Jeonbuk National University (JBNU)'s consumer cooperative (hereinafter the Co-op), established to enhance the welfare of the university community, held its inaugural general meeting at the JBNU Academic and Cultural Center on May 30 at 3:00 p.m., taking its first step.

The Co-op was newly restructured from the consumer association that had operated for about 30 years. The reorganization responds to environmental changes such as amendments to the Consumer Cooperative Act and aims to provide enhanced welfare services for university members.

More than 300 community members agreed to the establishment and joined as members. Together they raised capital contributions of more than KRW 30 million to found the Co-op.

Accordingly, the Co-op will operate on-campus restaurants and food courts, convenience stores, coffee shops, bookstores, and stationery stores.

Because it is funded and operated by its members, the Co-op can reduce costs through joint purchasing and joint production. Any surplus generated from operations will be used for student scholarships and improvements to welfare services.

In addition, students who participate as members benefit from direct involvement in democratic decision-making processes, gaining practical social experience.

Any university member may become a Co-op member. Members receive dividends on capital contributions, dividends based on Co-op usage, and discounts when using Co-op stores.

At the founding meeting, President Seo Geoseok said, 'The university Co-op is a democratic economic cooperative established with members' capital contributions, operated by members, and used by members,' adding, 'It will enable the purchase of various goods needed for education and research at lower costs, and by returning the profits generated by its operations to members, it will not only improve welfare but also actively accommodate a variety of needs.'