Bukit mertajam: The Ministry of Entrepreneur and Cooperative Development (KUSKOP) today disbursed RM1.03 million to bolster the role of cooperatives in enhancing the economy in Penang. The aid, channelled through the Cooperatives Commission of Malaysia (SKM), aims to fortify cooperatives' economic activities and increase their income-generating capabilities.
According to BERNAMA News Agency, Minister Steven Sim Chee Keong emphasized the government's urgent response to global geopolitical challenges, including conflicts in Ukraine, Gaza, and tensions between the United States and Iran, which have impacted the local economy. Since assuming his role in January, Sim has announced various funding initiatives specifically targeting SMEs, hawkers, and petty traders to maintain their competitiveness.
The RM1.03 million package includes RM786,420 under the Revolving Capital Fund financing for Koperasi Pekebun Getah Negeri Pulau Pinang Berhad. Additionally, RM200,000 from the Supply Chain Empowerment for Cooperatives Programme (SCOPE) was allocated to Koperasi Kariah Masjid Ibadur Rahman Kepala Batas Pulau Pinang Berhad to enhance community economic development.
Present at the event were SKM Chief Executive Officer Puan Noor Afifah Abdul Razak and Penang SKM Branch Director Dr. Zainab A Raman. Minister Sim, who is also the Bukit Mertajam Member of Parliament, presented corporate social responsibility contributions of food baskets worth RM5,000 to 50 asnaf students and school general workers. In support of educational facilities, SMK Taman Sejahtera received a donation of RM1,000 and two television sets.
Ahead of the Aidilfitri celebration, the minister presented a Raya CSR contribution of RM33,000. This was distributed among 21 active mosque cooperatives in Penang and 12 school cooperatives in the Bukit Mertajam parliamentary constituency to support members of the B40 group.
Minister Sim noted that as of December 31, 2025, Penang hosts 819 cooperatives with 171,713 members, boasting assets worth RM1.29 billion and earnings of RM848.90 million. He highlighted that cooperatives continue to play a vital role in the community economy, aligning with the aspirations of the National Entrepreneurship Policy 2030 (DKN2030).