SK Group Chairman Choi Tae-won (최태원) presented reducing social costs as a key element of a new growth model. The Social Value Institute held the 2026 Value and Growth Forum on March 10 at the Korea Foundation for Advanced Studies conference hall in Seoul under the theme, “A breakthrough for low growth, changing solutions.” About 150 people attended, including Choi, who is also chairman of the institute, Interior and Safety Minister Yoon Ho-jung (윤호중), and academic and policy experts.

In a dialogue session, Choi said South Korea’s economy faces a structural problem in which weak domestic demand and rising social costs are working at the same time. He said it would be difficult to address polarization and social problems if growth is judged only by increases in GDP. “The growth model going forward must be redesigned in a direction that achieves economic growth and a reduction in social costs at the same time,” he said, adding that neglecting social problems could raise welfare and conflict costs and create a vicious cycle that constrains economic growth itself.

Choi cited building measurement and compensation systems as a key task for expanding social value. He said SK has continued experiments to quantify the scale of social value creation and reflect it in management, and that quantitative measurement and incentives can increase participation by companies and other economic actors. He also said existing GDP indicators do not sufficiently reflect social and environmental value, and called for discussion of new growth indicators.

Choi also said new markets and industries can be formed in the process of addressing social problems, which can have positive effects on expanding domestic demand and revitalising the economy. He said an economic model based on social value can be a new growth strategy rather than being limited to welfare or public-interest activities.

Minister Yoon, who took part in the dialogue, laid out policy directions including pushing to enact a framework act on the social solidarity economy, expanding financial support and widening participation in public services. He said it is necessary to build a growth ecosystem in which private-sector innovation and government policy work together.

In a session held ahead of the forum, the Social Value Institute introduced its SPC (Social Value Credit) case. SPC recognises the results of activities that address social problems as economic value and compensates them. Over the past 10 years, 468 companies participated and created 536.4 billion won in social value. Participating companies that received incentives created about three times more social performance than companies that did not receive them, and had average sales 34 percent higher, it said.