Cooperatives Urged to Leverage Capital for Economic Growth

Industry, Investment and Commerce Minister, Senator the Hon. Aubyn Hill, has called on cooperatives to leverage the strength of their capital to make a greater contribution to the transformation of Jamaica.

He urged them to design products that cater to diverse groups to promote innovation, job creation and economic growth.

“Our cooperatives must be part of a transformation,” he said, imploring them to “empower farmers, uplift fisherfolk, serve workers from varied sectors of the economy, invest in the youth and bring women to the forefront”.

Minister Hill was speaking at the recent launch of the International Year of Cooperatives 2025 (IYC2025) at the Co-operative Credit Union League of Jamaica’s Manhattan Road location in Kingston.

He noted that there are approximately 23 credit unions and more than 90 cooperatives with more than one million members that provide a critical service to various groups.

“These institutions hold more than $140 billion in savings and manage over $192 billion in assets. It is a large society that has serious capital and serious ownership,” he pointed out.

“Cooperatives are a vital part of Jamaica’s economic growth. I invite all stakeholders to join in the noble national effort to cement our political independence with robust and sustained economic independence,” he added.

The IYC 2025 is being held under the theme ‘Cooperatives Build a Better World’ and aims to raise awareness about the transformative power of cooperatives, advocate for supportive policies and build partnerships across sectors.

Jamaica is one of the few Caribbean nations holding full and associate membership in the International Cooperative Alliance (ICA) and will participate in the global celebration.

Observances will be held over one week starting June 29 and culminating with the celebration of International Day of Cooperatives on July 5.

IYC2025 will showcase the significant contributions of cooperatives globally and emphasise their role in advancing the Sustainable Development Goals (SDGs).