The Minister of Finance calls on cooperatives to invest in listed companies

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Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz speaks during the Ministry of Entrepreneurs and Cooperatives Development (KUSKOP) Entrepreneurs and Cooperatives Tour Program 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 has urged cooperatives to seize opportunities to invest in listed companies.

He said 90 registered cooperatives have filed investment applications worth RM1.43 billion with the Malaysian Cooperative Society Commission (SKM) and 620 cooperatives have invested in initial public offerings (IPOs). totaling RM14.31 billion.

“The cooperative movement must also explore new cooperative business models based on current scenarios to ensure that their income continues to grow,” he said during a speech at the Entrepreneurs and Cooperatives Tour Program. of the Ministry of Development of Entrepreneurs and Cooperatives (KUSKOP).

He said co-operatives need to be bold and creative in their abilities to develop new business models to explore green technologies in line with current shifts in the interests of the global community.

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

Moreover, Tengku Zafrul said that cooperatives must seize opportunities to innovate so as not to miss out on opportunities and new sectors that have emerged after the pandemic.

“The cooperative movement is one of the ‘growth’ engines contributing 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 is capable of meeting the official 2022 GDP forecast of between 5.3% and 6.3%.

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

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

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

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

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

“Various initiatives have been implemented and delivered to help MSME entrepreneurs get ahead in embracing digital technology,” he added. ― Bernama

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