Establishment of Gyeonggi-do Social Economy Center Becomes Visible... Provincial Council Passes Related Ordinance

[Asia Economy (Suwon) = Reporter Lee Young-gyu] The establishment of the 'Gyeonggi-do Social Economy Institute,' a public institution dedicated to revitalizing the social economy within Gyeonggi Province, has gained momentum.

Gyeonggi Province announced that the 'Ordinance on the Establishment and Operation of the Gyeonggi-do Social Economy Institute,' which was primarily proposed by Assemblyman Kim Young-hae (Democratic Party of Korea, Pyeongtaek 3), passed the Gyeonggi Provincial Assembly plenary session on the 31st.

According to the ordinance, the Social Economy Institute aims to build a sustainable foundation for the social economy based on solidarity and cooperation, promote the growth of social economy organizations, and contribute to improving the quality of life for residents and the development of local communities.

The main projects include ▲ policy development research ▲ talent cultivation ▲ support for market access and growth of social economy organizations ▲ network building ▲ social finance ▲ various public-private cooperation activities. In particular, it will play a pivotal role in establishing the social economy ecosystem in Gyeonggi Province.

The ordinance also specifies 'public-private cooperation' as the fundamental principle of institution operation, reflecting the characteristics of the social economy, and mandates the participation of diverse stakeholders.

Following the passage of the ordinance, the province plans to submit a consent proposal for funding to the Provincial Assembly’s extraordinary session in June, secure funding through supplementary budgeting, and then secure the contribution funds. Subsequently, it will proceed with the establishment procedures of the foundation corporation, including forming the executive recommendation committee, appointing executives, and holding the inaugural general meeting, to officially start the Social Economy Institute’s operations.

Earlier, to incorporate various voices from the social economy field, the province has been operating a public-private joint task force (TF) composed of administration, provincial assembly members, field representatives, and experts since June last year.

The province is currently finalizing the establishment agreement with the Ministry of the Interior and Safety after conducting a feasibility study through a specialized institution.

Kim Young-chul, Director of the Communication and Cooperation Bureau of Gyeonggi Province, emphasized, "The Gyeonggi-do Social Economy Institute is the first public institution dedicated to the social economy established at the metropolitan level. We will do our utmost to make it a pioneering model."