Democratic Party's 'Social Economy Committee' Officially Launched

Local Governments and Private Entities 'Solidarity Cooperation' Best Practices Discovered and New Deal Integration Projects Explored

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] The Social Economy Committee of the Democratic Party of Korea (Chairman Min Hyungbae, Member of the National Assembly) held its official launch ceremony on the 24th and presented appointment letters to the vice chairpersons.

The launch ceremony minimized attendees considering the COVID-19 situation and was broadcast live via Zoom and YouTube (Min Hyungbae TV).

Since the election of Chairman Min Hyungbae in October last year, the committee has completed organizational arrangements, including the formation of social economy committees in 17 city and provincial party branches nationwide, and will begin full-scale activities with the launch ceremony.

Starting next month, the committee will hold regional meetings of the social economy committees of 17 metropolitan city and provincial party branches nationwide. Through solidarity and cooperation with local governments and private entities, it plans to discover excellent cases of social economy.

It will also explore projects to integrate the Korean New Deal, promoted by the Moon Jae-in administration, with the social economy.

Additionally, it plans to swiftly complete five major legislations: the Social Economy Basic Act, the Social Value Basic Act, the Village Enterprise Promotion Support Act, the Credit Union Act, and the Support for Low-income Finance Act.

Democratic Party leader Lee Nak-yeon said, “Social economy emerged as a remedy to complement the shortcomings of market capitalism and is actually functioning as such. One of the foundations that make Europe’s economy more sustainable and less shaken than others is also the social economy.”

Chairman Min Hyungbae stated, “The market economy is rough and sharp, and the public economy is rigid. The social economy is humane and warm,” adding, “Together with Legislative Promotion Team Leader Kim Youngbae, we will unite our efforts to make 2021 the inaugural year for the enactment of the Social Economy Act.”

Legislative Promotion Team Leader Kim Youngbae said, “This is the first time that the party leader has directly overseen social economy legislation,” and added, “Because there is a strong will for legislation, we will achieve legislative results this year.”

Meanwhile, on this day, representing the vice chairpersons of the social economy committee, Choi Hyukjin, former Social Economy Secretary of the Presidential Secretariat, Seo Cheolmo, Mayor of Hwaseong, Gyeonggi Province, Lee Myungbok, Chairman of the Daegu City Party Social Economy Committee, Vice Chairpersons Han Yujin and Gal Sangdon received appointment letters from Leader Lee Nak-yeon.

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