SMEs ministry hosts forum to back social economy firms

The SMEs ministry held a forum Tuesday at the Glad Hotel Yeouido, the first such gathering since the Social Economy Basic Act was enacted on Sept. 15.

About 50 participants, including lawmakers Kim Young-bae and Choi Hyuk-jin, officials from the Ministry of the Interior and Safety, and industry experts, attended to review policy directions.

The number of social economy enterprises has more than doubled over the last eight years, rising from 15,000 in 2016 to 35,000 in 2024, with 53.4% showing annual growth in sales or employment over the past three years.

The ministry announced it would establish a government-wide promotion system under the presidential committee and integrate support bases for finance, public sales channels and statistics.

Specific measures involve creating dedicated funds to ensure stable capital access, linking domestic firms with global networks through the Comeup startup festival, and operating a preferential purchasing system for public institutions.

The agency also pledged to revise laws to include village and self-reliance enterprises within the scope of small and medium-sized businesses and push for a new Social Venture Act to clarify support grounds.

"Social economy enterprises are key players in our economy that have solved various social problems alongside business growth," said Noh Yong-seok, the ministry's first vice minister serving as acting minister. "We will strive to expand social value by supporting their growth."