Ministry of Interior, SK Group unit team up to build social solidarity economy ecosystem

South Korea's Ministry of Interior and Safety and SK Group's SK Social Value Institute have joined forces to measure the outcomes of social solidarity economy innovation models and support their growth.

The Ministry of Interior and Safety signed an MOU with the SK Social Value Institute on Wednesday at Government Complex Seoul to promote the social solidarity economy.

Under the agreement, the two organizations will work together to measure problem-solving outcomes in regions selected under the ministry's "Social Solidarity Economy Innovation Model Discovery and Expansion" project and provide performance-based rewards to top-performing models.

The SK Social Value Institute will develop tailored social-performance metrics and measure and verify outcomes. The two sides have committed to a three-year cooperation worth a total of 1.5 billion won ($1.1 million) from 2027 to 2029.

The ministry said the agreement is significant in that it applies SK's Social Progress Credit — a framework the company has used to measure and reward social value creation — to the ministry's social solidarity economy innovation models, broadening its scope of application.

Building on the MOU, the two organizations plan to drive social value creation among social solidarity economy organizations, spread successful models and cultivate a broader social solidarity economy ecosystem.

The SK Social Value Institute will expand its measurement scope from individual companies to regional innovation models, laying the groundwork to eventually measure social value at the local and city level.

On top of selecting and supporting projects, the ministry plans to bring private-sector experience and expertise into local communities so that innovation models with proven results can continue to grow.

Vice Minister of Interior and Safety Kim Min-jae said the core of the agreement lies in measuring the social value created at the local level and translating those results into growth support. "We will actively support the spread of outstanding social solidarity economy models to more regions and ensure that residents feel the change," he said.

Meanwhile, the Social Solidarity Economy Act — first introduced in 2014 — passed the National Assembly in August after 13 years, prompting relevant ministries to jointly draw up and implement a comprehensive plan to address national challenges such as care services, residential issues and regional depopulation, and to revitalize local communities.

Minister Yun attended the UN High-Level Forum on Social and Solidarity Economy last week, signing MOUs with Spain, Senegal and other countries to accelerate global cooperation.