Regulation won't fix social issues, SK Group chief says

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Regulation won't fix social issues, SK Group chief says

Published: 25 Aug. 2025, 17:10 Updated: 25 Aug. 2025, 17:29

Audio report: written by reporters, read by AI

Chey Tae-won, chair of the Korea Chamber of Commerce and Industry, delivers a video address at the opening ceremony of the second Korea Social Value Festa at Coex in Gangnam District, southern Seoul, on Aug. 25. [KCCI]

The Korea Chamber of Commerce and Industry (KCCI) opened the second Korea Social Value Festa, an event where companies and civil society groups share strategies and products to address social challenges, at Coex in Gangnam District, southern Seoul, on Monday.

The two-day event is expected to bring together about 300 companies, from social enterprises to conglomerates, along with approximately 10,000 citizens and students.

In a video address, KCCI Chair Chey Tae-won said the festival goes beyond being a venue for dialogue.

“It is a joint learning space where companies can grasp the essence of social value and work with civil society to find more effective solutions,” he said. “Solving social challenges requires not only a shift in thinking but also a shift in structures.”

Chey, who is also the chairman of SK Group, noted that social issues have often been addressed through regulation and punishment, but stressed the need for a different approach.

Rather than “restricting those who cause problems, we should give more opportunities to those who solve them,” he said.

“By measuring the current state of social issues and the outcomes of solutions, and by institutionalizing a performance-based reward system, we can create sustainable change and a better future.”

The second Korea Social Value Festa, organized by the Korea Chamber of Commerce and Industry, opened at Coex in Gangnam District, southern Seoul, on Aug. 25. [YONHAP]

This year’s theme is “Designing a Sustainable Future” (translated). Global companies such as Japan’s SoftBank, Europe’s VBA and China’s Tencent joined the main session to present and discuss global trends in social impact management.

Shin Hyun-sang, a professor of business administration at Hanyang University, said data collected from social value measurement could be used to design incentive mechanisms.

“If we do so, we can achieve both social problem-solving and efficient resource allocation,” Shin said.

Major domestic firms such as Kakao Impact and LG Chem, as well as social enterprises and impact investment institutions, took part with 280 exhibition booths and sessions to share their cases and ideas for solving social problems. Exhibits were divided into four categories — cooperation, future generations, innovation and climate and environment — showcasing a wide range of approaches.

Interactive booths also drew attention, including those with a AI-powered real-time transcription service for deaf attendees, a motorized wheelchair kit and Metaforest, a metaverse platform that provides mental health counseling for young people.

KCCI Executive Vice Chairman Park Il-joon said the chamber would bring together the changes created by companies, the government, and citizens.

“We will contribute to building a sustainable future for Korea,” he said.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY CHOI SUN-EUL [[email protected]]