President Moon Jae-in says the so-called cooperative movement in business, linked to social responsibility, has become an important pillar of the global economy, adding that the co-op spirit needs to become a value of Korean society and of the world.
Moon spoke Wednesday at the opening ceremony of the 33rd World Cooperative Congress held in Seoul.
"Coexistence and cooperation will be bolstered, and economy of scale will be achieved when there is closer cooperation between socially responsible companies, such as cooperatives."
Over the past four years, South Korea has seen the number of socially responsible firms grow from 20-thousand to 31-thousand.
President Moon said that the government will continue to foster such companies and pass bills at the National Assembly to provide systematic and continued support.