An economic expert Betchani Tchereni has underscored the need to capitalize on cooperatives for economic growth.

He was speaking to YONECO FM online as the country joins the global community to commemorate the international day of cooperatives which falls on July 3 annually.

Tchereni mentioned that these cooperatives have not explored industrialization and this is an area which can positively impact on the economy.

“What we have not seen to a larger extent is the graduation of these cooperatives to industries I believe if we take this direction it would ensure their sustainability,” he said.

But on cooperatives such a Village Savings and Loans Associations (VSLAs), Tchereni said there is good progress and individuals have benefitted a lot.

“Cooperatives have been instrumental especially in the finance industry one example is the VSLAs where people put resources together and assist each other in different aspects,” said Tchereni.

The day will be commemorated under the theme ‘Rebuild better together’.

Cooperatives around the world will showcase how they are meeting the COVID-19 pandemic crisis with solidarity and resilience and offering communities a people-centered and environmentally just recovery.