Ministry of Economy, International Cooperative Alliance sign MoU to strengthen national cooperative sector

• Published date: 19 May 2022
• Publication title: LETA

The Ministry of Economy (MoE) and the International Cooperative Alliance (ICA), the largest global cooperative organisation, signed a Memorandum of Understanding (MoU) to develop the structure of the UAE's project aimed at strengthening the national cooperative sector.

The partnership forms part of the Ministry's strategy to improve the performance of the country's cooperative sector and increase its contribution to the national economy. The MoU was signed by Abdullah Al Saleh, Under-Secretary of the Ministry of Economy, and Balasubramanian Iyer, Regional Director of the Alliance, on behalf of the ICA.

Al Saleh said that the partnership will help raise the work environment in the country's cooperative sector to new levels. He explained that under the framework of the MoU, joint actions will be taken along with the ICA to contribute to the development of flexible and proactive legislation that will further empower the cooperative model and regulate its governance. This in turn will enhance the readiness of the UAE's cooperative work environment and increase its contribution to the growth of the country's non-oil GDP. In addition, he pointed out that this MoU serves the Ministry of Economy's objectives and integrated strategy to achieve qualitative development in the cooperative sector to enable it to play a direct role in the diversification and competitiveness of the national economy.

He added, "The cooperative sector plays a pivotal role in achieving the UAE's sustainable economic and social development goals and is an important asset to the competitiveness and diversity of the national economy. In line with the wise leadership's vision for the future and the Principles and Projects of the 50, the UAE Government has adopted a new vision for this vital sector aimed at improving its performance in accordance with international best practices and enhancing its role in the country's new economic model. The country has achieved regional leadership in developing the cooperative model and establishing a favourable environment and policies that drive its growth."

Al Saleh further noted that the UAE is one of the first countries in the region to allow the regulation and trading of cooperative shares in its financial markets, a move that enhances the leadership and competitiveness of the UAE cooperatives regionally and globally. It enables the activation and deepening of its role in providing economic sectors in the country and supporting its shareholders. "We...