KUALA LUMPUR (May 13): The cooperative movement recorded revenue of RM64 billion last year, exceeding the RM60 billion target set for 2025 under the Malaysia Cooperative Policy 2030, said Minister of Entrepreneur Development and Cooperatives Datuk Ewon Benedick.

He said that meant the target had been achieved two years earlier and hoped Malaysians would join cooperatives to ensure the sector's earnings continue to soar in the coming years.

"I want to congratulate the agencies involved, particularly the cooperative movement in Malaysia, for achieving this target,” he told a media conference on the National Cooperative Consultative Council (MPKK) meeting No 1/2024 here on Monday.

The Malaysia Cooperative Policy 2030, which maps out the direction of the cooperative movement until 2030, had, among others, set out the target of achieving RM60 billion in revenue by 2025 and RM73 billion by 2030.

Monday's meeting, chaired by Ewon, focused on determining the direction of the country's cooperative movement development and enhancing cooperation in the sector between the Federal Government and state governments.

The meeting also discussed matters which could contribute to the development of cooperative movements so that they remain relevant as contributors to the country's socio-economic development.

Deputy Minister of Entrepreneur Development and Cooperatives Datuk R Ramanan, the top management of the Ministry of Entrepreneurship and Cooperatives, Malaysia Cooperative Societies Commission (SKM) chairman, SKM chief executive officer, state executive councillors, state government representatives, representatives of cooperative movements and industry and academic representatives also attended the meeting.

Ewon also expressed appreciation to state governments for giving incentives to cooperative movements in their states as was done in Johor, which allocated incentives worth RM300,000, Perak (RM620,000) and Melaka (RM100,000). 

Meanwhile, Ewon said his ministry will, in conjunction with the 2026 Visit Malaysia Year, launch the Tourism Cooperatives on Thursday (May 16), a new initiative with cooperatives providing services in the tourism sector.