The government is enhancing support for social economy enterprises by establishing dedicated funding and utilizing a priority purchasing system for public institutions.
On September 22, at the 'Social Economy Growth Forum' held at the Glad Hotel in Yeouido, Seoul, the Ministry of SMEs and Startups announced measures to promote the growth of social economy enterprises.
Social economy enterprises engage in economic activities aimed at realizing the interests of community members and social values based on cooperation and solidarity.
The ministry revealed that it will create dedicated funding to help these enterprises secure stable financial resources for growth.
Additionally, a networking event will be organized in conjunction with the global startup festival 'ComeUp,' bringing together domestic and international experts and businesses in the social economy sector.
The ministry will also support market expansion through the priority purchasing system established by the Social Economy Basic Act, and it will assist the growth of consumer cooperatives, which will fall under its jurisdiction starting in November.
Furthermore, the government plans to amend laws to include village enterprises and self-sufficiency enterprises within the scope of small and medium-sized enterprises and to push for the enactment of a social venture law to clarify the concept and support basis for social ventures.
This forum marks the first event focused on the growth of social economy enterprises since the enactment of the Social Economy Basic Act and the announcement of a comprehensive plan for the development of the social economy, aimed at discussing activation measures among the National Assembly, government, and private sector.
Noh Yong-seok, First Vice Minister of the Ministry of SMEs and Startups, stated, "Social economy enterprises are important players in our economy, solving various social issues alongside their growth. We will strive to support their growth and spread social value as well."
* This article has been translated by AI.
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