'SOVAC 2020' Online Opening... Choi Tae-won, Chung Eui-sun, Choi Jung-woo, Jo Yong-byeong Appear as 'SV Avengers'

[Asia Economy Reporter So-yeon Park] 'Connection, Spirit of the Times, Change and Cooperation'

At the largest private social value festival, Social Value Connect (SOVAC) 2020, domestic and international business leaders announced the opening of the festival through congratulatory speeches tailored to the characteristics of each company.

To celebrate the SOVAC event held online from the 1st to the 24th, business leaders including Chung Eui-sun, Executive Vice Chairman of Hyundai Motor Group; Choi Jeong-woo, Chairman of POSCO; Cho Yong-byoung, Chairman of Shinhan Financial Group; and Martin Brudermueller, Chairman of BASF in Germany, delivered messages of support.

Chung Eui-sun, who took the first turn, emphasized 'connection' as a social value to overcome the sense of disconnection in the 'Untact' era caused by the novel coronavirus infection (COVID-19) in his online congratulatory speech.

Executive Vice Chairman Chung said, "This event, now in its second year, has grown into a representative festival for creating social value," adding, "I hope SOVAC will develop into a platform that connects people, knowledge, experience, and business to create sustainable social value."

He continued, "Hyundai Motor Group's social value is to connect people through the evolution of mobility, providing new happiness and joy to customers," and said, "We will strive to achieve innovation and progress for society and humanity by offering mobility centered on electric and hydrogen vehicles as practical solutions to climate change and future energy transitions."

Choi Jeong-woo, Chairman of POSCO, stated that creating social value is the new spirit of the times for companies. Chairman Choi said, "The social values pursued by SK and POSCO's corporate citizenship (a company that thinks and acts like a citizen) are consistent in seeking coexistence and symbiotic values with various stakeholders," emphasizing, "It is the new spirit of the times for companies not only to create jobs and profits as economic agents but also to actively participate in solving social problems."

Chairman Choi added, "If we openly discuss various problem-solving ideas and work to realize them, it will make a meaningful contribution to creating a better world," and said, "POSCO will also continuously participate and support the role of leading social problem-solving as a corporate citizen."

Starting his congratulatory speech by saying, "I am Cho Yong-byoung, Change Maker of Shinhan Financial Group (a person who creates change through awareness and resolution of social issues)," Chairman Cho explained three principles of practice.

Chairman Cho said, "Shinhan Financial Group has a mission to 'make the world better through the power of finance' and will become a company that pursues good influence that changes the world by practicing 'value of coexistence' to eliminate financial inequality, 'virtuous cycle of trust' where customers support companies and companies collaborate with society, and 'environmental preservation' to respond to the threat of climate change," promising, "Shinhan will always be with SOVAC on its journey to make the world more valuable and warmer."

BASF, the chair company of the non-profit VBA (Value Balancing Alliance), which is establishing global standards for measuring social value along with SAP, Deutsche Bank, and SK, also sent a congratulatory video.

Martin Brudermueller, Chairman of BASF, said, "We must strengthen cooperation more than ever before to overcome the challenges the world faces together," adding, "This requires new ways of thinking, and SOVAC is the perfect place to realize this." He added, "The key to opening the wonderful door of global cooperation is right now in our hands."

SK Chairman Chey Tae-won, expressing gratitude to the business leaders who sent congratulatory messages, said, "Social problems can be solved more effectively through cooperation," and added, "I hope SOVAC becomes our society's 'happiness platform' that shares bold perspectives breaking existing frameworks and leads to immediate action."

Meanwhile, in the first week of SOVAC, the activities of social ventures creating a better world through innovative technology will be introduced. Following that, sessions hosted by Naver, POSCO, Kakao, and Google will be held. In the third week, discussions will cover the meaning of impact investment, social innovation by the younger generation, solving regional problems using IT, and employment issues for people with disabilities. In the final week, sessions will address the challenges faced by non-profit organizations after COVID-19, the necessity of 'empathy' education, and the achievements and future of Social Performance Incentives (SPC).

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