KT&G Receives Presidential Citation at the '2021 Social Economy Contributors Government Awards'

Sanghak Lee, Head of KT&G Sustainability Management Division (right), is receiving the Presidential Citation at the 2021 Social Economy Meritorious Person Government Award Ceremony on the 2nd and taking a commemorative photo. (Photo by KT&G)

[Asia Economy Reporter Seungjin Lee] KT&G announced on the 5th that it received the Presidential Citation at the ‘2021 Social Economy Merit Government Awards’ ceremony hosted by the Ministry of Economy and Finance.

This award ceremony was organized to honor organizations and individuals who have discovered successful business models in the social economy sector and contributed to the realization of social value. KT&G was recognized for its contributions to supporting youth entrepreneurship and socially marginalized groups, receiving the Presidential Citation in the social value realization category.

Since 2017, KT&G has been operating the Sangsang Startup Camp to discover and nurture social entrepreneurs who aim to solve social issues such as the environment and job provision for vulnerable groups through business. Through five sessions held to date, 97 teams have graduated, with 36 of those teams selected for government-supported social entrepreneur development projects, achieving notable results.

The Sangsang Startup Camp provides opportunities for new investment attraction and networking through ‘The Debut’ event, where the achievements of the graduating teams are shared. So far, it has achieved employment effects for 745 people and accumulated sales of approximately 19.8 billion KRW.

Additionally, to revitalize the youth startup ecosystem, KT&G opened ‘KT&G Sangsang Planet’ in July 2020 in Seongsu-dong, Seongdong-gu’s Social Venture Valley. ‘KT&G Sangsang Planet’ operates various programs such as the Planet Campus, which supports startup growth with marketing and legal services to help early entrepreneurs establish a stable foundation, and the Wellness Planet to promote interaction among residents. Recently, a youth startup center was also opened at Sangsangmadang Busan, a complex cultural and artistic space, to support the growth of local young entrepreneurs.

Lee Sang-hak, Head of KT&G’s Sustainable Management Division (Vice President), stated, “This award has become an opportunity to recognize KT&G’s social contribution activities that have worked to activate youth entrepreneurship and realize social value,” adding, “We will continue to make efforts to revitalize the social economy in the future.”