KCCI Social Value Festa... Chey Tae-won "Innovation Needed to Solve Social Issues" (Summary)

Opening on the 12th at COEX... First time in the business world
First held at the suggestion of Chairman Chey Tae-won
"Companies also participate in solving social issues"

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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 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 Choi Tae-won, chairman of the Korea Chamber of Commerce and Industry, and the plan was finalized in July. As the event name includes ‘1st,’ it is planned to be held annually going forward. The Korea Chamber of Commerce and Industry 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 alone, it is important for all actors, including companies, to work together to solve these issues."

Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, is applauding at the opening ceremony of the "KCCI, 1st Social Value Festa" held on the 12th at COEX in Gangnam-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

In his opening remarks, Chairman Choi Tae-won said, "We are faced with a reality where we must catch not two but ten birds with one stone," emphasizing the need for disruptive innovation that can solve many social problems simultaneously. He added, "Through communication, exchange, and cooperation, we need ideas that are not just ‘one stone two birds’ but ‘one stone many birds.’"

He also explained disruptive innovation for solving social problems as "a methodology where one does not only focus on their own work but also looks at what others are doing, and by combining these efforts, problems can be solved." Chairman Choi emphasized, "Social value grows greater the more it is shared," and said, "When the government, academia, civic groups, and various stakeholders come together, they will create ‘collective impact.’"

He then referenced an American proverb, "Tell me and I forget. Show me and I may remember. But involve me and I understand," introducing the Festa by saying, "This event expanded the platform so that more people can participate and understand our activities through participation."

He stated, "We will practice this through the Entrepreneurial Spirit Council (ERT) to allow new innovations and ideas to bloom," and added, "We will also encourage more participation from the public and stakeholders and develop the Social Value Festa into a ‘value platform’ that creates synergy through cooperation."

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 Academy of Management participated as co-hosts with the Korea Chamber of Commerce and Industry. 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."

Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, is touring company booths participating in the 'KCCI, 1st Social Value Festa' held on the 12th at COEX in Gangnam-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

The event was held under the theme ‘Cooperation for a Sustainable Tomorrow’ with various programs including forums, mini book talks, exhibitions, markets, and networking. The Korea Social Problem Map was also unveiled. The Korea Chamber of Commerce and Industry, together with Impact Square, created it by analyzing recent public social problem perception surveys by the Social Value Research Institute and sustainability reports from 97 large companies. A Leaders Summit event was held with the participation of over 140 leaders representing various sectors. Attendees included Choi Tae-won, chairman of the Korea Chamber of Commerce and Industry, Kim Han-gil, chairman of the National Integration Committee, and other prominent figures from politics and the economy. The summit focused on ‘Major social problems facing Korea and stakeholder collaboration strategies,’ examining social issues of public and corporate concern and discussing the roles of leaders from various sectors in problem-solving. Park Il-jun, executive vice chairman of the Korea Chamber of Commerce and Industry, said, "We ask for the warm interest of the public and the continued participation of various stakeholders committed to practicing social value in the 2nd and 3rd events as well."