On 29 September, Economy Minister Dr Caoimhe Archibald confirmed plans to develop the co-operative industry in Northern Ireland after a major new study highlighted its substantial economic and social value.
It also notes the sector sustains approximately 800,000 memberships throughout the region.
Commissioned and funded by the Department for the Economy, the report was authored by Seán Byers from Trademark Belfast.
In April of this year, the Department awarded a two-year grant to Co-operative Alternatives to deliver the Regional Co-operative Support Programme.
This initiative provides specialist guidance to people and groups seeking to set up or expand co-operative businesses.
Responding to the findings, the Minister outlined several actions for the Department to pursue.
These steps include reviewing the current legislative and regulatory framework applicable to co-operatives.
Enhanced support will also focus on strengthening specialist assistance, improving access to finance and raising awareness of the co-operative business model.
The study identifies further growth opportunities through targeted policy intervention and greater understanding of the sector's potential.
A key component of the response is the initiation of work on a new 10-year social economy strategy.
Co-operative development will form a central element within this long-term plan.
This approach builds upon the Department's existing implementation of the Social Enterprise Action Plan.
Earlier data from The Northern Ireland Social Enterprise Sector Report indicated the sector contributes roughly £933 million in turnover to the local economy.
That same report found the industry supports more than 17,000 jobs across all regions of the north.
A particularly strong presence exists within the most deprived communities.
The Minister stated that unlocking the untapped potential of the co-operative sector remains a priority for the Executive.
No specific timeline was provided for when the new strategy would be fully launched.
The Department will continue to monitor progress as it moves forward with these initiatives.