New cooperative act expected to be tabled in Parliament this December - sec-gen

BANGI: A new cooperative law to replace the current Cooperative Act 1993 (Act 502) is expected to be tabled in Parliament this December, said Ministry of Entrepreneur Development and Cooperatives secretary-general Datuk Seri Khairul Dzaimee Daud.
He said the ministry is introducing a new law to enable the cooperative movement to operate more effectively as a business entity and become a stronger driver of the national economy.
'Therefore, we are repealing the existing act and replacing it with a new one, which will be tabled in Parliament for the first reading in December,' he said.
'The 2026 Parliament session, scheduled for around March or April, is expected to see the second reading, with the aim of enforcing the new act by July next year,' he said during the opening of the ANGKASA-MINDA-UKM Cooperative Empowerment Forum here today.
Previously, Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick said that his ministry was drafting the new cooperative act to replace Act 502. The Cabinet paper on the matter was presented and approved in principle on Jan 8.
Khairul Dzaimee added that the ministry is actively engaging with state governments and stakeholders to ensure the new law is properly implemented in the best interests of cooperatives.
He also said that the new cooperative law aims to create more responsive and dynamic cooperatives, facilitate cooperative businesses, enhance the well-being of the community, and improve cooperative governance.
'The main essence of this new act is to liberalise the cooperative movement by reducing excessive monitoring, previously focused heavily on legislation, and giving cooperatives more space to operate as business entities,' he said.
Meanwhile, Angkatan Koperasi Kebangsaan Malaysia Berhad (ANGKASA) president Datuk Seri Abdul Fattah Abdullah expressed support for the government's efforts to enhance the cooperative ecosystem in the country.
'We want to make cooperatives a culture among Malaysians by 2050. ANGKASA (also) strongly supports the government's efforts to liberalise the laws and regulations that are being made and improve the (cooperative) ecosystem,' he said.
Also present were Universiti Kebangsaan Malaysia (UKM) deputy vice-chancellor (Academic and International Affairs) Prof Dr Abdul Halim Abdul Gafor and the Malaysian Inclusive, Development and Advancement Institute (MINDA-UKM) director Prof Tan Sri Dr Noor Azlan Ghazali.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

The Star

4 hours ago

• The Star

Asean News Headlines at 10pm on Monday (June 23, 2025)

