Co-operatives greatly contributed to the development of remote districts, said the Minister for Cooperatives and Poverty Alleviation from Nepal.
Ek Nath Dhakal was speaking at the twentieth annual general assembly of the National Cooperatives Association (NCA) of Nepal.
He said co-operatives helped economically and socially in remote areas, and co-op should be taken to villages.
He added that all co-ops should be run in an inclusive manner, as social unity is the main objective of the co-operatives.
The Minister explained Nepal would be pushed back if the co-op sector becomes weak, due to malpractices in the area. He believed the capital of co-ops should be invested in productive and employment sectors.
Cooperatives are known as the third pillar among the three pillars of the economy and have been making great contributions towards economic prosperity, Minister Dhakal added.
Chief Secretary of NCA, Lilamani Paudyal, also expressed his belief that co-ops were the pillar of the economy and urged co-ops to be aware to address problems so as not to lose trust in the sector.
Likewise, Secretary at the Ministry, Rana Bahadur Shrestha, expressed the belief that the recently approved Cooperatives policy will help in the promotion and development of the cooperatives.
Governor of Nepal Rastra Bank (NRB), Dr. Yubraj Khatiwada, said that the cooperatives sector, which has played a crucial role for social and economic development of the country, should expand their services.
The annual report of the NCA said there are 26,501 different types of preliminary organisations, 242 district level associations, 16 central associations, one national cooperatives bank in Nepal.