Joo Byeong-gi: "Foster Innovative Companies and Strictly Punish Unfair Companies... Create a Win-Win Ecosystem for SMEs" [Inaugural Speech]

[Financial News] Joo Byeong-gi, the new chairman of the Fair Trade Commission, officially took office on the 16th, stating, "We will create a win-win business ecosystem so that innovative small and venture companies can grow, and we will strictly sanction unfair companies."
 Chairman Joo stated at the inauguration ceremony held at the Government Sejong Complex on this day, "We will boldly support companies that innovate through technology development and efficient management, but strictly punish business groups that waste capital through unfair exploitation and private interest," and "We will create a market order full of creative innovation and healthy entrepreneurial spirit."
 Chairman Joo presented four key tasks that the Fair Trade Commission should perform in the 21st century transition period: △Protection of innovative small and venture businesses and small merchants △Establishment of fair discipline for conglomerates △Establishment of order in the online platform market △Protection of consumer rights.
 First, to promote the growth of SMEs and small merchants, he announced plans to eradicate unfair trade practices such as technology theft and unfair payment, and to enhance negotiation power to confront economic powerhouses such as franchise headquarters and prime contractors. He emphasized, "The capabilities of the Fair Trade Commission will become the real power of the economically weak."
 In addition, he stated that he would correct bad incentives such as private interest and unfair support in conglomerate groups, guiding companies to focus on innovation and efficient management. Regarding the platform market, he said, "We will establish regulations to protect store operators and establish transaction order to create a fair ecosystem."
 As a measure to strengthen consumer protection, he explained, "We will promptly remedy damages to SMEs and consumers, and preemptively block consumer rights violations to establish consumer sovereignty."
 Chairman Joo, an economist, has been researching distribution, institutions, and market systems while serving as a professor in the Department of Economics at Seoul National University. Chairman Joo emphasized, "A fair market system and social justice are the shortcuts to progress and prosperity," and "When the market system is fundamentally upgraded, Korea can leap forward again."
imne@fnnews.com Hong Yeji Reporter