SK Group Chairman Chey Tae-won, who doubles as head of the Korea Chamber of Commerce and Industry, suggested redefining private-public partnerships in his New Year’s message released Thursday, calling for a more mutually beneficial mechanism that helps spur innovations across industries.

Chey urged businesses to first change their mindsets, saying that gone are the days where making profits, creating jobs and paying more taxes were considered their key responsibilities.

“Things have changed now and the role of businesses should be redefined,” he said. “Among other things, it is important to meet the raised social standards in the whole process of business from production to distribution. Both national and global challenges should be considered during the process, which could lead to new business opportunities as well.”

In order for businesses to pay more attention to the renewed role, Chey said, the government also should come up with a new motivation-based mechanism.

“Businesses have played a role in resolving social challenges by using their own know-how and creativity. The key is how to motivate them to do more,” he said. “The new motivation mechanism will become a catalyst that accelerates the development of new technologies, markets and industries.”

Through these efforts, he went on to say that private-public partnerships can be upgraded to another level.

“When it comes to private-public partnerships, the government usually takes the lead. But it is important to listen to voices of businesses to encourage more companies to embrace the new role and nurture more successful business models, especially at a time of disputes among countries when a prompt and effective response is crucial.”

Under the elevated partnership, he added, businesses also would show full support for government-led projects as well.

The SK chief took office as head of the KCCI, the nation’s largest business lobby, in March this year. His term is three years under a two-term system.