The Portfolio Committee on Trade and Industry today welcomed the Cooperatives Amendment Act, which was enacted by President Jacob Zuma this week.
Committee Chairperson, Ms Joanmariae Fubbs, highlighted the impact that this Act will have on the economy of the country. She said cooperatives can drive sustainable job creation where it is most needed. Ms Fubbs, said the Act will play a key role in the economic development of the country, particularly in rural areas.
The Committee adopted the Cooperatives Amendment Bill last year and it was then sent to the National Council of Provinces.
The Act provides for the necessary legislative framework for the re-emergence of cooperatives as a developmental vehicle to drive wealth creation and poverty eradication. The purpose of the legislation is to support and promote the development and effective functioning of cooperatives, as a unique business form and as a vehicle for poverty reduction and job creation.
It therefore aims to enhance the developmental character of cooperative legislation; reduce the regulatory burden for co-operatives; and enhance compliance, coordination, administration and sustainability of cooperatives.
For media enquiries or interviews with the Chairperson, please contact:
Rajaa Azzakani, Parliamentary Communication Services
Cell: 082 560 9610
Tel: 021 403 8437
E-mail: razzakani@parliament.gov.za
