Busan City Holds Social Economy Promotion Committee Meeting... Review and Finalization of Implementation Plan

Kim Gwanghoe, Deputy Mayor for Economic Affairs, Experts in Social Economy, and 17 Committee Members from Related Organizations

This Year's Development Plan: "Busan, a City of Citizen Happiness and Sustainable Development through Realization of Soc

On the 28th at 3 PM, Busan City held the 'Busan Social Economy Promotion Committee' meeting in the 26th-floor conference room of City Hall.

Busan Social Economy Promotion Committee.

Social economy refers to all economic activities carried out to realize common interests and social values such as resolving polarization and creating jobs. Major social economy enterprises include social enterprises, cooperatives, village enterprises, and self-support enterprises.

This Social Economy Promotion Committee meeting was held to review and finalize the city's social economy promotion implementation plan for this year.

The meeting was chaired by Kim Gwanghoe, Deputy Mayor for Economic Affairs, and attended by 17 committee members including social economy experts and related agency officials.

This year's promotion plan has the vision of "Citizen Happiness and Sustainable Development of Busan through the Realization of Social Value" and includes four main strategies: ▲ regional innovation through building a regionally specialized and circular social economy ▲ establishing a sustainable social economy ecosystem ▲ strengthening business capabilities to secure competitiveness and self-sustainability ▲ spreading citizen-centered social values.

According to the strategies, 10 key tasks will be pursued to spread social values and lead regional innovation, including ▲ developing regionally specialized models ▲ promoting sales of warm values ▲ strengthening market competitiveness ▲ expanding the base of social values.

In particular, a new project called the ‘Busan-type Social Economy Enterprise Promotion’ will be launched this year. Through this project, by linking the city’s urban policies such as Citizen Happiness City and Low Carbon Green City with local resources, Busan-type social economy enterprises will be fostered to play a core role in supplying social services such as welfare, education, medical care, and culture within the 15-minute city space.

During the review of the promotion plan, committee members offered various suggestions and opinions, including promoting products of social economy enterprises and developing sales channels through online shopping, encouraging active purchasing participation by local companies as well as public procurement, and city-level countermeasures following the suspension of national funding for social enterprises.

Kim Gwanghoe, Deputy Mayor for Economic Affairs of Busan, stated, “We will solidly implement this plan and social economy activation policies so that Busan’s social economy can realize its value as a warm, people-centered economic actor. We will also actively support enhancing the self-sustainability of enterprises in response to the government policy shift from supporting social economy to fostering self-sustainability.”