International Day of Co-operatives is recognised annually on the 1st Saturday of July. On this day, regardless of culture, events are held globally to promote the importance of the contribution of the co-operative movement to mankind.
My Government and I have always recognised the importance of commencing these celebrations by acknowledging the creator and so we want to give thanks to him for allowing us to be here. As a country, we have been through a plethora of challenges and so it is important that we thank God for the strength and guidance that affords us the opportunity to reach another milestone.
Our theme this year is “Cooperatives: partners for accelerated sustainable development,” which is reinforced by the slogan “Cooperatives for Sustainable Development.”
This in itself signifies the importance of why we should celebrate the International Day of Co-operatives. On this special day, we celebrate inclusivity, which is aimed at making our society socially, economically and culturally complete by giving individuals an opportunity to work together towards creating their own wealth.
By fostering a supportive environment, co-operatives enable our communities to strive for social and economic progress that ensures equitable opportunities and wealth distribution. Co-operatives promote self-reliance and sustainability.
One of the pillars of the co-operative movement is its capacity to bring individuals together to achieve a common objective. Those individuals are guided by co-operative values and principles. These values of self-help, self-responsibility, democracy, equality, equity and solidarity all promote development.
Additionally, the seven principles of voluntary and open membership, democratic member control, member economic participation, autonomy and independence, cooperation among co-operatives and concern for the community create an environment for sustainable development.
There is no better catalyst for the further economic democratization of this country than the co-operative sector. We have all witnessed the role credit unions have played in shaping the financial landscape in a way that has allowed over 200, 000 members to benefit from their services, all derived from humble beginnings.
Through the dedicated efforts of many, they have accumulated around an estimated 2.4 billion dollars in assets. This achievement has also created direct employment for over 500 persons and numerous businesses strive by providing services to them. The credit union growth and development over the past 20 years is no doubt a true testimony of “Co-operatives for sustainable development”.
Despite having a small membership base, when compared to the financial co-operatives; with over 1, 500 members, approximately 14 million dollars in assets, and close to 100 employees, the non-financial cooperatives, which the Ministry of Energy and Business regulates, have also contributed and made a noteworthy impact on the development of sustainable practices in the micro, small and medium-sized economy.
Over the years, we have observed their growth in the traditional transportation and agricultural sectors as well as their ongoing expansion into new and developing sectors such as renewable energy, construction, entrepreneurship and medicinal cannabis. They have contributed significantly to providing many opportunities for small businessmen and women in a variety of sectors. It should be noted that one particular society in the transport sector enjoys a million-dollar contract that obviously would not have been available to them if operating on an individual level.
As we celebrate International Day of Co-operatives 2023, I invite you to come to the Golden Square Freedom Park in Bridgetown on Saturday, July 01, 2023, and enjoy the innovative and creative products and services of our co-operative movement.
There will be numerous activities to keep our guests, and attendees entertained. These include a fashion show segment, live music from a co-op band, a resident DJ and steel pan music. The Diabetes and Hypertension Association of Barbados will also offer free health screenings. I am looking forward to seeing each and every one of you there.
Thank you.
Minister of State in Foreign Trade and Business, Sandra Husbands
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