“Cooperatives Build a Better World”. The Cooperatives Bank Institution has a long-standing tradition of commemorating International Cooperatives Day annually, dating back to 1948, and this year's celebration is no exception. Established in 1924, the International Cooperatives Bank seeks to integrate global cooperative banks and develop strong partnerships with Micro, Small and Medium Enterprises (MSMES).

The cooperative movement has been fuelled globally by ideas of economic democracy, defined as a socioeconomic philosophy that suggests an expansion of decision-making power from a small minority of corporate shareholders to a larger majority of public stakeholders.

Suzan Nthangeni, Executive Mayor of the Bojanala Platinum District Municipality, presided over the opening ceremony and warmly welcomed guests. She urged the youth and women to capitalise on business opportunities presented by the blue economy and participate in government and small business initiatives. "Cooperatives should overcome fear and demonstrate their ability to thrive in the business world, having surmounted various forms of prejudice, and seize opportunities to fully engage with the mainstream economy while expanding their skills."

Minister Stella Tembisa Ndabeni delivered a keynote address at the International Cooperatives Day celebrations, Sun City, North West.

Deputy Minister Jane Sithole gave an overview reflecting on the state of cooperatives in South Africa.

The two-day symposium provided entrepreneurs with an opportunity to learn from and connect with sector practitioners and key stakeholders worldwide, while also providing strategic direction to the Cooperative Banking Institution sector and its support structures. The department coined the theme "Cooperatives Build a Better World" to accelerate service delivery to MSMEs, micro-enterprises and young, up-and-coming businesses.

Discussions centered on better understanding the dynamic nature of the sector in the South African economy, global geo-economic dynamics, and systematic obstacles to small business growth, presenting policy options to scale up support to the MSME ecosystem. The cooperatives movement aims to build on last year's foundation by advocating for a cooperative banking sector that is integral to local economic development, adaptable to new challenges and opportunities in a rapidly changing economy.

The DSBD is committed to transformation, economic inclusion, and strengthening the entrepreneurship ecosystem through partnerships with relevant stakeholders to pursue a growing, sustainable small business sector.