Sogongyeon Forms Dedicated Committee to Counter Online Platform Companies' Encroachment on Local Businesses

[Asia Economy Reporter Kim Bo-kyung] The Korea Federation of Small and Medium Business (KSMB) is forming the 'Online Platform Fairness Committee' and preparing countermeasures against big tech companies.

On the 30th of last month, the KSMB held the 'Online Platform Fairness Policy Meeting' in Yeouido, Seoul, and established the Online Platform Fairness Committee. This is to build a full-fledged response system to address the issue of big tech companies encroaching on local markets amid the rapid growth of the online market.

Lee Ki-jae, president of the Korea Pet Industry Retail Association, was appointed as the chairperson of the Online Platform Fairness Committee. The committee includes organizations such as the Korea Chauffeur Association, the National Taxi Transport Business Association Federation, the National Private Taxi Transport Business Association Federation, and the Korea Accommodation Industry Central Association, along with lawyers and professors, who will study the current status and issues of big tech companies and devise countermeasures.

Oh Se-hee, president of the KSMB, stated, "For small business owners, big tech companies in online platforms are as daunting as COVID-19," adding, "We expect the Online Platform Fairness Committee to play its role in pioneering new opportunities for small business owners and self-employed individuals and leading broad coexistence."

President Oh also said, "We will continuously strive for small business-level efforts to control these companies that are racing ahead without coexistence."

Lee Ki-jae, chairperson of the Online Platform Fairness Committee, said, "Initially, platforms only acted as intermediaries connecting tenants and consumers, but now they are directly running businesses," adding, "In Korea, the speed of enacting related laws to regulate this is slow compared to the size and growth rate of the online market."

He continued, "The Online Platform Fairness Committee will study the current status and issues of online platform monopolies, foreign cases, and various perspectives to derive monopoly regulation measures and coexistence plans."