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The notion that cooperatives can play a major role in the revitalising of the Guyanese economy was emphasised yesterday by President of the Canadian Cooperative Association (CCA),Customized Uruguay Jersey, Dave Sitaram.Sitaram, a Guyanese by birth,Johnny Herrera Chile Jersey, expressed his convictions in this regard during a press conference. He is currently here in Guyana to lend his support to the Ministry of Labour and Human and Human Services even as National Week of Cooperatives is observed.He said that in Canada there is a tremendous cooperative network to the tune of C’dn$17 million belonging to credit unions or cooperatives across the country.The credit unions and cooperative systems began back in 1937 during the depression which is similar to the kind of economic outlook that is evident at this point in time.“We went through the recession and cooperatives started to flourish in Canada, especially in Western Canada, where farmers had lost all of their savings in rural communities…Today we have employed in excess of 150,000 individuals, about 100,Jesus Duenas Mexico Jersey,000 in terms of directors and we have about Cdn$275 Billion in assets.”Moreover, Sitaram said that the cooperative system plays a vital part in Canada’s economy,Linus Wahlqvist Sweden Jersey, emphasising that “in the country’s Gross National Product we are great contributors and we are an important part of the fabric of that landscape.”In highlighting the fact that the Canadian and local models of the cooperative system are similar, Sitaram speculated that with the past experience he brings, Guyana could effectively avoid some potential pitfalls.He said that the model utilised in Canada is simple and democratic with a control system that reaches to the level of the community.“It is not a top/down approach; it is a bottom up approach where you put the responsibility of the cooperatives and credit union within the membership. However the governing structure has to be tightly looked at.”Sitaram pointed out, too,Rodolfo Pizarro Mexico Jersey, that it is of absolute importance in cooperatives that there is the element of trust and respect as the lack of these could result in the lost of a good cooperative reputation.And should reputational damage occur within a cooperative it could mean that the expectations of ordinary Guyanese people,Uruguay Jersey, who have invested,Melker Hallberg Sweden Jersey, could be crushed.Sitaram said that oversight in the administration of cooperatives is of utmost importance.“I know you have a very rich history here and we see the opportunity of assisting in building the cooperatives. In small communities,Diego Polenta Uruguay Jersey, cooperatives thrive and Credit Union system can be so amazing. So I am hoping that I can share with you in order to revitalise the movement in Guyana and make it a viable alternative.”The CCA as a national organisation has been able to make its name by working in more than 40 countries around the world.Currently the Association has presence in 21 countries in including Asia,Juan Carlos Medina Mexico Jersey, Africa and Latin America.“It gives me some experience so we can share some of our best practices with Cooperatives here and the Guyanese people as a whole,” Sitaram asserted.