National Assembly Confirmation Hearing
"Establishing Regulatory Frameworks to Protect Platform-Based Businesses"
Joo Byungki, candidate for Chairman of the Fair Trade Commission, stated on September 5, "We will foster innovative companies, while strictly punishing companies and business groups that abuse their economic power for unfair exploitation and private interests."
In his opening remarks at the National Assembly confirmation hearing that morning, Joo said, "It is thanks to ongoing system reforms-such as the introduction of basic labor rights and antitrust laws, the establishment of a fair competitive order, and the protection of intellectual property rights-that advanced countries have reached their current status. Facing competition with these leading advanced nations, what is most needed is an upgrade of our market system capabilities."
To this end, he first emphasized, "We will eradicate unfair practices that undermine the growth foundation of small and venture enterprises, such as technology theft." He also mentioned, "We will strengthen the bargaining power of economically weak parties so that they can stand up to economically powerful franchisors and main contractors." His goal is to help create a cooperative business ecosystem where innovative small and venture companies can grow and small business owners can enjoy economic freedom.
Joo further stated, "I will strive to establish fair discipline within business groups," adding, "I will tighten oversight of negative incentives such as private interest appropriation and unfair support within business groups, so that Korea’s leading conglomerates and mid-sized companies can focus on innovation."
According to Joo, although South Korea has achieved rapid economic development and firmly established itself as an advanced economy, the modernization of the market system and the ownership and decision-making structures of individual companies remains a significant challenge. He pointed out that structural inequality is deepening and the market system's capacity for innovation is declining due to issues such as the concentration of economic power in a few conglomerates and the unbalanced growth between large and small companies.
He stressed, "We need a market system filled with creative innovation and a healthy entrepreneurial spirit, by fostering innovative companies through technology development and efficient management, and by strictly punishing companies and business groups that abuse their economic power for unfair exploitation and private interests."
Joo also said, "I will work to establish a fair ecosystem in the online platform market." He went on to say, "We will put in place a regulatory framework to protect platform-based businesses and ensure fair trade practices."
In particular, he added, "I will work to ensure that damages suffered by small businesses and consumers due to unfair trade are remedied quickly and effectively, and I will also focus on protecting ordinary citizens and the vulnerable." He continued, "I will work to prevent violations of consumer rights and guarantee active exercise of those rights to establish true consumer sovereignty."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
