The social economy is formed by a diversity of social actors that place importance in the value of individuals rather than maximized profit resulting from competition. Social enterprises, cooperatives, and town enterprises are such examples. (Image credit: Korea Bizwire)
SEOUL, Jul. 23 (Korea Bizwire) — The central government in association with the ruling Democratic Party of Korea said it would continue to advocate for the creation of new jobs for the nation’s youth by nurturing so-called “social economy” ventures.
The social economy is formed by a diversity of social actors that place importance in the value of individuals rather than maximized profit resulting from competition. Social enterprises, cooperatives, and town enterprises are such examples.
According to the Democratic Party, the party’s committee on social economy held a meeting regarding the matter for which many high-level government officials were present.
At the meeting, participants agreed on the need to quickly pass three bills on social economy currently being considered at the National Assembly: the basic law on social economy, a second law addressing the social value of government enterprises and a third and special law on the promotion of products produced by social enterprises.
Officials from the Ministry of Strategy and Finance present at the meeting offered several specific business models that could be taken into consideration, which included the use of solar energy panels at reservoirs among others.
The Ministry of the Interior and Safety introduced a proposal that would create new jobs for 70,000 youths during the next four years that could be implemented by local governments and supported by the central government.
The Democratic Party proposed a new sort of policy that would support young social entrepreneurs by lending them state owned land to fund smart farms and other socially driven entities. (image: Yonhap)
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The Ministry of Employment and Labor said would nurture talent in the sector to increase the ratio of the nation’s workforce in the social economy sector from the current 1.4 percent to 3 percent, which is closer to levels typically found in advanced nations.
The Democratic Party proposed a new sort of policy that would support young social entrepreneurs by lending them state owned land to fund smart farms and other socially driven entities.
H. S. Seo (hsseo@koreabizwire.com)