Malaysia: * PM Anwar approval rating rises to 55% on the back of economic, political factors, says Merdeka Center * Lee and Anwar discuss FTA, expanding South Korea-Malaysia cooperation, reports Yonhap * Basic needs exempted from revised SST to protect vulnerable households, says Treasury sec-gen * DPMs, Cabinet ministers convey condolences over death of Sarawak Premier's wife * PM Anwar extends condolences over passing of Sarawak Premier's wife * High Court stays freeze order on Na'imah's assets * Video clip case: MACC calls in another Sabah politician * Investment scam ring busted, 10 nabbed in Puchong raid * 17 Malaysians evacuated from Iran return home * Sabah government backs wildlife film to boost tourism * Tax, transport and juice: Triple blow could spike imported fruit prices, traders warn * Nine-year-old girl dies from alleged abuse in Melaka * CIMB revises 2025 GDP forecast to 4.3% on trade easing, stronger US ties * Govt aims for 200,000 individuals to be discharged from bankruptcy in 2025 * Hadi Awang showing strong recovery after heart procedure, says Terengganu MB * Malaysia continues to strengthen public service as people's needs evolve, UN forum told * Sarawak govt monitoring military aircraft incident at Kuching International Airport / RMAF confirm aircraft CN-235 experienced nose landing gear issue A number of suspected drug smugglers are presented to the media during a press conference at the Indonesian Customs Office in Jakarta, on Monday, June 23, 2025, following the uncovering of some 172 international drug smuggling cases from April to June 2025, with a total of 285 suspects arrested. -- Photo by ADITYA IRAWAN / AFP Singapore: * Important to continue nurturing trust and understanding, Singapore PM Wong tells Chinese Premier * Singapore Airlines cancels all flights to Dubai until Wednesday amid Middle East conflict * 11 Singaporeans have left Iran since start of conflict, says foreign ministry * Singapore could host Fifa youth competition, says Fifa chief Gianni Infantino * 'Les Miserables – The Arena Spectacular' marches into Singapore next March * Singapore's annual core inflation rate 0.6% in May, matching poll forecast * Singapore thanks Malaysia and Oman for evacuating citizens from Iran * UK aircraft carrier docks at Marina Bay Cruise Centre * Young people in Singapore carrying weapons as 'fashion accessory': Counsellor * Singaporean actress Hong Ling leaves honeymoon planning to husband Nick Teo * Testing the waters across Causeway - Singapore semiconductor company UMS Integration Ltd's impending secondary listing in Bursa Malaysia Indonesia: * Indonesia arrests 285 in drug crackdown and seizes over half a ton of narcotics * Nations react to US strikes on Iran with many calling for diplomacy * Indonesia probes second bomb threat on Saudia haj flight * Aceh-North Sumatra dispute triggers wider border tensions * Indonesia weather agency revises outlook, shorter dry season in 2025 * Extradition hearing for Indonesian businessman Tannos begins in Singapore * Asian stocks, currencies dip as Iran conflict sparks risk aversion * Oil prices spike after US strikes on Iran / Oil hits five-month high after US hits key Iranian nuclear sites Thailand's Prime Minister Paetongtarn Shinawatra speaks during a press conference about policies to curb scam centers in Cambodia after a meeting at the Government House in Bangkok, Thailand, June 23, 2025. -- Photo: Government House of Thailand via REUTERS. Thailand: * Thai authorities seize more than two tons of crystal methamphetamine worth over US$90.8mil * Embattled Thai PM reshuffles cabinet as political crisis rages in country * Thailand bans Cambodian motorbikes at all checkpoints * Thailand heads into political turbulence as Cambodia row festers * Thai embassy in Jordan warns Thais amid Iran-Israel crisis escalation * Army says Cambodia amassing troops and heavy weapons along border * Thai PM taps military figure for defence minister * Thai PM rejects calls to step down over border row Philippines: * 'There's no case', Philippines VP Sara Duterte now wants Senate to dismiss impeachment case * Philippine VP Duterte responds to impeachment trial summons * Singer Ronnie Liang alarmed after scammers used his identity to ask money, court women * Senator bats for labour reforms as Philippines still in 'worst countries for workers' list * Construction worker Cardong Trumpo wins 'Pilipinas Got Talent' season 7 * Philippine VP Duterte criticises Marcos for leaning towards US * Asia - Shares slip, oil rises as investors weigh Iran risks Protesters shout slogans as they condemn the recent bombings of the US against Iran during a rally in Quezon city, Philippines. -- AP Photo/Aaron Favila Vietnam: * World's youngest self-made woman billionaire Lucy Guo says craving work-life balance means you're in wrong job * Police uncover drug syndicate in Johor, two Vietnamese women among arrested * Hanoi business closures driven by concerns over counterfeit goods * Downpour claims two lives in northern Vietnam * Vietnam's star tech firm VNG still planning US IPO * Beijing expresses concern over major trade routes through Gulf Myanmar: * Malaysia urges Asean-OIC collaboration on Myanmar crisis * Global media should report accurately on aggression against Iran, says IRNA * Airlines weigh Middle East cancellations after US strikes in Iran * Myanmar UEC chairman unveils plan to use voting machines nationwide in upcoming election * Oil prices stable as investors await Iranian response to US strikes This pool photo taken and released on Monday, June 23, 2025 by Agence Kampuchea Presse (AKP) shows Cambodia's Prime Minister Hun Manet (right) greeting people who voluntarily evacuated from their homes near the Cambodia-Thailand border to a safety centre in Preah Vihear province. -- Photo by POOL / AFP Cambodia: * Cambodia and Thailand now shut land crossings as border row worsens * Cambodia bans fuel, gas imports from Thailand from midnight Sunday * Manet: Thailand must re-open borders before bilateral talks can take place * Cambodia claims Thai cyclists violated temple agreement * Cambodia PM orders halt to fuel imports from Thailand Laos: * Laos focuses on reducing dropouts and advancing education among young children * Luang Prabang charts bold tourism vision to become regional standout * Laos and South Korea launch medical university project in Vientiane Brunei: * Brunei-based law professor ranked among the world's top legal scholars * Nationwide Recycling Day concludes World Environment Day 2025 celebrations * Royals take the plunge at record-breaking coral planting School children prepare to lay flowers at a memorial to those who died to mark the 80th anniversary of the Battle of Okinawa, at the Peace Memorial Park in Itoman, Okinawa Prefecture on Monday, June 23, 2025. The three-month battle, often dubbed the -- Typhoon of Steel --, killed about 200,000 people, almost half of them local civilians. - Photo by JIJI Press / AFP AseanPlus: * Malaysian doctor highlights Semporna's stateless kids in London photo exhibit * Malaysia determined to be a film tourism destination * RM8mil CBT trial of Vivy Yusof, husband to begin on April 13, 2026 * Public tip-off leads to capture of fugitive rape suspect in Sibu * Maybank extends first green loan to fuel Charoen Pokphand's RE expansion in Malaysia * China warns of 'spillover of war' risk in Iran-Israel conflict * South Korea's Lee names first civilian defence minister in decades * Beijing issues weather warning for hottest days of year * Key Bangladesh party files case on alleged election rigging * Air India cuts less than 5% of narrowbody jet routes, suspends two international flights * Afghan police discover arms, ammunition * Stone carving discovered in Qinghai stirs debate * China says US attack on Iran has damaged its credibility * Key Bangladesh party files case on alleged election rigging * From bingsu to sashimi, popularity of cup foods going strong in South Korea * Australia says it supports US strike, calls for return to diplomacy * New Zealand's 'golden visa' scheme lures US investors * Actress Nashi accused of 'faking' records to take gaokao * Japanese Prime Minister Ishiba to skip NATO summit, source says * Tokyo voters punish Japan ruling party ahead of national election * Japan factory activity returns to growth after 11-month contraction, PMI shows * PETRONAS LNG, Japan's Jogmec partner to expand collaboration in LNG sector * Restaurants and food firms switching to noodles in Japan * India to see limited inflation fallout from oil * South Korea's Lee says Middle East situation is "very urgent" * Repatriation of human skeletons from Netherlands underway * IAEA says entrances to tunnels at Iran's Isfahan site hit by US strike * Iran's Fordow nuclear facility hit by Israeli attack, local official says * This madcap 10-storey-high rural 'nail home' is attracting visitors in China * Hague NATO summit aims to focus on Trump's spending goal but Iran looms large * Iran's parliament looking to suspend cooperation with UN nuclear watchdog - IRNA * Exclusive-Iranian retaliation against U.S. forces could come soon, U.S. officials say * Any Iranian closure of Hormuz Strait would be 'extremely dangerous', EU's top diplomat says * Pakistan condemns Trump's bombing of Iran - a day after nominating him for Peace Prize * South Korean artiste DJ Soda shares hair loss nightmare after bleaching mishap: 'I had to shave my head' * Frontman may get 'Squid Game' spinoff, Lee Byung-hun tells Jimmy Fallon * Golf -- Aussie Minjee Lee keeps her cool to bag third Major title at KPMG Women's PGA Championship

