CJ joins Fortune's World-Changing Companies to Watch
CJ Group (Chairman Lee Jae-Hyun) was listed in the World-Changing Companies to Watch by Fortune, a globally renowned economic magazine.
CJ Group - one of the World-Changing Companies to Watch
CJ Group was honored to become the only Asian company in Fortune's 7 World-Changing Companies to Watch for successfully establishing its KOICA-CJ Vietnam Saemaeul CSV project, a farm development project in Vietnam, as a pioneering model.
Fortune introduced CJ as a company that addresses deep-rooted poverty issues with tiny helpful seeds and explained that CJ CheilJedang, an affiliate of CJ Group, vitalized the economy of a small village in Ninh Thuan Province by performing an innovative CSV activity in which it applied the New Village Movement (or Saemaul Movement) that had once driven the development of rural villages in its native country.
Since 2013, CJ CheilJedang has educated farmers in the village on how to grow red chili peppers, improving overall farming productivity in the process. With this new source of income, the farms in Nihn Thuan Province are now making more income thanks to advanced farming culture, the magazine said.
Fortune also praised CJ Group for contributing to the creation of a constructive community culture by supporting farmers to form a Saemaeul organization on their own, helping them to be more self-reliant with a village-wide cooperative system.
The magazine also highly evaluated the company for not merely increasing income but also supporting farmers to form a constructive rural lifestyle and culture by contributing to the improvement of the educational and living environment of the village by remodeling a community center, kindergartens and elementary schools.
Since 1990, Fortune, a global business magazine, has measured and announced the top 500 companies around the globe based on annual revenue. From last year, Fortune, along with an expert review committee, began to select 50 "Change the World" companies and 7 "World-Changing Companies to Watch" in terms of social impact and corporate innovation.
The 7 World-Changing Companies to Watch for 2016 include, along with CJ Group, "H&M", a Swedish fashion retailer conducting business exclusively with renewable energy and materials, "West Elm" a U.S. home-deco company implementing a fair trade-based production process, and "TerraCycle", a U.S. company converting recycled products into plastics. The selected companies and related stories will be introduced in Fortune’s September issue.
"Under its founding spirit of serving the nation through business, CJ Group has developed a unique Korean CSV model and contributed to the eradication of poverty in Vietnam," said Yoo Chang-Jo, Chairman of the Korean Academic Society of Business Administration with regards to the selection. "To elevate the efficiency and sustainability of the project, the company has built a close cooperative system with KOICA and the Vietnamese government, and impressively localized the model in the region."
"While more and more people have been recently touting that the purpose of a company is to bring about a better world, this selection is meaningful in that its CSV business and philosophy have been recognized by globally renowned business media and experts. The new CSV model is expected to continue to receive a great deal of attention."
Meanwhile, aside from the Saemaeul CSV project that is aimed to support farmers in developing countries such as Vietnam in becoming more economically independent, CJ Group has engaged many other activities to tackle social issues, including an education support project to help youths in need through CJ Donors Camp, an online sharing platform, and a cultural talent training project to train future K-culture leaders.