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SK Group's Chey sees 'social value,' not GDP, as key to unlocking Korea's future growth

Published: 11 Mar. 2026, 17:47 Updated: 11 Mar. 2026, 20:28

SK Group Chairman Chey Tae-won, far left, speaks during a forum hosted by the Center for Social Value Enhancement Studies at the Korea Foundation for Advanced Studies headquarters in Gangnam District, southern Seoul, on March 11. [YONHAP]

SK Group Chairman Chey Tae-won called for a new growth model centered on social value to address Korea's low-growth economy during a forum on Tuesday.

“Good intentions alone are not enough. Korea can only overcome the trap of low growth if there is a system that scientifically designs and rewards 'good behavior,'” Chey said at a forum held at the Korea Foundation for Advanced Studies headquarters in Gangnam District, southern Seoul, on Tuesday. Chey was speaking with Minister of the Interior and Safety Yun Ho-jung as part of a session during the forum.

Chey's proposal calls for moving beyond an era focused on boosting GDP simply by selling more goods and instead creating a new model in which solving social problems leads directly to economic growth.

“Korea’s economic difficulties are not limited to slower growth, but reflect a structural problem driven by weak domestic demand and rising social costs,” Chey said.

“If social problems are left unresolved, the welfare and conflict costs they generate could create a vicious cycle that drags down economic growth,” Chey continued. “The model must be redesigned so that economic growth and reductions in social costs are achieved at the same time.”

The forum was hosted by the Center for Social Value Enhancement Studies (CSES) under the theme of solutions for breaking through the issue of low growth. It was organized to reconsider the relationship between economic growth and social value and to explore sustainable growth models.

SK Group Chairman Chey Tae-won speaks during a forum hosted by the Center for Social Value Enhancement Studies at the Korea Foundation for Advanced Studies headquarters in Gangnam District, southern Seoul, on March 11. [YONHAP]

The CSES is a nonprofit established in April 2018 in line with Chey’s long-emphasized philosophy of social value management.

One of the key concepts Chey presented at the forum was what he called the “scientification of goodness.”

“It is not enough to rely only on the goodwill behind doing good,” Chey reiterated.

What is needed is a system that quantifies social value and connects it to cash incentives through what the SK chairman described as “measurement and reward.”

Solving social problems should create new markets, which in turn would create a virtuous cycle by expanding domestic demand and reviving the economy, according to Chey.

The CSES also presented results at the forum from a decade of experiments with Social Progress Credit, a system that measures the social value created by companies in monetary terms and provides rewards accordingly.

Participants attend a forum hosted by the Center for Social Value Enhancement Studies at the Korea Foundation for Advanced Studies headquarters in Gangnam District, southern Seoul, on March 11. [MINISTRY OF THE INTERIOR AND SAFETY]

A total of 468 companies participated over the past 10 years, generating social performance valued at a total of 536.4 billion won ($366 million), according to the CSES. These outcomes included employment for vulnerable groups, reductions in environmental pollution, collaboration with smallholder farmers and care services.

Companies that received cash incentives generated about three times more social performance than those that did not. Sales at companies participating in the program were also about 34 percent higher on average than those of companies that did not participate.

The data show that “good management” can function not as a cost but as an asset for corporate growth, the CSES said.

Chey also pointed to the limitations of GDP as an indicator. GDP does not reflect quality of life or environmental value, Chey said, calling for broader public discussion of new measures of growth.

Asked about concerns over possible side effects from introducing such systems, Chey said some risks may be unavoidable.

Minister of the Interior and Safety Yun Ho-jung, center, speaks at a forum hosted by the Center for Social Value Enhancement Studies at the Korea Foundation for Advanced Studies headquarters in Gangnam District, southern Seoul on March 11. [MINISTRY OF THE INTERIOR AND SAFETY]

“To escape the low-growth trap, we must push forward even if it means accepting some side effects,” he said. “Korea has few other options.”

The government also sees a need for a new growth ecosystem in which public policy and private innovation work together, Interior Minister Yun said during the discussion with Chey.

“We will strengthen the foundation for solving social problems through efforts such as pushing for the framework act on an economy of social solidarity, expanding financial support and increasing participation in public services,” Yun said.

About 150 people, including academics, policy experts and business representatives, attended the forum on Tuesday.

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 KIM SU-MIN [[email protected]]