500, 000 new members for cooperatives

Tuesday, 5 July 2011 00:33 -     - {{hitsCtrl.values.hits}}

The Ministry of Cooperatives and Internal Trade said that 500,000 new members have joined the cooperative societies around the country within less than two months.

The membership drive was launched in May this year by the Ministry to mark the 100th anniversary of the cooperative movement in the country.

Sri Lanka’s cooperative movement that was legally established in 1911 was a major player in the economy until the economy was opened in 1977 paving the way for the decay of many of the cooperative societies.

However, the Mahinda Rajapaksa government provided assistance to the cooperative societies to launch initiatives that are capable of competing with the private sector, a Ministry spokesman said.