UN recognizes cooperatives' crucial role in global development through International Year of Cooperatives.

The United Nations designated a period to observe the International Year of Cooperatives, emphasizing their role in fostering social and economic development. The initiative aimed to increase awareness about cooperatives, a type of organization owned and operated by a group of individuals for their mutual benefit. Cooperatives exist in various sectors, including agriculture, finance, healthcare, and retail, making them integral to numerous communities around the world. The UN highlighted cooperatives' contributions to poverty reduction, employment generation, and social integration. Cooperatives benefit over one billion people globally and provide 100 million jobs, more than multinational corporations. These enterprises generate significant economic activity, with the top 300 cooperatives alone having a combined revenue of over $2 trillion. The International Year of Cooperatives offered an opportunity to promote the values and principles central to the cooperative movement, such as democratic decision-making, concern for community, and collective ownership. Governments and organizations were encouraged to create supportive environments for the growth of cooperatives, recognizing their potential to address global challenges, including food security, job creation, and social inclusion. Numerous events, campaigns, and activities took place globally, fostering knowledge exchange and partnerships. The initiative underscored the importance of cooperatives as sustainable business models that balance economic viability with social responsibility. #Cooperatives #UN #SocialDevelopment #EconomicDevelopment #JobCreation #SustainableBusiness #PovertyReduction #MoofLife