President Moon Jae-in on Wednesday lauded the cooperative movement's role in promoting social responsibility on a range of issues, including environment and society.

"The spirit of corporate federations, which has become an important axis of the global economy, must become a value of our society and the world," Moon said at the opening ceremony of the 33rd World Cooperative Congress.

Moon said the competitiveness of coexistence and cooperation will be strengthened when socially responsible companies like cooperative federations bolster their cooperation.

South Korea will continue to foster socially responsible firms and encourage more companies to act on environmental, social and governance issues, Moon said.

Over the past four years, the number of socially responsible firms in South Korea rose to some 31,000 from about 20,000 Moon said.

During the opening ceremony, Ariel Guarco, head of the International Cooperative Alliance, said the three-day congress will serve as an opportunity to share experiences of resilience in light of the COVID-19 pandemic.

Participants will also discuss how cooperatives can overcome other global challenges, ranging from climate change to gender equality, Guarco said. (Yonhap)