KUSKOP unveils special grant for Indian community cooperatives

The Ministry of Entrepreneur and Cooperative Development (KUSKOP), through the Cooperative Commission of Malaysia (SKM), has announced a targeted initiative to support Indian community cooperatives, offering grants up to RM30,000 for eligible groups. Deputy Minister Datuk Seri R. Ramanan made the announcement during the inaugural Indian Community Cooperatives Conference (PKKI) 2024, held at the Bank Rakyat Twin Towers today.

Ramanan emphasized that this funding aims to enhance the economic operations of Indian community cooperatives, encouraging more extensive participation in the nation’s cooperative movement. Information on grant application procedures and eligibility criteria can be obtained directly from SKM following the conference.

RM300,000 allocated to strengthen cooperative growth

In his opening speech, Ramanan highlighted the government’s dedication to advancing the Indian cooperative sector, with a special allocation of RM300,000 available for distribution among Indian community cooperatives in Malaysia. This support, he explained, is designed to empower these organizations to implement sustainable economic projects that will benefit the wider Indian community.

The PKKI 2024 event also featured discussions on government policies and the incentives available for cooperatives, while participants gained insight from the National Land Finance Co-operative Society (NLFCS) Berhad, a premier Indian cooperative. Around 800 participants attended, with 21 exhibitors representing various agencies under KUSKOP, sharing resources and networking opportunities.

Additional RM136 million to aid indian entrepreneurs

Beyond cooperative funding, Ramanan addressed the Malaysian government’s continued commitment to Indian entrepreneurs, revealing that an additional RM136 million had been allocated as of September 30. This allocation is part of broader initiatives under KUSKOP, including programs like BRIEF-i by Bank Rakyat, SPUMI Goes Big by TEKUN Nasional, and the PENN initiative by Amanah Ikhtiar Malaysia (AIM), aimed at empowering Indian women in business.

At the event, Ramanan also presented over RM7 million from the Revolving Capital Fund (TMP-SKM) in replica cheques to the top three cooperatives: Koperasi Serbaguna Kebangsaan Berhad, Koperasi Guru-guru Tamil Negeri Sembilan Berhad, and Koperasi Nesa Pelbagai Berhad. This revolving fund, established under the Cooperative Act 1993, provides crucial capital for registered cooperatives, enabling them to implement viable projects under the supervision of SKM.