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KUALA LUMPUR: The setting up of Koperasi Penjawat Awam 1Malaysia Berhad (KPA1B), a cooperative of civil servants, is expected to boost the cooperative sector's contribution to the country's Gross Domestic Product (GDP) up to 10 per cent by 2020.
Domestic Trade, Cooperative and Consumerism Minister Datuk Seri Ismail Sabri Yaakob said at present, the cooperative sector's contribution to the country' GDP was only one per cent.
He said if 1.4 million civil servants in the country were to become a member of the cooperative and pay a membership fee of RM10 each, KPA1B would have a start-up capital of RM14 million, and if the members were to pay RM100 each, it would have RM140 million.
"With that amount of money, they can venture into various businesses that could increase the income of the cooperative sector as a whole," he told reporters after opening Cooperative Awareness Programme here today.
Present were Congress of Unions of Employees in the Public and Civil Services (Cuepacs) president Datuk Omar Osman, who is also the chairman of KPA1B.
During the programme, Ismail Sabri also presented KPA1B with a development aid grant of RM100,000 from the Malaysian Cooperative Commission.
Meanwhile, Omar expressed hope that the cooperative, which was registered on March 5, could give a significant impact to the country's economic growth in the next three years.
"We are targetting to get between 50,000 and 100,000 members in the first year," he added. -- BERNAMA