Putrajaya: The draft of the new Cooperatives Act, set to replace the Cooperatives Act 1993 (Act 502), is in its final stage and anticipated to be presented in an upcoming Cabinet meeting, stated Acting Minister of Entrepreneur and Cooperative Development Datuk Seri Alexander Nanta Linggi. Nanta, who also holds the position of Minister of Works, emphasized the importance of the new legislation due to the outdated nature of the existing Act 502, which has undergone numerous amendments and no longer aligns with the current needs and developments within the cooperative sector.
According to BERNAMA News Agency, Nanta highlighted that the drafting of the new act is not merely an amendment but a comprehensive overhaul. "This is something we consider as major to be done in due time. And I have been briefed on that generally. It is not just an amendment but it is a totally new act," he explained. The existing act, having been amended multiple times, is deemed inadequate for meeting contemporary demands and objectives, necessitating the creation of a new act.
Nanta shared these insights during a press conference after a briefing session with the Ministry of Entrepreneur and Cooperative Development's top management, attended by the ministry's secretary-general Datuk Seri Khairul Dzaimee Daud. The new act aims to foster more responsive and dynamic cooperatives, streamline business transactions, enhance public welfare, and strengthen cooperative governance.
Previously, former Minister of Entrepreneur and Cooperative Development Datuk Ewon Benedick mentioned that KUSKOP is in the process of drafting a new cooperatives act. The Cabinet paper on this matter was presented and agreed upon in principle on January 8. Reflecting on his new responsibilities at KUSKOP since December 3, Nanta reiterated his commitment to executing the ministry's plans for 2026 according to the established direction.
Nanta noted that KUSKOP has outlined a 2026 direction, which includes initiatives to bolster the development of entrepreneurs nationwide, with a particular focus on Sabah and Sarawak. "So I see these as very good and helpful steps where they are the target groups that need assistance. For example, I see that the policy or strategy to assist entrepreneurs nationwide including efforts to increase the number of entrepreneurs at various levels will be continued," Nanta added.