[Exclusive] Democratic Party to Relaunch Basic Society Initiative... National Conference on Social Solidarity Economy to Launch in Late August

Kim Youngbae and Bok Giwang Appointed as Co-Chairs...
Legislative Task Force of About 20 Lawmakers Formed
President's Pledge on "Social Economy" to Be Supported Through Legislation

The National Conference on Social Solidarity Economy, which will include members of the Democratic Party of Korea, social enterprises, and civic organizations, is set to launch at the end of August. The launch of this conference is expected to give renewed momentum to the Basic Society Initiative, which encapsulates the political philosophy of President Lee Jaemyung.

Interview_Kim Youngbae, Member of the Democratic Party of Korea. Photo by Kim Hyunmin kimhyun81@

According to political sources on July 9, the "National Conference on Social Solidarity Economy for the Realization of a Basic Society" will be co-chaired by Democratic Party members Kim Youngbae and Bok Giwang. Both Kim and Bok are former heads of local governments, having served as mayor of Seongbuk District in Seoul and mayor of Asan in South Chungcheong Province, respectively. With experience in both legislative and administrative branches, they have a deep understanding of basic society policies and have directly experienced their policy effectiveness. In addition to lawmakers, the National Conference will include social enterprises, cooperatives, non-profit organizations, and civic groups. The social solidarity economy refers to private economic activities aimed at realizing social values. Previously, the term "social economy" was commonly used, but since the European Union adopted a resolution on the social solidarity economy in 2023, the term "social solidarity economy" has become the official terminology in international organizations.

The National Conference plans to support President Lee's campaign pledge to "support the social economy" through legislative activities. Similar to the Democratic Party's "Euljiro Committee," which handles economic legislation, the conference will hold meetings and forums with experts and stakeholders on major issues and take the lead in proposing bills. It is understood that the National Conference will also form a legislative task force consisting of about 20 lawmakers. If more than 10 lawmakers agree, a bill can be proposed; if a group the size of a parliamentary negotiation body (20 or more lawmakers) participates, it is expected to strengthen the preparation and promotion of the bill.

Previously, President Lee pledged as part of his campaign to enact a Basic Law on Social Economy to revitalize the economy, to develop measures to ease fiscal burdens through the activation of the social economy, and to promote regional economic revitalization by establishing a legal basis for village enterprises. The National Policy Planning Committee, which serves as the transition team for the Lee Jaemyung administration, also formed a task force on social economy revitalization and recently held its first meeting. "Sunlight Pension" (distribution of solar power profits to residents) is also one of the systems based on renewable energy community cooperatives, which are social economy organizations.

The decision to launch the National Conference at the end of August is a strategic move ahead of the regular National Assembly session in September. A key official from the National Conference explained, "The intention is to solidify our camp before the regular session in order to address legislation and policy budgets."

The most important bill for the National Conference is the Basic Law, which was also a campaign pledge of President Lee. In the 22nd National Assembly, it is expected to be promoted as the "Social Solidarity Economy Basic Act." Bills proposed by Democratic Party member Yoon Hojoong and Basic Income Party member Yong Hyein have already been submitted.

Yoon's bill stipulates basic matters such as the definition and scope of the social solidarity economy, basic principles (such as prioritizing the realization of common interests and autonomous operation from the state), and the establishment of related organizations and bodies, including a Presidential Committee for the Development of the Social Solidarity Economy. Yoon's bill was co-sponsored by 19 lawmakers, including Kim Youngbae, Bok Giwang, and Cho Seungrae.

Meanwhile, in the 21st National Assembly, six bills titled "Basic Law on Social Economy" were proposed, but none passed the Economic and Finance Subcommittee of the Planning and Finance Committee.