The Sun

5 hours ago

• The Sun

KUSKOP trade mission to Japan targets RM51 million deals

KUALA LUMPUR: The Ministry of Entrepreneur Development and Cooperatives' (KUSKOP) official trade mission to Japan, in conjunction with the Osaka Expo 2025, is expected to generate RM51 million in potential investment and sales. It said in a statement that the mission is part of its strategic efforts to strengthen the presence of Malaysian Small and Medium Enterprises (SMEs) in the international market, particularly in Japan. So far, according to the ministry, seven memorandums of understanding (MoUs), worth RM10.3 million, have been signed between four Malaysian companies and seven Japanese companies. 'At the same time, 10 Malaysian SMEs also launched their products in conjunction with the inauguration of KUSKOP Week at the Malaysia Pavilion (at the expo),' said the ministry. The KUSKOP delegation, accompanied by agencies under the ministry, comprises SME Bank, SME Corp Malaysia, Perbadanan Nasional Bhd, the Malaysian Cooperative Commission, and 39 SME companies as well as five cooperatives from various sectors. The mission's highlight is the organisation of KUSKOP Week at the Malaysia Pavilion, which started yesterday and will run until June 28, with the theme 'Health and Well-being', in line with the aspiration to introduce local products and services in the health, healthy lifestyle and wellness sectors. According to the ministry, it has always fully committed to elevating Malaysian SMEs to the global stage by aggressively exploring and seizing strategic business opportunities in Japan and the East Asia region. During the trade mission, the KUSKOP delegation will also meet with the Osaka Chamber of Commerce and Industry as well as other industry players to expand business collaboration opportunities. 'The implementation of the trade mission is in line with the aspirations of Malaysia MADANI, which emphasises sustainability, inclusive development, and well-being through the strengthening of international economic relations,' added the ministry.

New Straits Times

5 hours ago

• New Straits Times

News@9: Today's top headlines - June 23, 2025 [WATCH]

Good evening. You're watching News@9. Here are today's biggest stories. A loss for Sarawak The wife of Sarawak Premier Tan Sri Abang Johari Openg, Puan Sri Juma'ani Tuanku Bujang, passed away today. Stay of order The High Court suspended its earlier order to freeze assets owned by Toh Puan Na'imah Abdul Khalid in London, granting her application to intervene the case. Evacuation déjà vu Seventeen Malaysians have safely arrived home following an evacuation operation from Iran - marking a second evacuation from the country for one of them. Another Sabah arrest MACC has arrested another Sabah assemblyman on suspicion of soliciting and receiving bribes in connection with mining licences in the state. Keywords: Nst Malaysia News News@9