THE YEAR 2012 has been declared as the 'International Year of Cooperatives' (IYC) by the UN to draw attention to and encourage action on major issues concerning cooperatives in the member nations.

According to the international body, the main aim of IYC is 'to raise public awareness of the invaluable contributions of cooperative enterprises in poverty reduction, employment generation and social integration. The Year will also highlight the strengths of the cooperative business model as an alternative means of doing business and furthering socioeconomic development'.

"Cooperatives are a reminder to the international community that it is possible to pursue both economic viability and social responsibility,” said the UN Secretary-General Ban Ki-moon while dedicating the year to the cooperatives. Thus, the year 2012 is meant to highlight the contribution of cooperatives to socio-economic development, particularly their impact on poverty reduction, employment generation and social integration.

The theme of the IYC is: “Cooperative Enterprises Build a Better World, which seeks to encourage the growth and establishment of cooperatives all over the world.