The United Nations (UN) has declared 2012 as the International Year of Co-operatives (IYC), with the theme ‘Co-operative Enterprises Build A Better World’. Coinciding with the Singapore National Co-operative Federation (SNCF)’s 30th anniversary, Singapore launched the IYC on 4 December 2011 at Resorts World Sentosa with Minister for Education Heng Swee Keat as Guest-of-Honour. He was joined by Minister of State, Ministry of Community Development, Youth and Sports, Madam Halimah Yacob and Advisor to the IYC National Committee and NTUC FairPrice Co-operative Limited Chief Executive Officer (CEO) Seah Kian Peng.
In his welcome address, SNCF Executive Council Chairman and NTUC First Campus Cooperative Limited CEO Chan Tee Seng spoke on how the co-operatives in Singapore contribute to building a more inclusive and resilient society.
He said: “In Singapore, co-operatives’ share of total economic activity is a relatively small one. They constitute about 0.2 per cent of Singapore’s GDP, with a total workforce of less than 20,000. Yet, they touch the lives of more than 1.7 million members.”
With the sombre global economic outlook, Mr Heng cautioned for co-operatives in Singapore to be more mindful of financial risks. He said: “The current low-interest rate environment will tempt many to search for yield in riskier investments. Do guard against making such decisions with the hope of making a windfall, but rather concentrate on your core competencies and do those well.”
Madam Halimah also presented the SNCF scholarship to Ang Sheng Rui, 20, and Lee Keng Boon, 19, both from the National University of Singapore, at the event.
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"Given the many changes in our environment, co-operatives have to be adaptable to meet the evolving needs of their members. I would also like to call on the leaders of the co-op movement to steer the co-operatives through the current uncertainty in the global economic and financial situation.”
Minister for Education Heng Swee Keat
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