Malaysia allocates RM1m to boost Coopmart sales, lower consumer prices
The Malaysia Cooperative Societies Commission (SKM) has allocated RM1 million to implement the Madani Cooperative Sales this year, aiming to promote and encourage the public to shop at cooperative retail stores known as Coopmart. Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick stated that the Madani Cooperative Sales offer daily necessities at prices up to 20% lower than local market prices.
“Until December 31, 2022, a total of 104 Coopmarts have been involved in the Madani Cooperative Sales which has benefited 527,447 people with a total price saving of over RM5.7 million,” he said.
Benedick spoke on the matter during the winding up of the debate on the Malaysia Cooperative Societies Commission (Amendment) Bill 2023, which was later passed by the Dewan Rakyat. The debate included 14 Members of Parliament from both the government and the opposition.
He also mentioned that 2,581 Coopmarts are currently operating nationwide, with 38 of them upgraded as distribution centres, recording a total turnover of US$1.25 billion last year. Benedick highlighted his ministry’s commitment, through SKM, to continue strengthening the involvement of cooperatives in the wholesale and retail sector. This effort aims to assist the government in addressing the rising cost of living and ensuring a continuous food supply.
According to Benedick, there were 15,315 registered cooperatives with a total membership of 7.3 million people as of December 31, 2022. These cooperatives had a combined turnover of RM45.5 billion. Ten of these cooperatives were listed in Malaysia’s Best Cooperatives Index. However, 1,659 cooperatives were considered inactive, as they did not carry out any activities for three consecutive years but still held annual general meetings or had their accounts audited during that period.
The Malaysian Societies Cooperative Commission (Amendment) Bill 2023, which was approved, aims to strengthen the commission’s governance by dividing the power between the chairman and the chief executive officer of SKM. The amendment also stipulates that the positions of chairman and chief executive officer of SKM are to be held and executed by two different individuals. Additionally, the composition of SKM’s board of directors will be improved.
