The Irish Co-operative Organisation Society (ICOS) will celebrate the 30th UN International Day of Cooperatives this coming weekend on Saturday July 6.
This day, marked globally for over a century, highlights the substantial contributions of the cooperative movement to societal and economic development, and this year’s theme is ‘Cooperatives build a Better Future for All’.
Edward Carr, president of ICOS said: “ICOS calls on the government, communities and all stakeholders to continually support the cooperative movement and promote its benefits for a just and sustainable future.
“By working together, we can build a better future for all through the power of cooperatives.”
UN International Day of Cooperatives
The UN International Day of Cooperatives aims to emphasise the important role of cooperatives in addressing global challenges and promoting sustainable development.
ICOS is the umbrella body for the cooperative movement in Ireland – including dairy processing cooperatives and livestock marts – whose associated businesses have a combined turnover in the region of €16 billion.
It has about 175,000 individual members, employing 12,000 people in Ireland, and a further 24,000 people overseas.
In total, there are some 1,000 co-ops in Ireland, and the largest 100 organisations employ approximately 40,000 people.
“Cooperatives represent a unique and powerful way of doing business, one that is built on the principles of mutual benefit, democratic control, and sustainable development,” Carr continued.
“They have a proven track record in creating resilient and inclusive communities, particularly in times of economic hardship.
“Some of the most readily recognisable cooperatives in Ireland include the dairy processing cooperatives and livestock marts, creating multi-million revenues and employing thousands of people.
“However, there are many other cooperatives including the credit unions, housing co-ops and member-based enterprises engaged in renewable energy, retail, tourism, education and training, among many others,” he added.
Cooperatives
ICOS also provides a guide with a roadmap for setting up a cooperative, covering steps such as planning, commercial feasibility, membership enlistment, investment, and registration.
Marking the International Day of Cooperatives, ICOS is encouraging all entrepreneurs, innovators and communities across Ireland to explore the cooperative model as a viable and rewarding way to do business.
“Cooperatives offer a unique blend of economic stability, social equity, sustainable practices and community empowerment,” Carr continued.
“Their approach not only supports individual members but also contributes to the broader societal good, making them a vital component of a resilient and equitable economic system.
“While cooperatives have traditionally thrived in the agri-business and rural sectors, ICOS believes that the cooperative model holds vast potential across various industries, including digital services, renewable energy, tourism, housing, and more.
The cooperative approach is particularly advantageous in times of market failure, offering a collaborative solution to challenges faced by individual businesses,” he added.
Considering setting up a cooperative?
In today’s rapidly changing economic landscape, ICOS has said that cooperatives stand out as resilient and effective models for fostering community wellbeing and sustainable development.
The society has claimed that unlike many traditional businesses, co-ops often perform better during economic downturns.
They provide stable employment opportunities, which helps sustain local economies even in challenging times, according to ICOS.
Cooperatives are also champions of social equity as they operate on principles of democratic control, where each member has a voice in decision-making processes, ICOS has stressed.
This, it said, ensures an equitable distribution of profits, meaning that the success of the enterprise is shared among all members rather than being concentrated in the hands of a few.
Another benefit of cooperatives according to ICOS is sustainable development.
It said that co-ops play a big role in community empowerment, creating cohesion among members by enabling them to work together towards common goals.
This collaborative approach not only strengthens community ties but also empowers individuals by giving them a platform to contribute meaningfully to the success of the enterprise, according to the organisation.
ICOS will host a free ‘Co-op Start-up Business Planning Webinar’, from 1:00p.m. to 2:00p.m this Friday, July 5 for anyone considering setting up a co-op.