Sri Lankan government decides to prepare National Cooperative Policy to modernize over 14,000 cooperatives island wide
The Ministry of Industry and Commerce in Sri Lanka has stated that preparations are being made to formulate a National Cooperative Policy in order to modernize over 14,400 cooperatives around the country serving eight million people.
The Ministry has reportedly stated that with combined assets worth Rs. 418.4 billion, the cooperative movement serves grass-root communities with a range of services from rural banking and insurance targeting agriculture, manufacturing, services, small and medium businesses, and women empowerment.
According to reports, the national policy aims to simplify laws, introduce technology and good governance and ensure cooperatives are self-financing.
“The main goal is to modernize the country’s 111-year old cooperative sector to be on par with other cooperative movements in the world,” the Ministry of Industry and Commerce has said in a statement.
The draft policy was formulated with assistance from the International Labour Organization and is scheduled to be handed over to the Cabinet of Ministers for approval.
Reports further state that Sri Lanka’s cooperative movement has eight million members and employs 46,000 people.
OSL take:
The Sri Lankan government’s decision to formulate a National Cooperative Policy would result in the streamlining of over 14,000 cooperatives island wide. The cooperatives cover several key areas in the economy ranging from agriculture, manufacturing, banking and small and medium businesses. Once the cooperatives are streamlined, foreign businesses could explore opportunities to engage in business ventures with the strong network of cooperatives in Sri Lanka, which serve over eight million people.
| Article Code : | VBS/AT/03092018/Z_2 |