UAE’s Ministry of Economy (MoE) has signed a Memorandum of Understanding (MoU) with the largest global cooperative organization, International Cooperative Alliance (ICA) in order to develop the structure of the Emirates’ 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 partnership will help raise the work environment in the country’s cooperative sector to new levels. 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 favorable environment and policies that drive its growth.”
Furthermore, Mr. Al Saleh 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 will also enhance the readiness of the UAE’s cooperative work environment and increase its contribution to the growth of the country’s non-oil GDP.
“Through this agreement, we aspire to provide the UAE’s cooperative sector with the highest international practices, following the footprints of leading examples from countries all over the world. Our strategy is to promote the development of the current cooperative system in the UAE, raise awareness, encourage the participation of youth and women, and build capacities. This strategy is set to increase the contribution of cooperatives in supporting the country’s economy as it is an important focus area in achieving the objectives of the UAE Centennial 2071 and supports the country’s efforts to establish a diversified economic model,” commented Mr. Balasubramanian Iyer, Regional Director of the Alliance, on behalf of the ICA.
The Ministry of Economy aspires to set a first-of-its-kind comprehensive strategy to develop the cooperative sector in the UAE in the upcoming stage. Under the strategy, the ministry will help train the entities that supervise the cooperative sector and will educate them about the latest international practices and methods.
As per the statement, it is also set to launch a joint committee with the membership of cooperatives, as well as federal and local entities that supervise the sector, to oversee the implementation of the strategy, in collaboration with the Ministry. Further, it will encourage joint efforts by the Ministry and its partners to promote the national cooperative sector.