The asset base of Sri Lankan cooperatives have increased to nearly Rs three billion (US $ 18 million)-and coops are no longer charitable but they too should now compete in the liberal market economy.
“Cooperatives are no longer charitable organizations and they have to compete with other institutions in a liberalized market economy. Accordingly, Cooperatives may formulate proper strategic plans to sell their products and services,” said Minister of Industry and Commerce Rishad Bathiudeen addressing the launch of Asia Pacific Cooperative Development Conference by the International Co-operative Alliance (ICA) at Galadari Hotel Colombo.
This is the first ever such ICA Conference to be held in Sri Lanka with over cooperative reps from 27 countries.
The two day sessions that conclude on February 29 shall be focusing on integrating Sustainable Development Goals (SDGs) to cooperative systems.
This series of ICA sub-regional conferences began last year with three already concluded (In Jordan for Central Asia, in Mongolia for East Asia, and in Philippine for South East Asia).
“It is obvious that this conference has paid its attention to Socio-economic, cultural well-being, poverty, hunger, food conservation, environment conservation etc. The recommendations, proposals and conclusions of this conference could be implemented through the cooperative movement and be contributed to the sustainability in the region. Global Co-operative movement will also find out ways and means to achieve SDGs through this largest Community based movement in the world,” said Minister Bathiudeen.
“There are almost 14,500 cooperatives in various productions, services, SMEs, women’s development, rural banking, insurance and farming sectors. Cooperatives are also now present in our FMCG retail sector –in Sri Lanka through “Coop City” shops.
Lankan cooperative assets are a huge $1.8 billion with another dollar one billion in savings. The membership in our cooperative system exceeds five million.”
“This conference brings together participants of previous three sub-regional conferences. This meeting is held with the support of the European Union. Discussions and presentations will take place in the coming two days on eradicating poverty, sustainable food system, improving access and protecting environment.” Regional Director of Asia Pacific Region of the International Cooperative Alliance Balu Iyer said.
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