Malaysia allocates RM1m to promote Coopmart, reduce living costs
The Malaysia Cooperative Societies Commission (SKM) has allocated RM1 million to support the Madani Cooperative Sales initiative this year, encouraging the public to shop at cooperative retail stores, also known as Coopmart. Entrepreneur Development and Cooperatives Minister Ewon Benedick highlighted that the Madani Cooperative Sales offer prices of daily necessities up to 20% lower than local market prices.
As of December 31, 2022, 104 Coopmarts have participated in the Madani Cooperative Sales, benefiting 527,447 people and generating a total price saving of over RM5.7 million. The announcement was made during the debate on the Malaysia Cooperative Societies Commission (Amendment) Bill 2023, which was later passed by the Dewan Rakyat. Fourteen Members of Parliament from both the government and opposition took part in the debate.
Ewon Benedick also revealed that 2,581 Coopmarts are currently operating across Malaysia, with 38 of them upgraded as distribution centres, recording a total turnover of RM1.25 billion last year. Through SKM, his ministry is committed to strengthening the involvement of cooperatives in the wholesale and retail sector to support the government in addressing the rising cost of living and ensuring a continuous food supply.
As of December 31 last year, there were 15,315 registered cooperatives with a total membership of 7.3 million people, involving a total 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 an annual general meeting or had their accounts audited during that period.
The Malaysia Cooperative Societies 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 be held and executed by two different individuals, in addition to improving the composition of SKM’s board of directors.
