SK Group Chairman Chey Tae-won talked about why the private sector should focus on giving back to society at the Chicago Forum on Wednesday in southern Seoul. The first Chicago Forum held in Korea was hosted by the local alumni association of the University of Chicago and organized by start-up accelerator SparkLabs. Chey gave a keynote speech at the forum, as he is the chair of the alumni association. “It has become very difficult to separate social value from economic value,” Chey said. “By the end of this year our group will release a balance sheet of our economic value, together with the results on how much social value we created.” According to Chey, digital technologies have rapidly reshaped the business environment for firms, and corporate activities are now influenced by many more stakeholders than before, as the world has become more connected due to the internet. “Now, customers don’t buy products just because they are cheap and good,” Chey added. “People are looking for additional value in products and services we provide.” Chey defined social value as “the aggregate sum of a company’s contribution to solving social problems,” and said SK is pursuing a number of strategies to give back to communities.