Gov't mulls creation of 'second Angkasa' to boost competition

To ensure that Angkatan Koperasi Kebangsaan Malaysia Bhd (Angkasa) does not become complacent in managing and developing cooperatives, the government is mulling the setting up of a 'second Angkasa' to spur competition.

Entrepreneur Development Minister Mohd Redzuan Md Yusof said this “shock treatment” would spur cooperatives to explore opportunities provided by the government.

“The ministry must prod a little so that they will rise, run faster and think more broadly by continuing to explore opportunities offered at the national level,” he told reporters after launching Angkasa's 34th annual national conference in Kuala Lumpur today.

Redzuan described the cooperatives movement as a “sleeping giant” due to its unexciting revenue per capita.

"I view the cooperatives movement, which has six million members, as a giant that is still asleep, although they have the government's support and funding.

"The cooperatives movement can be further developed through good leadership so it can increase its revenue and hence contribute to the nation's economic growth," he said.

Citing statistics released by the Cooperative Societies Commission, he noted that the sector generated revenue of RM40.31 billion last year.

In his speech at the conference earlier, Redzuan said if Angkasa's cooperative societies understand how to bring their vision in line with that of the government, his ministry would continue to support and strengthen Angkasa.

“We have recognised Angkasa as a statutory body and we are now studying whether to set up another statutory body to create competition to make Angkasa more effective,” he said.

This, Redzuan said, might spur the apex cooperatives organisation to wake up, stay alert and compete better in providing services.

“However, the proposal is still at the discussion stage and has not been finalised,” he added. - Mkini