"Companies Also Join in Solving Social Issues"

KCCI Hosts 'Social Value Festa'
First Event Proposed by Chairman Chey Tae-won

Soboro (SOVORO), named by shortening the phrase 'expanding the channel to see sound,' is an application that translates spoken words into text. Utilizing artificial intelligence technology STT (Speech to Text), it provides real-time captioning services for the hearing impaired. For people with hearing disabilities, text interpretation is as important a means of communication as sign language. Customers with hearing impairments made calls to their parents as soon as they installed the app.

Soboro Text Interpretation Service. Photo by Korea Chamber of Commerce and Industry

"Anyone can bloom brightly anytime. Be gentle." When a pen was given to an elderly person collecting recyclables, they wrote a comforting reply in crooked handwriting about the worries faced by 'Generation Z' youth and sent it back. The letter became the beginning of resolving generational conflicts. Arip & Weleep creates and sells goods featuring drawings and handwriting by the elderly in response to the worries sent by young people.

Arip & Wealip's new Earmarket goods. Photo by Korea Chamber of Commerce and Industry

At the '1st Korea Social Value Festa' held on the 12th at COEX in Samseong-dong, Seoul, over 200 organizations including companies and groups pursuing social value, government, academia, and civil society participated. There were 130 exhibition booths on site, and about 6,000 visitors including general citizens and students interested in solving social problems and creating social value toured the exhibition.

Hosted by the Korea Chamber of Commerce and Industry (KCCI) and others, the Social Value Festa is the first event of its kind in the business community. Until now, there had been no event where companies gathered in one place to discuss social value creation and social problem solving and showcase related projects and products. It is reported that the event was proposed for the first time earlier this year by KCCI Chairman Chey Tae-won and was concretized in July. Since the event name includes '1st,' it has been decided to hold the event annually going forward. KCCI explained, "Our companies are already heavily involved in social problem agendas," adding, "The Social Value Festa aims to show that in situations where the government cannot solve complex social problems every time, it is important for all actors, including companies, to work together to solve these issues."

Map of Social Issues in South Korea (Types and Characteristics of Social Issues). Photo by Korea Chamber of Commerce and Industry

Many companies and institutions agreed on the need to actively engage in solving social problems and lent their support. The National Integration Committee, SOVAC, Hyundai Marine & Fire Insurance, Kolon, COEX, and the Korean Academic Society of Business Administration participated as co-hosts with KCCI. Jan Peter Balkenende, former Prime Minister of the Netherlands and chairman of the Dutch multinational CEO coalition 'DSGC,' established in 2012 to address climate action, responsible consumption and production, and inequality reduction, also visited Korea to attend the event. In his congratulatory speech, he said, "Korea's challenge in practicing social value will inspire other countries."

The event was held under the theme 'Cooperation for a Sustainable Tomorrow' with various programs such as forums, mini book talks, exhibitions, markets, and networking. The Korea Social Problem Map was also announced. KCCI, together with Impact Square, created it by analyzing recent public social problem perception surveys by the Social Value Research Institute and sustainability management reports from 97 large companies. A Leaders Summit event was held with the participation of over 140 leaders representing various sectors. Attendees included Chey Tae-won, Chairman of KCCI, Kim Han-gil, Chairman of the National Integration Committee, and other representatives from politics and the economy. The summit was conducted under the theme 'Major Social Problems Facing Korea and Stakeholder Collaboration Measures,' examining social issues that citizens and companies are paying attention to and discussing the roles of leaders from various sectors in solving these problems. Park Il-jun, Executive Vice Chairman of KCCI, said, "We ask for the warm interest of the public and the continuous participation of various stakeholders who want to practice social value in the 2nd and 3rd events as well."