President Lee Jae-myung’s Commitment to Social Economy: What It Means

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 On June 3, 2025, Lee Jae-myung was elected as the 21st President of the Republic of Korea. In this election, President Lee presented his pledges on the "basic society" and the social economy as one of Korea’s future strategic directions. This goes beyond merely supplementing the existing welfare system and emphasizes the potential of the social economy as a new societal paradigm that ensures all citizens can lead a life of dignity and stability.


A basic society refers to a society that does not stop at fragmentary welfare policies or simple income redistribution, but one that guarantees a basic and stable life for all citizens in a tangible way.


President Lee stressed that, “Realizing a basic society cannot be achieved by the government alone. It requires cooperation among various actors, including social economy organizations, cooperatives, private enterprises, and civil society organizations.” This multi-stakeholder cooperation, he emphasized, is what will make policies more effective and sustainable.

Cover page of the Democratic Party of Korea’s policy pledges for the 21st presidential election. (Source: Screenshot from the official pledge booklet)


Creating a Stable Environment for Social Economy Enterprises


The social economy plays a vital role between the public and private sectors. President Lee pledged to expand the space and environment in which social economy actors can operate stably and autonomously.


He also promised to revise laws and systems related to the social economy, so that cooperatives and village enterprises can engage in more active participation. Furthermore, he vowed to integrate the currently fragmented support systems across government ministries to build a basic society where local residents can care for and support one another.


In particular, he emphasized the need to enact a Framework Act on the Social Economy, which would enable integrated coordination and support, enhance the efficiency and effectiveness of social economy organizations, and lay the foundation for revitalizing the local economy. He also pledged to introduce measures to alleviate financial burdens, ensuring that social economy enterprises can operate effectively and sustainably.


Supporting the Spread of ESG Management in Corporations


President Lee also presented the expansion of ESG (Environmental, Social, Governance) management in companies as a key strategy to enhance the sustainability of Korean society.


His ESG-related pledges include:


Expansion of investment in renewable energy and carbon reduction: Supplying capital to facilities such as solar power, offshore wind farms, and climate technology


Establishment of an ESG evaluation framework: Creating objective evaluation standards tailored to Korean realities and industry-specific characteristics


Strengthening regulations on ESG washing and accelerating the disclosure of sustainability reports by listed companies


These measures are expected to strengthen corporate social responsibility, guide changes in consumer awareness, and contribute to building a sustainable society for future generations.



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