KUALA LUMPUR, Aug 26 – Federal Territories (FT) Minister Datuk Seri Tengku Adnan Tengku Mansor has proposed for every People’s Housing Project (PPR) in the federal territories to establish their own cooperative in support of the implementation and development of fair price shop network.
He said the involvement of cooperatives in wholesale and retail sector through fair price shops would enable consumer goods to be offered at much lower prices, hence strengthen the economy of the local communities and neighbourhood. He said this is a strategy that could boost the community’s capability to generate income and economic growth, while at the same time engaging themselves in communal activity.
He said this when opening the FT-level National Cooperative Day 2017 celebration here today. Apart from establishing a supply chain involving the manufacturing, distribution and sale of product at a competitive price, Tengku Adnan said the cooperatives would also help the government in tackling the issues related to the rising cost of living.
As of June 2017, a total of 984 cooperatives had registered in FT with membership of over 2.14 million, and as at Dec 31, 2016, they have assets worth RM17.98 billion and revenue of RM5.1 billion. Meanwhile, Koperasi Tenaga Nasional Berhad chairman Raja Hang Tuah Raja Iskandar was named as FT’s “Tokoh Koperasi” , while Koperasi Permodalan Felda Malaysia Berhad was chosen as the recipient of the Special Cooperative Award for its excellent performance in various fields. — Bernama