which was established in 2004. It was dissolved in 2009 and its cooperative portfolio was absorbed by the then Domestic Trade, Cooperatives and Consumerism Ministry (KPDNKK).

When the Entrepreneur Development Ministry was formed in 2018, the co-op sector came under its purview, but the word “cooperative” was missing from its name. KPDNKK, meanwhile, has since been renamed the Domestic Trade and Consumer Affairs Ministry (KPDNHEP).

Hatta expects the ministry would be able to incorporate the word “cooperative” into its name next year.

In another development, he urged the co-op movement shift from carrying out financing-related businesses to venturing into new areas such as livestock farming and property in keeping with the current economic developments and demands.

“While the old co-op business of financing is less risky, the income is also not much. Hence, co-op board members should steer their cooperatives towards a bigger and more lucrative industry,” he added. – Bernama, December 10, 2019.