Ministry of Economy and Finance and Policy Planning Committee Hold Conference on 'Social Value' Topic

[Sejong=Asia Economy Reporter Son Seonhee] The 'Social Value Performance and Challenges Conference' will be held on the 18th at the Four Seasons Hotel in Jongno-gu, Seoul.

Co-hosted by the Ministry of Economy and Finance, the Policy Planning Committee, and the Social Enterprise Promotion Agency, this conference aims to review the achievements and future tasks of the current government's social value policies and to build consensus for the enactment of the 'Social Value Basic Act.'

Jo Dae-yeop, Chairperson of the Policy Planning Committee, said in his opening remarks, "Social value is the spirit of a just world-leading nation and the order of a new civilization," adding, "We must overcome crises such as polarization, the climate crisis, and the demographic cliff based on social value."

Park Kwang-on, a member of the Democratic Party of Korea who proposed the 'Basic Act on the Realization of Social Value by Public Institutions,' said in his congratulatory speech, "At this time when social inequality is deepening due to COVID-19, the spread of social value is necessary to create a people-centered economy and an inclusive society where everyone prospers together," and added, "We will strive for the prompt passage of the Social Value Basic Act."

The first session of the conference, titled 'Meaning of Social Value and Policy Tasks,' was led by Professor Choi Hyun-sun of Myongji University. Professor Choi evaluated, "Under the Moon Jae-in administration, the promotion of social value in the public sector has expanded the nation's diversity, transparency, and openness, with achievements particularly in safety and health fields such as the enactment of the Serious Accidents Punishment Act and strengthening health insurance coverage." However, she suggested, "There is a need for role-sharing among the central government, local governments, and public institutions regarding social value, as well as the delegation of authority from the central government."

In the second session, titled 'Enactment of the Social Value Act and Spread of Social Value,' Choi Yoo-kyung, head of the Social Value Team at the Korea Legislation Research Institute, who spoke as a panelist, expressed expectations that "the development of objective measurement indicators for social value and the legalization of evaluation and measurement methods can induce a virtuous cycle of social value creation."

In the third session, Professor Bae Geun-ho of Dong-Eui University analyzed related survey results and explained, "The reasons public institutions engage in social value activities are greatly influenced by external factors such as government policies and management evaluations, but there is overall consensus on the necessity of practicing social value activities," adding, "Lack of resources such as budget and personnel is an obstacle."

Jeong Bun-neu stated that through this conference, they will review the policy tasks presented and continue efforts for the enactment of the Social Value Basic Act.