According to the International Cooperative Alliance, globally over one billion people are currently represented by the Co-operative Movement and around 100 million people are working for cooperatives. In Singapore alone, there are 87 co-operatives serving 1.4 million members.
These eye-opening statistics given by Acting Minister for Community Development, Youth and Sports Chan Chun Sing at the International Year of Co-operatives (IYC) Regional Conference on 3 October 2012 underscored the considerable impact of co-operatives to socioeconomic development worldwide including Singapore.
Organised by the Singapore National Cooperative Federation (SNCF), more than 800 regional leaders of co-operative, charity and social enterprise sectors attended the summit aimed at increasing public awareness about co-operatives, their contributions and also promoting the formation and growth of cooperatives.
Mr Chan said: “In Singapore, co-operatives play an important role in our society. Primary co-operatives are formed when individuals voluntarily come together to form enterprises to meet economic and social needs, through self-help and mutual assistance.
“Today, we have 87 co-operatives serving some 1.4 million members. They provide a wide range of services such as supermarket operations, insurance, thrift and loan, catering, childcare, etc. In their own quiet and unassuming ways, they contribute to the economy, create jobs, help to reduce poverty and promote social integration.”
He added: “Prime Minister Lee Hsien Loong has said in his recent National Day Rally speech that `social safety nets have to be coupled with self-reliance and resilience’. Self-reliance and resilience are the very values that co-operatives embrace and promote. Co-operatives strive to meet the collective economic and social needs of their members.”
Mr Chan assured that the Government will continue working with the SNCF and stakeholders to nurture the co-op movement in Singapore, and encouraged new and existing co-ops to continue tapping on grants from the Central Co-operative Fund.
“Administered by SNCF, the New Cooperative Grant supports the formation of cooperatives with clear social missions. In addition, the Capacity and Capability Development Grant supports existing co-operatives to strengthen their operating capabilities, improve efficiency and effectiveness.”
He also stressed on the importance of coop members electing the right people into the Committee of Management who with co-op employees are responsible for meeting future challenges and demands.
