![\"\"](\"http:\/\/dominicanewsonline.com\/news\/wp-content\/uploads\/2012\/04\/cooperatives-300x225.jpg\" "\\"PENTAX")
The Cooperative movement in Dominica continues to make a significant contribution to the Dominican economy, according to the Cooperative Division.<\/p>\nThe Cooperative movement in Dominica continues to make a significant contribution to the Dominican economy, according to the Cooperative Division.<\/p>\n
That point was emphasized as the Division launched its new magazine \u201cInsight\u201d on Wednesday.<\/p>\n
Registrar of Cooperatives Mariet Canoville, making reference to the non-financial cooperatives, singled out the Dominica Essential Oils and Spices Cooperative.<\/p>\n
She said that cooperative and its 562 members contribute over \u201c$3 million in sales per year, bringing in foreign exchange to this country\u201d.<\/p>\n
Canoville said while she did not have available figures for other thriving cooperatives, she could confirm that they were also making a tangible annual contribution, including the \u201cBelievers Cooperative\u201d with their coconut oil, and another group working on exporting honey to the neighboring French islands.<\/p>\n
According to the registrar the fisheries cooperatives are among those also making a significant contribution.<\/p>\n
The cooperative movement\u2019s assets are said to be well over EC$400 million, with a significant amount of that money held by the country\u2019s credit unions.<\/p>\n
Credit Union League official Aaron Dyrample says the loan portfolio of the credit unions stands at $300 million.<\/p>\n
According to Prime Minister Roosevelt Skerrit the cooperative movement is critical to Dominica\u2019s future.<\/p>\n
\u201cIn terms of employment generation, in terms of the direct and indirect impact on the economy of Dominica and particularly so with regards to rural economy,\u201d the prime minister said.<\/p>\n
\u201cIf we were to remove the presence of cooperatives in Dominica, one can appreciate the tremendous negative impact that would have on the way of life of several hundreds of families across Dominica,\u201d Skerrit said while underscoring the importance of the movement.<\/p>\n
The Cooperative Division and the island\u2019s cooperatives are trying to draw attention to their contribution to the country\u2019s development as Dominica observes 2012 as the International Year of Cooperatives with a range of activities throughout the year.<\/p>\n","protected":false},"excerpt":{"rendered":"The Cooperative movement in Dominica continues to make a significant contribution to the Dominican economy, according to the Cooperative Division. That point was emphasized as the Division launched its new magazine \u201cInsight\u201d on Wednesday. Registrar of Cooperatives Mariet Canoville, making…","protected":false},"author":16,"featured_media":61348,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_cbd_carousel_blocks":"[]","footnotes":""},"categories":[18],"tags":[],"class_list":["post-61347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"acf":[],"yoast_head":"\n