KUCHING: The proposed new Cooperative Act is expected to be tabled in Parliament by the end of this year, with key reforms aimed at liberalising the cooperative sector and strengthening regulatory oversight.
The Entrepreneur Development and Cooperatives Minister, Datuk Ewon Benedick, said that the new Cooperative Act will be better formulated to replace the existing Cooperative Act 1993 (Act 502).
He said this confidence stems from the extensive nationwide engagement sessions his ministry had conducted regarding the new Act, including a session held earlier today with the Sarawak Government.
“Several deputy ministers, State Assembly members (ADUNs), and Sarawak Government officials were present to hear the briefing on the proposed new Cooperative Act.
“The Sarawak side has also submitted several views and suggestions, which are part of the engagement efforts we are conducting throughout the country,” he said during the press conference after visiting the Sungai Apong market site here today.
Ewon added that the new Act is scheduled to be tabled in Parliament, with the first reading expected at the end of this year, followed by the second and third readings during the March session next year.
He added that the main components of the Act are to liberalise the operations of the cooperative movement and empower the Cooperative Commission as the regulatory authority.
“These are the main objectives. There will be many new provisions, some will be retained, and others will be improved,” he said.
