Garak Market's Leading Nonprofit Corporation Hope Sharing Market Reappointed as Public Interest Corporation by Ministry of Strategy and Finance for 6 Years

Recognized for Contributions in Social Contribution Activities Utilizing Unique Resources of Garak Market

Hope Sharing Market Social Contribution Activities

[Asia Economy Reporter Jong-il Park] The Seoul Agro-Fisheries & Food Corporation (President Moon Young-pyo), along with Garak Market's fruit and seafood wholesale market corporations, intermediate wholesalers' associations, cargo handling groups, and Garak Mall tenant merchants, jointly established the Hope Sharing Market Foundation (Chairman Kwon Jang-hee) to contribute to the local community. This foundation has been re-designated as a public interest corporation by the Ministry of Economy and Finance.

Established as a non-profit corporation in 2010 with approval from the Seoul Metropolitan Government, the Hope Sharing Market Foundation has become a representative public interest corporation of Garak Market. It has developed a systematic corporate system and utilized the unique resources of Garak Market. Since 2010, it has delivered 10,000 boxes of kimchi annually to over 200 social welfare facilities in Seoul. Since 2013, it has supplied seasonal fruits twice a week to 240 child centers for vulnerable groups in Seoul, carrying out various welfare support and social contribution activities for the local community's vulnerable populations.

In particular, the Hope Sharing Market Foundation acts as a communication bridge between Garak Market distributors and vulnerable groups in the community, promoting unity and harmony through smooth communication. Since 2019, it has purchased surplus agricultural products and supported facilities for vulnerable groups, playing a stepping stone role for rural-urban coexistence involving production areas, Garak Market, and the local community. For these contributions, it has received numerous commendations from institutions including the Seoul Volunteer Award.

Kwon Jang-hee, Chairman of the Hope Sharing Market Foundation and representative of Seoul Fruit & Vegetable Wholesale Market, stated, “We are very pleased that the re-designation as a public interest corporation will enable further development aimed at the shared growth of Garak Market and the local community through the practice of sharing values. We will ensure transparency in fundraising and utilization of donations and contribute to the activation of a sharing culture by establishing a sharing network within the region.”

On the 31st of last month, the Ministry of Economy and Finance officially re-designated 121 organizations, including the Hope Sharing Market Foundation, as public interest corporations. The re-designation period is six years, from January 1, 2022, to December 31, 2027. Being designated as a public interest corporation allows the organization to raise donations from individuals, groups, and companies interested in social contribution projects, and provides tax deduction benefits on the amount raised. Individual donors can receive a tax credit of 15% of the donation amount within 30% of their income, while corporate donors can receive a 10% tax credit on the donation amount.