Finance minister calls on cooperatives to invest in listed companies

Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz speaks at the Entrepreneurs and Cooperatives Tour Program of the Ministry of Enterprise Development and Cooperatives (KUSKOP) in Kuala Lumpur on September 17, 2022. ― Bernama pic

Saturday, September 17, 2022 2:55 PM MYT

KUALA LUMPUR, September 17: Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz urged cooperatives to seize opportunities to invest in listed companies.

He said that 90 registered cooperatives have made investment applications worth RM1.43 billion to the Cooperative Societies Commission of Malaysia (SKM) and 620 cooperatives have invested in initial public offerings (IPOs) totaling RM14.31 billion.

“The cooperative movement also needs to explore new cooperative business models based on current scenarios to ensure their profits continue to rise,” he said while speaking at the Ministry of Business Development and Cooperatives Cooperatives and Entrepreneurs Tour Program (KUSKOP). .

He said that cooperatives should be bold and creative in their abilities to develop new business models to explore green technology in line with the current change in interest of the world community.

“The effort is also in line with the government’s commitment to ensure that green technology becomes the engine of the country’s economic growth for sustainable development,” he explained.

In addition, Tengku Zafrul said that cooperatives must take advantage of opportunities to innovate so as not to miss out on the opportunities and new sectors that have emerged after the pandemic.

“The cooperative movement is one of the engines of ‘growth’ that contributes to the gross domestic product (GDP) of the country that can transform and empower the local community,” he said.

He is also confident that the Malaysian economy will be able to meet the official GDP forecast for 2022 of between 5.3% and 6.3%.

“The encouraging development of the second quarter is due to the initiatives of the Budget 2022, the aid packages and the economic stimulus, the Budget 2021, as well as the prudent monetary policy.

“The latest economic indicators underline that the country’s economic recovery is improving, and this is a positive sign for micro, small and medium-sized enterprises (MSMEs) and cooperatives,” he said.

Commenting on Budget 2023, he said that the economic reforms emphasized in the budget can benefit everyone within Keluarga Malaysia, and this includes better employment and income opportunities, leading to prosperity, as well as inclusive socio-economic opportunities and sustainable for all.

“Specifically for MSMEs, among the initiatives that will be considered are raising the competitiveness of the business community and the sustainability of industries through the improvement of infrastructure, the increase in productivity, as well as the promotion of the use of technology. and digitization in business,” he said.

Tengku Zafrul urged entrepreneurs and cooperatives to seize opportunities to tap government resources as they transition from conventional business to online business.

“Various initiatives have been implemented and provided to help MSME entrepreneurs advance in the adoption of digital technology,” he added. ― Bernama

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