President Moon Jae-in said Wednesday that the government will provide full support for the spread of environmental, social and corporate governance (ESG) criteria in South Korea's business sector.

He was speaking during the 48th Commerce & Industry Day event hosted by the Korea Chamber of Commerce and Industry (KCCI) at its headquarters in Seoul.

The president declared a vision for turning 2021 into the original year for the expansion of "ESG management and entrepreneurship for all" in Asia's fourth-largest economy.

"The government will offer help as hard as it can so that more companies can participate (in the campaign)," he said in a congratulatory speech.

He announced plans to push for the establishment of formal ESG standards and the provision of relevant incentives

He stressed that it is an international trend to make much of sustainable development.

In the process of its rapid economic development, South Korea placed priority on growth over efforts to address such issues as inequality, polarization, labor rights, environment and safety, Moon pointed out.

"Now is the time for change. The role of the corporate sector has become more important," said the left-leaning leader, who used to be a human rights lawyer

He emphasized that it is time to open the era of "warm capitalism," based on the ESG values, to focus on non-financial accomplishments like ESG, not just short-term sales and operating profits.

Moon, meanwhile, congratulated SK Group Chairman Chey Tae-won on becoming the new head of the KCCI, a major business lobby group. (Yonhap)