Economy, Domestic Economy

Cooperatives Earn $1.7b From Exports

Cooperatives Earn $1.7b From Exports  Cooperatives Earn $1.7b From Exports

Deputy minister of cooperatives, labor and social welfare Hamid Kalantari says non-oil goods worth more than $1.7 billion were exported by the cooperative sector during the past fiscal year (March 2015-16). “We are trying to increase this year’s exports to $2.5 billion,” he added. Over 1,500 new cooperative units were established in the first five months of the current year (March 20-August 21), creating 18,000 jobs, ISNA quoted him as saying. Cooperative refers to a firm owned, controlled, and operated by a group of users for their own benefit. Each member contributes equity capital, and shares in the control of the firm on the basis of one-member, one-vote principle (and not in proportion to his or her equity contribution). Article 44 of Iran’s Constitution stipulates a 25% share for Iran’s cooperatives in the gross domestic product. However this share now barely exceeds 5%, officials say.