Gyeongnam Province Selects Village Enterprises to Lead New Wave in Social Economy Ecosystem

2021 2nd Gyeongsangnam-do Village Enterprise Designation Review, 10 (Preliminary) Village Enterprises Selected

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Gyeongsangnam-do selected 10 companies in the '2021 2nd Gyeongsangnam-do Village Enterprise Designation Review' held on the 21st.

Among the 10 companies selected in this review, 6 preliminary companies will be designated by the provincial review. Four companies categorized as new, advanced, and excellent will be finally designated through the Ministry of the Interior and Safety's review in June.

Once designated as a village enterprise, they receive project funds of 10 million KRW for preliminary, 50 million KRW for new, and 20 million KRW for advanced enterprises.

They are also granted eligibility to participate in management consulting and market support projects hosted by the Ministry of the Interior and Safety and Gyeongnam Province.

Village enterprises are community-level companies that create income and jobs through profit-making businesses utilizing various local resources. They play a role as a pillar of the social economy, emerging as an alternative for revitalizing the local economy.

The Ministry of the Interior and Safety currently designates and operates 1,556 village enterprises nationwide. Over the next 10 years, it aims to foster 3,500 village enterprises nationwide by nurturing 'one village, one village enterprise.'

In the past three years, the number of organizations and companies applying for village enterprise contests in the province has gradually increased, with 19 cases in 2019, 39 in 2020, and 41 in the first half of 2021, bringing a fresh breeze to the social economy ecosystem in the province.

Jang Jaehyeok, head of the Gyeongnam Province Social Economy Promotion Team, said, "Social economy, including village enterprises, is emerging as an alternative to the existing economic system," and added, "We will strive to ensure that the social economy settles in the province and continues to grow."

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