The article discusses the pressing issue of regional decline in South Korea, specifically focusing on strategies to revitalize areas threatened by population extinction. One of the prominent concepts introduced is 'local assetization,' which emphasizes redirecting the economic benefits generated within a region to serve the interests of its residents and the public rather than allowing these resources to flee to external entities. At a recent forum held in Seoul, experts debated methods to promote this local assetization strategy, highlighting the importance of citizen involvement in managing local resources effectively.

In the discussions led by experts such as J Jeong Byung-soon from the Seoul Research Institute, there was a clear call for restructuring the current system of private outsourcing of local government services. J Jeong criticized the existing model, which is heavily reliant on contracts and efficiency metrics, as outdated in the face of growing community empowerment and local governance. He proposed a more collaborative model called 'cooperative-type private outsourcing' that prioritizes trust and cooperation among community members, aligning private sector involvement with social goals rather than mere profit.

Additionally, the article highlights the need for social innovation policies that address growing economic and social inequalities, promote community building, and facilitate energy transition at the local level. Discussions included the increasing demand to improve public service outsourcing mechanisms, with a focus on ensuring that local governance frameworks accommodate the voices of community stakeholders to enhance accountability, transparency, and overall effectiveness. The call for improved funding mechanisms for social finance is another step towards empowering local communities and ensuring that public resources lead to sustainable development outcomes for all residents.