Chairman Chey Tae-won said, "GDP alone is the limit of growth...We need to move to a social value-based model."

*This content was translated by AI.

"A huge number of social enterprises using artificial intelligence (AI) will help GDP (gross domestic product) and so on."

At the "Value and Growth Forum" held at the conference hall of the Korea Higher Education Foundation on the 10th, SK Group Chairman Chey Tae-won said this. The forum, hosted by the Social Value Research Institute of the Non-Profit Research Foundation established by SK Group, linked his theory of "AI Great Transformation" and "growth through social values."

The event was attended by more than 150 academics and policy experts, including Chairman Choi, who heads the institute, Minister of Public Administration and Security Yun Ho-jung, and Lee Jae-won, head of the Economic Research Institute of the Bank of Korea.

"The problem facing the Korean economy is not just a slowdown in growth, but a structural problem in which domestic demand and social cost increase work at the same time," Chairman Choi said in a meeting with Minister Yoon under the theme of "Finding Solutions by Policymakers and Entrepreneurs."

"The future growth model should be redesigned to achieve economic growth and social cost reduction at the same time," he said. "If social problems are not solved, welfare and social conflict costs will continue to increase, resulting in a vicious cycle that limits economic growth itself."

"In order to spread social values, the establishment of a measurement and compensation system is a key task," he added. "SK has continued to experiment with quantifying the scale of social value creation and reflecting it in management, and if it quantitatively measures social problem-solving activities and provides incentives, it can expand the participation of companies and various economic actors." It is that social value creation should be made into a measurable system and reasonable compensation should be made.

Chairman Choi said, "The social value-based economic model can be a new growth strategy, not just welfare or public interest activities," adding, "New markets and industries can be formed in the process of solving social problems, which can have a positive effect on expanding domestic demand and revitalizing the economy."

In addition, he stressed, "There is a limit that existing GDP indicators do not sufficiently reflect social or environmental values," and "It is necessary to discuss new growth indicators that encompass social and environmental values." This means that the goal of growth should not be simply to expand production, but to include the quality of life of the people and solving social problems.

"In order to solve social problems and achieve economic growth at the same time, a new growth ecosystem is needed in which government policies and private innovation work together," Minister Yoon said. "We will strengthen the foundation for solving social problems by promoting the enactment of the Basic Law on Social Solidarity Economy, expanding financial support, and expanding participation in public services."

He added, "It is important to create a policy environment in which the private sector and the government cooperate so that social problem-solving activities can expand in a sustainable market structure without relying solely on government support."

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*This content was translated by AI.