Bandar Seri Begawan - The Legislative Council (LegCo) meeting yesterday heard issues related to the Brunei Industrial Development Authority (BINA).
The Minister of Industry and Primary Resources, YB Pehin Orang Kaya Seri Utama Dato Seri Setia Awang Haji Yahya bin Begawan Mudim Dato Paduka Haji Bakar responded to a query by YB Awang Haji Jumat bin Akim, Village Head of Kampung Putat, Mukim Lumapas who wanted clarification on the number of cooperatives in the classes of basic, intermediate and secondary that can be recognised as meeting the standards of BINA.
The minister said that as an Act that will be introduced in the 9th Legislative Council meeting, the classes of cooperatives have yet to be researched.
After the Act's approval, the new law will govern the establishment of cooperatives.
He said there is a new requirement to establish a basic cooperative which requires 30 members compared to the previous requirement of 10 members. As for the intermediate and secondary cooperatives, they will involve several other cooperatives so there are particular requirements to establish certain types of cooperatives.
YB Awang Hj Jumat also suggested that there should be a loan scheme for the cooperatives to grow due to the high interest rates imposed by banks.
The minister replied that financial aid is offered to cooperatives by the Ministry of Industry and Primary Resources for those eligible.
A suggestion was made by YB Pehin Datu Imam Dato Paduka Seri Setia Ustaz Haji Awang Abdul Hamid bin Bakal for BINA to be more active in giving chances to local cooperatives in investment.
The minister responded that the suggestion has been taken note of and BINA will disseminate information and investment opportunities outside the country.--Courtesy of Borneo Bulletin