Joo Byungki: "Appropriate Rewards for Innovation Must Be Ensured"

Policy Roundtable Hosted by AMCHAM
"Spreading Innovation Across Industries Through Fair Competition"

Joo Byungki, Chairman of the Fair Trade Commission, stated, "The global economy is already operating as a deeply interconnected ecosystem," emphasizing that new perspectives and approaches are required for economic policy. He particularly stressed the need to establish a fair competitive order, highlighting the importance of providing sufficient rewards for innovation.

At a meeting with the American Chamber of Commerce in Korea (AMCHAM) held on December 15 at the Grand Hyatt in Yongsan-gu, Seoul, Chairman Joo remarked, "The rapid advancement of digital technology and data-driven industries has blurred the boundaries of the market." In his lecture titled "The Great Transformation of the 21st Century and Fair Trade Policy," he said, "During the digital transformation era, it is crucial to establish a fair competitive order so that appropriate rewards for innovation can be ensured." He added, "This will promote competition and allow innovation to spread into new industries."

Joo Byungki, Chairman of the Fair Trade Commission, is giving a lecture at the American Chamber of Commerce in Korea (AMCHAM) policy meeting held on the 15th at the Grand Hyatt in Yongsan-gu, Seoul. AMCHAM

As the Fair Trade Commission's key policy directions for next year, he reiterated the importance of competitive order by outlining: resolving business challenges for small and medium-sized enterprises and establishing a mutually beneficial environment; building a fair competition system to foster an innovation ecosystem; creating a trustworthy and safe consumer environment; and developing infrastructure to support a fair economy.

Chairman Joo also stated, "In a rapidly changing environment, communication between global companies and the Fair Trade Commission is ultimately the path to enhancing the competitiveness of domestic industries." He continued, "We will expand direct communication to improve the predictability and transparency of our policies, and foster a fair competitive environment where global companies and the domestic market can grow together."

This meeting was a follow-up to the first encounter with AMCHAM in November and was organized for Chairman Joo to directly explain policy directions and strengthen exchanges with foreign companies.

Members are taking a commemorative photo at the policy meeting hosted by the Korea Fair Trade Commission Chairman Byeonggi Ju, held by the American Chamber of Commerce in Korea (AMCHAM) on the 15th at the Grand Hyatt in Yongsan-gu, Seoul. Photo by AMCHAM

James Kim, Chairman and CEO of the American Chamber of Commerce in Korea, said, "Korea stands at a crucial turning point to further strengthen its global leadership, particularly in the field of artificial intelligence (AI)." He added, "To maintain this momentum, it is necessary to have a policy environment that supports innovation while enhancing transparency and trust, and the Fair Trade Commission plays a key role in establishing a fair competitive order."

He pointed out that Chairman Joo emphasizes greater transparency and public-private cooperation, and urged for improvements to Korea's unique regulatory environment to create a business environment that aligns with global standards.