KT&G (President and CEO Baek Bok-In) and Korea Mecenat Association (President Kim Higgin) signed an MoU on July 21 to jointly promote the A&B (Art & Business) Partnership Project, which aims to revitalize local culture and arts, and support young artists.

Celebrating the 10th anniversary of the KT&G Sangsang Fund, cash donations from KT&G employees, KT&G donated KRW 300 million, raised by the Sangsang Fund, to Korea Mecenat Association. 

Pursuant to the Memorandum of Understanding (MoU), the two organizations will use the Sangsang Fund to hold concerts and exhibitions for culturally underprivileged areas and support the creative activities of local young artists. They plan to build a mutual cooperation system with the goal of revitalizing the culture and art of the local community and discovering and nurturing young artists. 

The Sangsang Fund was launched in 2011 as part of corporate social responsibility (CSR) initiatives by KT&G. The Fund is in the form of Matching Grant where employees voluntarily donate specific amounts from their salary every month, and the company adds the same amount. This Fund has been used to support the underprivileged both at home and abroad, and to solve social problems that need immediate attention. The Fund’s total annual operating expenses are about KRW 4 billion. KT&G has donated a total of KRW 32 billion to domestic and international disaster relief and assistance projects and programs for the underprivileged over the past 10 years since the creation of the Sangsang Fund.

KT&G and Korea Mecenat Association have decided to hold a performance and exhibition of “Sangsang Fund Cultural Sharing” at KT&G Sangsang Madang, a complex cultural and art space located in Hongdae in Seoul, Nonsan City, Chuncheon City, Daechi-dong in Seoul, and Busan City, from August to December. Young musicians, who wish to participate in the “Sangsang Fund Cultural Sharing” event, can download an application form from the “KT&G Sangsang Madang” website (https://www.sangsangmadang.com), and submit the completed application form by e-mail between July 26 and August 3. The final 20 teams of musicians will receive an aid grant of KRW 1 million and an opportunity to perform jointly with established musicians.

Shim Young-ah, Head of KT&G's Social Contribution Department, said, "To celebrate the 10th anniversary of the “Sangsang Fund”, we are planning on launching the A&B Partnership Project, which connects businesses and arts, and provide practical support to the culture and arts sectors. Through projects of various types of cultural contributions, we will continue to contribute to the development of the arts and culture ecosystems and to expand support for artists.”