Economy Minister Dr Caoimhe Archibald has pledged to unlock the untapped potential of Northern Ireland's co-operative sector after new research underlined its significant economic and social contribution.

The report, The Democratic Alternative: Unlocking the Potential of Northern Ireland's Co-operative Sector, estimates that co-operatives generate more than £1.5 billion in income and support approximately 800,000 memberships across Northern Ireland.

It also identifies major opportunities to expand the sector through targeted policy support, improved access to finance and greater awareness of the co-operative model.

Speaking at the launch of the report, Minister Archibald said: "This research provides clear evidence that co-operatives already make a significant contribution to our economy and communities. Importantly, it also highlights that there is considerable untapped potential to grow the sector further; increasing its contribution to economic development, community wealth building and good jobs."

Commissioned by the Department for the Economy and authored by Seán Byers of Trademark Belfast, the study provides the most comprehensive assessment to date of Northern Ireland's co-operative landscape. In response, the Minister announced a series of actions to be taken forward by the Department, including work on a new 10-year social economy strategy, with co-operative development forming a key strand.

Further measures will include examining the legislative and regulatory framework for co-operatives, strengthening specialist support, improving access to finance and increasing awareness and understanding of the co-operative business model.

The Minister added: "Co-operatives are businesses rooted in our communities, and I'm delighted to be setting out today how my Department will now go forward in supporting the sector to address the barriers identified in this research and creating the conditions for future growth."

Seán Byers, author of The Democratic Alternative: Unlocking the Potential of Northern Ireland's Co-operative Sector, said: "I am grateful to the Department for commissioning this report, which provides an important baseline for growing the co-operative sector in the years ahead.

"The research confirms that co-operatives already make a significant contribution to our economy, yet this represents only a fraction of their full potential.

"With the right policy framework, infrastructure and targeted support, there is a real opportunity to develop a more diverse co-operative sector that builds community wealth and gives people a greater stake in their economic future.

"My colleagues and I look forward to continuing to work with the Department to help realise the ambitions set out in this report."