Sungwook Cho: "Establish Fairness and Innovation Systems"... Taewon Chey Urges "Flexible Operation to Avoid Competitive Disadvantages"

On the 13th, Cho Sung-wook, Chairman of the Fair Trade Commission, entered with Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, at a policy lecture held at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Choi Dae-yeol] On the 13th, Cho Sung-wook, Chairman of the Korea Fair Trade Commission, visited the Korea Chamber of Commerce and Industry to give a policy lecture. The event was organized to announce the policy direction for the year and to hear opinions from the business community. On this day, Chaebol Chairman Chey Tae-won of SK Group personally welcomed Chairman Cho, drawing attention. Chairman Chey, who is also the chairman of SK Group, attended the Fair Trade Commission plenary meeting on the 15th of last month to explain allegations of private interest exploitation that arose during the past acquisition process of SK Siltron shares, but the conclusion was ultimately that it was illegal. Chairman Chey and SK have agreed to review the legal aspects and take necessary measures as soon as they receive the resolution document related to the case. Earlier, at a year-end press conference last year, Chairman Chey stated, "We will reflect on what needs reflection and respond to what requires response."

The lecture was attended by major member company vice chairpersons including Chairman Chey, Lee In-yong, President of Samsung Electronics, Gong Young-woon, President of Hyundai Motor, Ha Beom-jong, President of LG, and Cho Hyun-il, President of Hanwha. Along with the Fair Trade Commission's policy direction for the new year, the Fair Trade Act, which was fully revised for the first time in 40 years and came into effect on the 30th of last month, was explained. Due to the revision of the law, regulations on private interest exploitation have been expanded, strengthening corporate group regulations, and the enforcement power of the law has also increased by mandating the submission of corporate documents in damage compensation lawsuits. Chairman Cho said, "It has been comprehensively revised for the first time to meet the demands of the era for a fair economy and innovative growth," adding, "It is meaningful in that it has established an institutional foundation to realize a fair and innovative market economy system."

In addition, he emphasized plans to strengthen monitoring of unfair practices in the digital economy, create a new Online Platform Fairness Act, and amend the existing Electronic Commerce Act. Chairman Cho stated, "During the phased recovery process, we will actively respond to unfair practices that increase the burden on the public and establish a system to resolve unfair damages more quickly and substantively," adding, "We will strengthen monitoring of unfair practices such as abuse of monopoly power in innovative fields like mobility and online shopping to protect the rights and interests of small business owners and consumers in platform transactions."

Josungwook, Chairman of the Korea Fair Trade Commission (second from left), and Cheytaewon, Chairman of the Korea Chamber of Commerce and Industry (third from left), are taking a commemorative photo with attendees before the policy lecture hosted by the Chairman of the Fair Trade Commission held on the 13th at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul. Photo by Hyunmin Kim kimhyun81@

Regarding platform businesses, whose status has risen across industries, he clearly stated that considering the multifaceted structure causing complex issues related to competition, supplier-buyer relations, and consumers, they will respond organically and coherently. As part of revitalizing investment, he mentioned that ownership of corporate venture capital by general holding companies has been permitted and urged bold investment in excellent venture companies.

Chairman Chey Tae-won said, "Today’s lecture was organized to broaden companies’ understanding of 'fair trade policy,' but I also hope it will be an opportunity for policy authorities to broaden their understanding of companies’ perspectives."

He continued, "In the current situation where industries and market landscapes are rapidly being reshaped globally, the fate of the nation will greatly differ depending on whether we become suppliers or demanders in the global market," adding, "I hope for flexible operation of fair trade policies so that our companies are not disadvantaged in competition with global companies."

This content was produced with the assistance of AI translation services.