 On behalf of your honorable prime minister, the cabinet of ministers and in my capacity as minister with responsibility for cooperatives, allow me to extend a very happy International Corporate's Day to all members of the cooperatives here in St. Lucia and to recognize the significant contributions cooperatives have made and continue to make every day in the lives of the members, the communities, here in St. Lucia and worldwide. International Corporate's Day is an annual celebration of the cooperative movement observed on the first Saturday in July since 1923 by the International Cooperative Alliance. In resolution 47.9 of 16 December 1992, the General Assembly proclaims, and I quote, the first Saturday of July 1995 to be International Day of Cooperatives, making the centenary of the establishment of the International Cooperative Alliance and decides to consider the possibility of observing an International Day of Cooperatives in future years. End of quote. The International Day of Cooperatives 2022 is being celebrated under the theme, cooperatives build a better world. The United Nations invite cooperatives around the world to celebrate how the human-centered business model, inspired by the cooperative values of self-help, self-responsibility, democracy, equality, equity, and solidarity. And the ethical values of honesty, openness, social responsibility, and caring for others is building a better world. The theme recognizes that the current predominant economic model on its own will not achieve the sustainable development goals. My government recognizes and affirms the role and achievements of cooperatives in the economic, social, and cultural development of our nation. We are however cognizant of the myriad of challenges faced by the various cooperatives, particularly the smaller size and those located in the rural areas. For this reason, my government has pledged to further strengthen and reposition the cooperative sector to enhance its efficiency and maximize the benefits to members. The Cooperative Societies Act and Cooperative Societies regulations have been under review as far back as 2008. My government commits to the finalization of the species of legislation within this financial year. The demands of modern business practices dictate that cooperatives must be prepared to face the global challenges. As such, the finalization of the legislation is a priority for my government. The improvement in governance, accountability, and effective management will be addressed. The revised legislation will require volunteer officials to be fit and proper, having the requisite knowledge and skills to give proper direction to cooperatives to survive the global crisis and shocks. The cooperative movement is about changing and improving lives and livelihoods and protecting the interests of members. Therefore, the new regulations will reflect and address these issues, protecting the investment of all members. This will demand greater financial literacy for informed decisions, attention to concerns for community and better and greater cooperation among cooperatives in addressing issues like climate change, poverty, employment, and business development for the future development of the cooperative movement here in St. Lucia. Final consultations on the Cooperative Society Bill and regulations with the various sectors of the cooperative movement are taking place in preparation for presentation to parliament in the next few months. This I can assure you. My ministry in collaboration with the Ministry of Agriculture has engaged the Fisher's Cooperative with a view to obtaining first hand appreciation of the diverse issues inhibiting their progress. A technical committee has been established to strategize to address the issues and modernize their operations. A similar approach is planned for the farmers' cooperatives. We will leave no stone unturned in boosting the capacity and efficiency of our Fisher and farmer cooperatives as they play a vital role in our nation's food security. As we celebrate International Cooperatives Day 2022, we can proudly say that our cooperatives have provided the much needed landscape to change our lives. The difference through the cooperative principles, the democratic structure, the service to members, the cooperation among cooperatives, the concern for community, and the social goals that cooperatives embody are worth mentioning and recognizing today. In closing, as we join fellow cooperatives in over 180 countries and celebrate the 100th anniversary of International Cooperatives Day, I wish to thank every member, employee, volunteer for your invaluable contribution to this important movement. As cooperatives build a better world and a better centrusia, may God guide us as we work together in this important movement. I thank you.