Government agrees to classify cooperatives as business entities, says Anwar

KUALA LUMPUR: The government has, in principle, agreed to amend several legal provisions to classify cooperatives as business entities.

According to Berita Harian, Prime Minister Datuk Seri Anwar Ibrahim said that a draft proposal to amend the laws is being prepared by the Attorney General’s Chambers before being submitted to the Cabinet for approval.

“Regarding the legal matter, Minister of Entrepreneur Development and Cooperatives Datuk Ewon Benedick has mentioned that an initial framework is already in place. Within the next two months, once the draft is completed by the Attorney General’s Chambers, it will be presented to the Cabinet for approval.

“I believe, given their performance, this can be expedited,” he said in his speech at the Closing Ceremony of the National Cooperative Congress 2024 at the Kuala Lumpur World Trade Centre (WTC) today.

The proposal to amend the laws was one of the resolutions agreed upon at the National Cooperative Congress 2024. This move follows concerns that some existing statutes are seen as restricting the cooperative movement in conducting its business.

At the event, Anwar also announced an allocation of RM6 million to the National Cooperatives Movement of Malaysia (ANGKASA), coordinated through funds from several ministries and agencies.