Hyundai Motor Group pledged to create 3,000 new jobs by investing 34 billion won ($32 million) in social enterprises over the next five years for stronger social responsibility.

A social enterprise is a company that pursues profit-making and social contribution at the same time by carrying out various social projects such as providing social services and creating employment.

The Korean auto giant group said Friday that it will fund 34 billion won to social enterprises, which would help create total 3,000 jobs - 1,600 for youth, 300 for female, 500 for middle-aged, and 600 small businesses.

The group will kick off its latest social contribution project through the ‘H-On Dream,’ which was launched in 2012 to nurture social enterprises. The program selects promising young social entrepreneurs through audition and gives financial aid of up to 100 million won per project plus professional consulting services.

The group plans to foster 150 social enterprises and create 1,250 youth jobs through the H-On Dream. It will up its support for those in the growth cycle or with annual revenue of around 3 billion won by hosting an event where young social enterprises can pitch their ideas to investors. It will run a special one-to-one consulting program offering advice on accelerating business growth.

In addition, the group will have its affiliates to work together on social contribution projects to create 350 youth jobs. The partnership projects will include co-leading corporate social responsibility projects and hiring physically challenged youth.

It will also expand its ‘gift car campaign,’ which offers those in need a chance to start a small business by giving them a car for free as well as other start-up aids. It plans to give away 250 vehicles over the next five years to the most vulnerable members of the society who wants to start own business.

A Hyundai Motor Group official said that the company will continue to work together with social enterprises to create jobs and ease polarization and inequality in the country as well as resolve other social problems.

By Lee Seung-hoon and Cho Jeehyun

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]