Butterworth: Entrepreneur and Cooperatives Development Minister Steven Sim wants the Malaysian Cooperative Societies Commission (SKM) and the ministry to speed up approvals for cooperative funding applications, with a target of one week for eligible cases. He said the move is important to ensure that government allocations can be quickly utilised by cooperatives to expand their businesses and strengthen the sector's contribution to the national economy.
According to BERNAMA News Agency, Sim emphasized the urgency of the matter during the launch of the national-level 2026 National Cooperative Day celebration at PICCA @ Butterworth Arena, attended by SKM chairman Lt Gen (Rtd) Datuk Ahmad Norihan Jalal. He stated that KUSKOP, through SKM, has allocated RM254 million to the cooperative movement this year, marking the largest amount in the ministry's history, with RM53 million already approved for several cooperatives nationwide.
Sim urged cooperatives to expedite their applications for the available funds, underscoring that the allocation should be used to bolster the sector rather than remain dormant. He stressed that applications meeting the necessary criteria and documentation should not be delayed, as quicker fund disbursement would allow more cooperatives to expand their operations.
Discussing the growth of the cooperative movement, Sim noted that Malaysia had over 16,000 registered cooperatives with nearly 7.3 million members by the end of last year. He highlighted the sector's financial strength, with cooperative share capital nearing RM20 billion and total assets approaching RM200 billion, underscoring its role as a significant driver of the national economy.
He also revealed that cooperative business revenue increased by nearly 20 percent from RM68 billion in 2024 to over RM82 billion last year, indicating that the movement is on track to surpass its RM100 billion target by 2030. Through the Power Up 10,000 programme, nearly 140 micro cooperatives have grown into small cooperatives, while 33 small cooperatives have transitioned to large cooperatives, and 16 medium cooperatives have moved into the large cluster category.
Furthermore, Sim announced that two additional cooperatives had entered the premier cooperative category this year, bringing the total to seven. The National Cooperative Day 2026 celebration, spanning three days starting yesterday, aims to unite the cooperative movement, government agencies, and industry players to promote cooperatives as key drivers of socio-economic development.