April 28, 2024

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Fair Trade Commission Chair Han Ki-jeong speaks at a conference hosted by the American Chamber of Commerce in Seoul, Thursday. (Yonhap)

Fair Trade Commission Chair Han Ki-jeong on Thursday shared the key policies of the antitrust regulator for this year, including the controversial anti-monopoly platform bill, at a conference hosted by the American Chamber of Commerce in Korea.

“The Fair Trade Commission will strive to establish a fair market economy system that serves as the basis for economic stability and market innovation,” Han said, citing deepening inflation and high interest rates as continued economic difficulties facing businesses.

Stressing the importance of more active policy alternatives for the digital economy, he shared four key tasks for this year -- establishing a fair-trade order that supports the dynamic economy, establishing a stable trade foundation for small and medium-sized enterprises, creating a transaction environment that safeguards consumer interests, and establishing reasonable regulations for large business groups.

Thursday’s event was attended by over 110 top executives and representatives of domestic and foreign companies, including Korean Air President Woo Kee-hong; Kwon Oh-hyung, president of APAC at Qualcomm; Jeff Moomaw, vice president of Asia Pacific at Delta Air Lines; and SPC Group Executive Vice President Hur Hee-soo.

The FTC chief and the participants also explored ways to enhance Korea's competitiveness as a business hub in the Asia-Pacific region together.

"To unlock Korea’s true potential, it is imperative to ensure a fair and transparent business environment for both domestic and foreign companies," AmCham Korea James Kim said.

"It is crucial for the Korean Government, including the KFTC, to take sufficient time to engage in thorough consultations with the industry before introducing new legislation, such as the Online Platform Act.”

Asked about the unclear purpose of the platform bill, the FTC chief declined to elaborate, saying his agency will continue to collect various opinions from related industries.

By Jie Ye-eun (yeeun@heraldcorp.com)