Cooperative to help Indians
JOHOR BARU: A group of Indian professionals has come together with the aim to help the community in getting more business opportunities.
The Malaysian Indian Business Association (Miba) will form a nationwide cooperative within a week, its president, P. Sivakumar, said, adding that Entrepreneurial and Cooperative Development Minister Datuk Seri Khaled Nordin had agreed to approve the cooperative.
“He has also pledged RM30,000 as start-up capital. It will be called the Malaysian Indian Business Cooperative Limited (MIBC) and be handled by professionals,” he said.
Sivakumar welcomed the pledge, but added that more funds would be needed to ensure the cooperative was able to achieve its objectives.
He said more had to be done to shift the equity index of the Indian community as it had dwindled from 1.5% to 1.2% over the last 30 years.
“These days, just to start up a small business alone requires around RM50,000. If there is going to be a real shift in this index, a huge sum of RM1b is needed for the Indians to progress,” he said.
Sivakumar added that the funds should be disseminated by Indian-based business NGOs and used as funds for start-up capital and training in non-traditional business areas.
The funds should also be used as working capital to allow the community a chance to participate in new growth areas like biotechnology.
“Even areas like the plantation and animal husbandry sectors still lack Indian participation,” he said.
Sivakumar said that while it was important for the community to be self reliant, much had to be done by the Government in providing the necessary support, including funds and business licences.