Press

Nine organizations in Busan join forces again to support regional economic revitalization, sustainable growth of social economy enterprises and small and medium-sized ventures, and spread of ESG management. Nine institutions including Korea South-East Power Co., Ltd. announced on the 20th that they delivered 1.17 billion won from the Busan Economic Revitalization Support Fund (BEF) to the Social Innovation Research Institute and Busan Creative Economy Innovation Center, which serve as trust management agencies, at the Busan International Financial Center (BIFC). The BEF, a joint fund contributed by nine Busan-area organizations since 2018 to revitalize regional economy and spread ESG management, reached a cumulative total of 7.51 billion won through this delivery ceremony. Last year, while expanding support to small and medium-sized ventures as well as social economy enterprises, 30 companies supported through business expenses achieved increased sales of 8.2 billion won, 51 new job creations, and 5 billion won in investment attraction, along with the relocation of 5 companies from outside the region to Busan. This year, in the social value field, 23 companies will be selected and provided with a total of 630 million won for ▲corporate social performance reward programs ▲support for social startups and social entrepreneur development ▲business projects linked to public institution resources ▲employment and startup support for youth preparing for independence. In the industrial and private enterprise innovation growth sector, targeting regional small and medium-sized enterprises and startups practicing ESG management, 290 million won in commercialization costs will be supported through ▲voucher projects ▲accelerating programs. In particular, this year marks a new initiative with overseas expansion support projects including overseas exhibition participation for social enterprises and startups and discovering local buyers and investors. Additionally, to develop Busan-style social services by providing solutions to regional social issues such as youth population outflow and loneliness of single-person households, collaboration with private sectors including SK E&S, Underdogs, and Starbucks will be strengthened. Korea South-East Power President Lee Seung-woo stated, "We will do our best to maximize synergies through close cooperation between public and private sectors and position this as a model of exemplary collaboration among public institutions," adding "Korea South-East Power will continue to fulfill its role as an energy public corporation through promoting regional economic revitalization and spreading ESG management practices for regional coexistence." Source: Metro Seoul (https://www.metroseoul.co.kr/)