64,000 Jobs Created by Social Economy Enterprises by 2022

At the 13th Emergency Economic Central Countermeasures Headquarters Meeting, 'Support Measures for Job Creation by Social Economy Enterprises' Announced

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is delivering opening remarks at the 13th Emergency Economic Central Countermeasures Headquarters meeting held at the Government Seoul Office in Jongno-gu, Seoul on the 13th. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Jang Sehee] The government plans to create 64,000 jobs by 2022 to help social economy enterprises take a step forward.

The Ministry of Economy and Finance announced the 'Support Plan for Job Creation in Social Economy Enterprises' at the 13th Emergency Economic Central Countermeasures Headquarters meeting held on the 13th.

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, emphasized in his opening remarks, "Compared to advanced countries such as the European Union (EU), the role of our social economy enterprises is quite limited," adding, "We will support the scale-up of social economy enterprises through growth-specialized guarantee support, expansion of social investment fund formation, institutionalization of mandatory purchase of social enterprise products by public institutions, and expansion of online sales channels."

Growth-support special guarantees will be provided to promising social economy enterprises, and the social investment fund formation amount will be increased to 50 billion KRW annually. The cooperative priority investment system will be implemented, and the guarantee limit will also be expanded.

The government will establish regional social economy hubs and promote the development and activation of social economy business models utilizing local resources. Support for social economy enterprises within regions through mutual finance will also be strengthened. Additionally, new business models will be discovered by expanding resident-participation care cooperatives and supporting the establishment of platform cooperative federations.

Support will be provided for social economy enterprises to enter fields such as environment and resource circulation, renewable energy, and culture, education, and science. In particular, the environmental sector aims to create about 5,000 jobs by 2022 through the expansion of social economy enterprise participation.

Regulatory relaxation on the establishment and operation of medical cooperatives will be reviewed. Measures under consideration include allowing participation of private practitioners and easing regulations on the ratio of investment funds to total assets after establishment.

Meanwhile, the government plans to conduct a campaign to create social value through the purchase of social economy enterprise products and a consumption promotion event in the second half of this year. In addition, opportunities for participation and utilization of social economy enterprises will be expanded in large-scale distribution channels such as Korea Sale Festa and NongHyup.

This content was produced with the assistance of AI translation services.