ACO CONSOLIDATES NETWORK FOR CO-OPERATIVES TO DRIVE ECONOMIC GROWTH

KUALA LUMPUR, May 12 (Bernama) -- The ASEAN Co-operative Organisation (ACO) will continue consolidating business networks among co-operatives within ASEAN countries to position them as vital parts of the third sector and contributors to economic growth.

Its president, Datuk Seri Dr Abdul Fattah Abdullah, said ASEAN currently has 300,000 co-operatives with 65.7 million members, contributing 10 per cent or USD 300 billion to the region's gross domestic product (GDP).

"We want to elevate the role of co-operatives in ASEAN to become (part of) the third sector in the socio-economic development of each country.

bootstrap slideshow

"ACO has utmost faith in the Malaysian government, which currently chairs ASEAN, to advocate for the recognition and strengthening of co-operatives' role and contribution in the region's socio-economic development," he said after chairing the ACO Annual General Meeting and Sectoral Meeting 2025, here today.

The meeting, attended by 10 co-operative leaders from ASEAN member states, was held in conjunction with the ASEAN Co-operative Dialogue (ACD) 2025, which will take place over two days starting tomorrow.

ACD 2025 is hosted by Angkatan Koperasi Kebangsaan Malaysia Bhd (ANGKASA), with support from the Ministry of Entrepreneur Development and Cooperatives, bringing together major co-operative bodies from across the ASEAN region.

In conjunction with the event, two memoranda of understanding (MoUs) were also signed to bolster bilateral cooperation in education and cooperative business development in the region. 

Abdul Fattah, who is also ANGKASA president, said the MoU signed today between Koperasi Kakitangan Amanah Ikhtiar Malaysia Berhad (KKAIMB) and the Indonesian Co-operative Council (DEKOPIN) focuses on co-operative business expansion, particularly in the tourism sector.

"Through this collaboration, KKAIMB can leverage DEKOPIN's networks to explore investment and tourism market opportunities in Indonesia.

"This partnership also proves that the strong ties between Malaysian and Indonesian co-operatives can bring broader economic benefits and impact to the co-operative communities in both countries," he added.

The other MoU between ACO and the Association of Indonesian Accounting Lecturers (ADAI) focuses on collaboration in education and training in co-operative accounting.

-- BERNAMA