Shinhyeop Holds 'Joint Forum' in Busan, Host City of Korea Social Economy Expo

The National Credit Union Federation of Korea (NACUFOK) held a joint forum with the National Council of Social Solidarity Economy Local Governments and the National Council of Cooperatives to commemorate the 101st International Day of Cooperatives.

The joint forum took place on the 1st in Busan, the host city of the Korea Social Economy Expo. The purpose was to share cases and achievements of cooperation among cooperatives, credit unions, and local governments to address social issues such as regional imbalance, polarization, and the climate crisis, and to build collaborative relationships that drive social change.

Participants reflected on the Cooperative Basic Act, which marks its 11th anniversary this year, and discussed its future direction. With various social solidarity economy projects being planned?such as establishing private-led clusters, building energy production and consumption bases, reconstructing community care and medical systems, and creating social service infrastructures to maintain essential services for local residents?it was a shared opinion that mutual cooperation with local governments and the role of social finance have entered a very important phase. Following this, Jeon Jae-hong, Executive Director of Buk Seoul Credit Union, presented cases and challenges of cooperation between local-based social economy and social finance, followed by a comprehensive discussion.

According to NACUFOK, credit unions, as cooperatives playing a central role in social finance, have significantly contributed to the growth and scaling of cooperatives and the social solidarity economy. The recently opened Sesol Cluster in Yangju, Gyeonggi Province, is a meaningful example where the challenges of social solidarity economy field organizations and the role of credit unions are organically combined, driven by purely private cooperation. In addition, NACUFOK stated that credit unions are accelerating cooperation among local governments, social solidarity economy organizations, and local autonomous bodies to solve social issues such as expanding solar power facilities and rescuing tenants from jeonse fraud, while pursuing sustainable development.

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