Han Ki-jung, Chairman of the Fair Trade Commission, "We will pay more attention to gathering opinions on the Platform Act" (Comprehensive)

"Establishing Rational Regulatory Measures" at AmCham Invitation Lecture
Explanation of Key Policies Including AI Policy Report Publication

Han Ki-jung, Chairman of the Korea Fair Trade Commission, stated on the afternoon of the 7th at a lecture hosted by the American Chamber of Commerce in Korea (AMCHAM) held at the Grand Hyatt Seoul Hotel, "This year, the Fair Trade Commission will strive to establish a fair market economy system that serves as the foundation for stabilizing the livelihood economy and market innovation." Regarding the 'Platform Fair Competition Promotion Act' (hereinafter referred to as the Platform Act), which was being promoted but temporarily postponed, he added, "We will put more effort into gathering opinions."

Han Ki-jung, Chairman of the Fair Trade Commission, is giving a luncheon lecture on the 2024 Fair Trade Policy Direction at the Grand Hyatt Hotel in Yongsan-gu, Seoul, on the afternoon of the 7th. [Image source=Yonhap News]

Chairman Han explained that, judging from the ongoing difficulties faced by economic agents amid this year's high inflation and high interest rate environment and the deepening of the digital economy, there is a need to seek more proactive policy alternatives. With the goal of "building a fair market economy that supports livelihoods and innovation," he announced that four core tasks will be pursued. These core tasks include establishing a fair trade order that supports a dynamic economy, building a stable transaction foundation for small and medium-sized enterprises and small business owners, creating an environment that guarantees consumer rights, and the rational operation of the large business group system.

In particular, regarding the Platform Act, he stated, "We will sufficiently collect and review opinions from domestic and international industries and stakeholders to prepare reasonable regulatory measures." During the Q&A session following the lecture, when asked about the progress of the Platform Act, Chairman Han responded, "I mentioned that we will pay more attention to gathering opinions." He also emphasized that, while proactively responding to competition and innovation issues in new growth markets such as through the publication of AI policy reports, the Commission will conduct in-depth reviews of mergers and acquisitions (M&A) that raise concerns about monopolies and innovation hindrance, and swiftly process restructuring-type M&As with low competition restriction concerns, continuously improving competition activation systems for future innovation.

Meanwhile, this lecture was organized to introduce the major business directions the Fair Trade Commission is pursuing this year and to explore ways to enhance Korea's competitiveness as a business hub in the Asia-Pacific region.

More than 100 attendees, including AMCHAM board members and representatives of domestic and international companies, participated in the lecture. James Kim, Chairman and CEO of AMCHAM, expressed in his welcoming remarks, "We thank Chairman Han for joining us today to share his vision on fair competition regulations," and added, "To realize Korea’s potential as a business hub in the Asia-Pacific region, it is important to guarantee a fair and transparent management environment for both domestic and international companies." He further stated, "AMCHAM will continue to faithfully serve as a bridge between the Korean government and the global business community and support active communication."

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