Samsung, SK, Hyundai Motor, and 74 Other Companies Declare 'New Corporate Entrepreneurship'

KCCI to Hold 'New Entrepreneurship Declaration Ceremony' on 24th
"New Role Needed for Companies... Development Together with Stakeholders"
Launch of Practical Body 'New Entrepreneurship Council'

The 2022 New Year's Economic Meeting was held on the 4th at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, where Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, explained the role of businesses. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Oh Hyung-gil] A total of 74 business leaders from major conglomerates, including the top 10 groups, have declared a 'New Entrepreneurship' to value all stakeholders surrounding companies and to develop together.

On the 22nd, according to the Korea Chamber of Commerce and Industry (KCCI), economic organization heads such as Chey Tae-won, chairman of KCCI, Son Kyung-sik, chairman of the Korea Employers Federation, Koo Ja-yeol, chairman of the Korea International Trade Association, and Choi Jin-sik, chairman of the Korea Federation of SMEs, signed a corporate declaration containing these contents.

Among large corporations, Samsung Electronics, SK Supex Council, Hyundai Motor Company, LG, Lotte Holdings, POSCO, Hanwha, Hyundai Heavy Industries Group, KT, CJ Group, Korean Air, Doosan, Kolon Group, and OCI were included.

Mid-sized and small companies include Hyundai Group, Fursys, LSC Food, and Nuriplan Group. Financial institutions participating in the signing include Mirae Asset Securities, KB Financial Group, Industrial Bank of Korea, Shinhan Bank, Kyobo Life Insurance, and Hyundai Marine & Fire Insurance. Startups such as Woowa Brothers, Viva Republica, Socar, and Zigbang also joined.

The declaration stated, "We are facing new crises and challenges such as digital transformation, climate change, population cliff, and the pursuit of happiness of social members," and added, "To solve these issues and create a sustainable community, companies must renew their roles and gain the trust of the people."

Therefore, it declared, "Companies will go beyond their past roles of creating jobs and profits through growth to value all stakeholders surrounding the company, including customers, organizational members, shareholders, partner companies, and local communities, and develop together by declaring and practicing a 'New Entrepreneurship.'"

They expressed sympathy for the new entrepreneurship and promised to strive for the five major action pledges.

The five major action pledges are ▲ Creating jobs and enhancing 'economic value' through continuous innovation and growth ▲ Enhancing 'ethical value' through trust and respect for external stakeholders such as customers and partner companies ▲ Creating a 'corporate culture' where organizational members feel rewarded and can develop ▲ Practicing 'eco-friendly management' for a clean future and better life ▲ Growing 'together with local communities,' the workplace of work and life.

The KCCI plans to hold a New Entrepreneurship proclamation ceremony on the 24th. Chairman Choi, Hyundai Motor Group Chairman Chung Eui-sun, Chairman Son, and others are expected to attend. A KCCI official explained, "Unlike typical economic events, government or political attendance is excluded, and only businesspeople gather to proceed," adding, "This is to clearly show that companies participate voluntarily and that there is no other purpose."

KCCI plans to form a separate practical organization called the 'New Entrepreneurship Council (Entrepreneurship Round Table)' to continue specific activities. It will expand not only to its 180,000 member companies but also to members of other economic organizations and startups.

Woo Tae-hee, executive vice chairman of KCCI, said, "We have prepared to establish a system so that the New Entrepreneurship does not end as a one-time declaration but continues as sustained practice," adding, "We will continuously seek and implement items that can practically contribute to solving social problems throughout corporate management."

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