The Cooperatives Commission of Malaysia (SKM) reported a surge in cooperatives, with 1,001 established last year, a significant increase from the annual average of 600 to 700.
Minister Datuk Ewon Benedick credits cooperative awareness programs by the Entrepreneur Development and Cooperatives Ministry for this rise.
In Sabah, 1,765 cooperatives with 361,126 members contributed RM244 million in shares and fees, amassing assets of RM868 million and generating RM329 million in revenue by June 30.
Minister Ewon anticipates successful businesses with good governance, member welfare protection, and economic contributions from the new cooperatives.