Minister of State in Foreign Trade and Business, Sandra Husbands, has underscored the importance of co-operatives, saying they enable communities to strive for social and economic progress.
According to Ms. Husbands, this social and economic progress ensures equitable opportunities and wealth distribution. She made the comments ahead of International Day of Co-operatives, which will be observed on Saturday, July 1, under the theme: Co-operatives: Partners for Accelerated Sustainable Development.
In a message to celebrate the Day, the Minister of State said: “There is no better catalyst for the further economic democratisation of this country than the co-operative sector.
“We have all witnessed the role credit unions have played in shaping the financial landscape in a way that has allowed over 200,000 members to benefit from their services….”
Ms. Husbands said that through the dedicated efforts of many, credit unions had accumulated around an estimated $2.4 billion in assets. This achievement, she continued, had also created direct employment for over 500 persons and numerous businesses.
She also highlighted the non-financial cooperatives and the integral role they continue to play. “Despite having a small membership base when compared to the financial co-operatives, … the non-financial cooperatives, which the Ministry of Energy and Business regulates, have also contributed and made a noteworthy impact on the development of sustainable practices in the micro, small and medium-sized economy,” she stated.
The non-financial cooperatives have over 1,500 members; approximately $14 million in assets, and employ close to 100 persons.
As part of the celebrations for the International Day of Co-operatives, on Saturday, July 1, A Village-A-Fair will be held at the Golden Square Freedom Park, Bridgetown, from 9:00 a.m. to 6:00 p.m.
A number of co-operatives will be displaying their products and services, and members of the public are encouraged to come out and support the activity.