PUTRAJAYA: With its vast network, particularly in the wholesale and retail sector, cooperatives can play a big role to lessen the cost of living burden faced by the people, says the Prime Minister.

       Datuk Seri Ismail Sabri Yaakob said if all cooperatives in the sector were proactive and moved as one, benefits could be enjoyed not just by their members but also the people.

       “Realising the potential of cooperatives, the government has set a target to open more than 500 CoopMart nationwide.

       “This will ensure the people, particularly in rural areas and in areas where the majority of its residents are from the B40 group, will benefit from the goods sold at affordable prices in these outlets,” he said when launching the CoopMart initiative on Friday (April 15).

       The cooperative sector’s earnings to date amounted to RM41.47bil with nationwide membership totalling 7.1 million people.

       According to the Cooperative Societies Commission of Malaysia, as of December last year, there were 2,581 cooperatives involved in wholesale and retail businesses, recording earnings of more than RM820mil.

       The Prime Minister said a cooperative that was proactive could also boost the socio-economic status of its members through share-holdings as well as help market goods produced by its members.

       He said to support their growth, the government has extended various assistance to cooperatives, the latest being in Budget 2022, where an allocation of RM10mil was announced to help cooperatives recover and carry out activities.

       Entrepreneur Development and Cooperatives Minister Tan Sri Noh Omar said the plan was to open 60 CoopMart nationwide this year.