"Beyond Economy, Considering Social Value"... KCCI Declares 'New Entrepreneurship'

Entrepreneurship Declaration Ceremony on the 24th
Economic Leaders Including Chairman Chung Euisun and Chairman Sohn Kyung-shik Attend

Chamber of Commerce and Industry Building, Jung-gu, Seoul. (Photo by Korea Chamber of Commerce and Industry)

[Asia Economy Reporter Moon Chaeseok] The Korea Chamber of Commerce and Industry (KCCI) announced on the 15th that it will hold the 'New Entrepreneurship Spirit Proclamation Ceremony' at the KCCI Hall on the 24th.

At the proclamation ceremony, KCCI plans to present a new image of entrepreneurs who take the lead in social contribution beyond profit generation. Woo Taehee, Executive Vice Chairman of KCCI, said about the event, "The role of companies has changed now," adding, "It is necessary to present a future-oriented vision aiming not only for economic value but also for social value."

The ceremony will be attended by KCCI Chairman Chey Tae-won, Hyundai Motor Chairman Chung Euisun, Korea Employers Federation Chairman Sohn Kyung-shik, Market Kurly CEO Kim Seul-ah, among others. Leaders of economic organizations, large corporations, as well as startup figures will also be present. For the event, KCCI has been holding working group meetings since April last year, starting with the 'National Communication Project' through offline meetings and online opinion gathering.

At the proclamation ceremony, each company is expected to announce an action plan regarding the new entrepreneurship spirit.

Previously, the U.S. major business association, the Business Roundtable (BRT), pledged five commitments in a statement released in August 2019: delivering value to customers, investing in employees, treating partner companies fairly, supporting local communities, and creating long-term value for shareholders.

KCCI explained, "The U.S. BRT declaration mainly marked a shift from 'shareholder primacy' to 'stakeholder capitalism,'" adding, "This proclamation aims to find more advanced action items based on the recently spreading ESG (Environmental, Social Responsibility, and Corporate Governance improvement)." It further stated, "Even after this event, we plan to continuously discuss tasks that the economic community will jointly pursue."

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