Experts at a research conference organised by the International Co-operative Alliance have emphasised the need for digital transformation to empower the cooperative sector for a sustainable and innovative future in the era of industry 5.0.
The 18th ICA Asia Pacific research conference in Kozhikode has brought together over 300 cooperative leaders and experts from 18 countries with the objective to redefine the cooperative model for the digital age.
The landscape of the global co-operative sector is undergoing a revolutionary shift driven by digital transformation was the key theme at the conference. It is jointly hosted by the International Co-operative Alliance (ICA) Asia Pacific, IIM Kozhikode, and ULCCS.
More than 150 research papers covering a wide array of topics, along with the Coop Pitch 2024 competition for youth, coopreneurs, and social entrepreneurs were presented.
Debashis Chatterjee, Director, IIM Kozhikode discussed the need for businesses to adopt Conscious Capitalism, focusing on environmental impact and sustainability.
Yashavantha Dongre, Vice Chancellor of Chanakya University and Chair of Research at the International Cooperative Alliance-Asia Pacific called for research and collaboration within co-operatives to ensure sustainable growth.
Positioning Kerala as a leader in transitioning to a knowledge-based economy under the framework of Industry 5.0, T.M. Thomas Isaac, former Kerala Finance Minister said co-operatives are well-suited to lead this transition, especially in a state grappling with high unemployment among educated youth.
Despite high unemployment rates among educated youth, the State has millions of migrant workers. The solution lies in adopting Industry 5.0 technologies to foster startups and skill-based industries, Isaac said.
Balasubramanian Iyer, Regional Director of the International Cooperative Alliance Asia-Pacific, underscored the importance of knowledge sharing among co-operatives worldwide.
With over 306 organizations representing various sectors like agriculture, banking, and health, ICA is driving the global co-operative movement towards a sustainable and inclusive future.
Panellists stressed the need for integration of digital technologies to enhance efficiency and competitiveness while maintaining the democratic values at the core of co-operatives.