President Mirza Fakhrul Islam Alamgir said corruption and irregularities had weakened many cooperative societies in Bangladesh, stressing the need for transparency, accountability, good governance and legal reforms to revive the sector.
He made the remarks at an event marking National Cooperative Day at the Osmani Memorial Auditorium in Dhaka on Sunday.
The President said cooperatives played a role beyond production and business, contributing to rural economic development, employment generation, poverty reduction and improved living standards for marginalised communities.
He called for collective efforts to harness the sector's potential and build a self-reliant and self-sufficient Bangladesh.
Recalling his childhood in Thakurgaon, Fakhrul said cooperative activities were once vibrant even in small towns. The town had cooperative buildings, cold storage facilities and markets for cooperative members, with many prominent local figures involved in the movement.
However, he said, the sector had gradually lost its former dynamism, with much of the enthusiasm and activity surrounding cooperatives disappearing over time.
Identifying corruption as a major reason for the decline, he said many cooperative societies had lost their effectiveness due to irregularities.
He stressed the need to ensure transparency and accountability in management, introduce necessary legal reforms and establish effective administrative systems.
Referring to economic challenges arising from global conflicts, including the energy crisis, the President said collective efforts were needed to address the difficulties and sustain the country's economic momentum.
FP/A
