Enhancing National Economic Growth Through Cooperatives
PENANG: The COOP@IMT-GT Seminar and Conference held today highlighted the transformative power of cooperatives in driving economic growth and fostering social inclusion within the Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) subregion. The event was co-organised by the Malaysian National Cooperative Movement (Angkasa), ASEAN Cooperative Organisation (ACO) and Centre for IMT-GT Subregional Cooperation (CIMT). Focusing on the role of cooperative enterprises in financial inclusion and digital transformation, the conference expanded on innovative strategies and collaborative partnerships to unlock the full potential of cooperatives. During the conference, speakers had the opportunity to discuss challenges in harnessing that potential and develop actionable approaches to address them. At the same time, speakers were also able to share successful cooperative initiatives and best practices across the region to further inspire and empower participants to drive cooperative-driven economic growth. “Cooperative enterprises are crucial in empowering communities as it support economic expansion by creating job opportunities and they can also enhance social development by promoting democratic participation,” said Koperasi Kredit Pekerja-Pekerja Malaysia Bhd Chairman, Thankarajoo Subramaniam. “Additionally, cooperatives are capable of initiating sustainable growth by encouraging local resource utilisation and promote environmental sustainability,” he added. Meanwhile, Dato’ Dr Muhamad Iqbal Mohamad, who is a Member of the IMT-GT Joint Business Council said that cooperatives in Malaysia have significant potential to foster inclusive growth and address socio-economic challenges by pooling resources, providing financial services, and investing in community development. According to him, cooperatives empower members through collective bargaining, shared profits, and democratic governance. “If supported by the government, cooperatives enhance financial inclusion and economic stability, particularly in rural areas. “Despite facing challenges like limited capital and competition, cooperatives can overcome these through enhanced support, technological integration, and strategic partnerships,” said Dato’ Iqbal, who is also the founder of Qew Group Bhd, a wholly-owned Bumiputera company, specialises in project management and corporate finance initiatives. In this regard, he explained how Qew Group Bhd can foster a sustainable business ecosystem for Malaysian cooperatives by providing financial support and investment, including microfinancing for smaller entities. By introducing new technologies and innovative practices, such as digital platforms for e-commerce and mobile banking, Qew Group Bhd can enhance operational efficiency and market reach. “Expanding market access through Qew Group Bhd’s network and partnerships, promoting sustainable practices, and investing in research and development will ensure long-term growth and competitiveness. “This can ultimately promote economic growth, community development, and sustainability for Malaysian cooperatives,” Dato’ Iqbal concluded.
