SHAH ALAM: The Ministry of Entrepreneur Development and Cooperatives (KUSKOP) has distributed RM2.4 million in grants and financial assistance to bolster Indian community cooperatives.
Deputy Minister Datuk Seri R. Ramanan announced that RM117,500 was allocated through the Bakti MADANI initiative specifically for these cooperatives.
He further detailed that RM2 million has been designated for the Revolving Capital Fund, while an additional RM356,224 will benefit six companies owned by Indian entrepreneurs via the I-BAP initiative under SME Corp Malaysia.
Over 350 participants attended the Selangor 2025 Cooperative and Entrepreneurship Cultural Programme to exchange information on financing and development.
Ramanan highlighted that the Cooperative Commission of Malaysia registered 2,189 cooperatives in Selangor as of December 30, 2024, with over 654,000 members.
He noted that 121 of these cooperatives are Indian community-owned, boasting a membership of 52,882 individuals.
The Indian community cooperative movement has achieved significant growth, with assets now valued at RM210 million.
Accumulated share capital and fees total RM134 million, while recorded revenue has reached RM12 million.
Ramanan expressed confidence that this progress could be accelerated through enhanced collaboration between KUSKOP agencies, cooperatives, and MSMEs within the Indian community.
He urged cooperatives and MSMEs to innovate beyond traditional business models and explore new markets to add value to their operations.
Ramanan also recommended that the Cooperative Commission of Malaysia accelerate the adoption of digital applications to help cooperatives promote products more cost-effectively and reach wider audiences. – Bernama