Asharqia Chamber organizes a meeting to introduce the importance of cooperative societies in Khafji
Asharqia Chamber, represented by the Business Council of its branch in Al-Khafji Governorate, organized a meeting devoted to introducing the importance of cooperative societies and their role in serving the community and related sectors, during which Abdullah bin Mahdi Al-Shammari, a member of the cooperative societies’ board of directors, organized a meeting.
Al-Shammari said during the meeting, which was held on the evening of Tuesday, June 21, 2022, and was moderated by the Vice-President of the Business Council in the Chamber’s branch in Khafji, Fahd bin Mudhi Al-Enezi, that the many advantages offered by cooperatives in improving the conditions of members and the surrounding community, including flexibility in work, which is represented in enabling affiliated members to contribute to the association through The needs and capabilities of each affiliate member, working as an entrepreneur, activating flexible work models, and contributing to administrative and leadership work.
Al-Shammari explained that cooperative societies are institutions centered around their members, as their main objective is to meet the economic and social needs and aspirations of members. Building business dealings with them, so they are institutions managed by collective ownership, Governance results in greater economic and social impact, and profit comes to a secondary degree. A major focus is on members' transaction agenda, and social development comes indirectly.
According to Al Shammari, cooperatives are also characterized by the economic participation of purchases through collective procurement, the reduction of transaction costs, in addition of reducing the effects of fluctuating prices for products, avoiding requirements for purchasing certain products, and cooperatives can implement long-term strategic plans, pricing products at a lower price due to reduced production cost and "consolidated purchase and acceptance of lower profits" processes.
