Presidential Office "Plans to Promote Competition in Finance and Telecommunications"

Fair Trade Commission Chairman to Report Related Measures to President Yoon on the 23rd

[Asia Economy Reporter Baek Kyunghwan] President Yoon Seok-yeol will receive a detailed report from the Fair Trade Commission on fair market policies in the financial and telecommunications sectors. The Presidential Office has also initiated discussions to promote competition in the financial and telecommunications industries.

Choi Sang-mok, Chief Secretary for Economic Affairs at the Presidential Office, said at a briefing at the Yongsan Presidential Office this afternoon, "President Yoon has repeatedly instructed the Fair Trade Commission to develop policies that reduce the harms of monopolies and oligopolies in the financial and telecommunications sectors and establish an effective competitive system," adding, "Accordingly, the Fair Trade Commission Chairman is scheduled to report specific measures to the President today."

The Financial Services Commission plans to launch a task force (TF) to improve banking sector practices and systems, while the Ministry of Science and ICT will establish a TF to discuss policies to promote competition in the telecommunications market. Chief Secretary Choi explained, "We expect each ministry to actively gather opinions from industry stakeholders, market participants, and academia to swiftly prepare measures."