Corruption has ruined many cooperatives: President

President Mirza Fakhrul Islam Alamgir has said that corruption has rendered many cooperative societies in the country ineffective, calling for transparency and accountability in the sector.

Speaking at an event marking the 55th National Cooperative Day at the Osmani Memorial Auditorium in Dhaka on Sunday, he also urged people to work together to tackle the energy crisis and revive the struggling economy.

The Department of Cooperatives organised the event.

The president said cooperatives were not limited to production or business activities; they also had significant potential to develop the rural economy, create jobs, reduce poverty and improve the living standards of marginalised people.

He stressed the need to harness this potential and make cooperatives an effective tool for building a self-reliant Bangladesh.

Referring to the economic challenges caused by the global conflict situation, including the energy crisis, he said collective efforts were essential to overcome the difficulties and keep the economy moving.

Emphasising transparent management and accountability, he said many cooperative societies had lost their effectiveness due to corruption.

To address the situation, transparency and accountability must be ensured in cooperative management, he added.

At the event, President Mirza Fakhrul Islam Alamgir handed over the National Cooperative Awards 2025 to selected individuals and organisations in recognition of their contributions to the cooperative sector.