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Corporate watchdog chief vows to reform conglomerates, foster fair business practice

2018/07/12 14:29

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SEJONG, July 12 (Yonhap) -- The chief of the country's corporate watchdog said Thursday that reforming family-controlled business groups, dubbed chaebol here, and boosting fair business practice are key to creating a fair society.

"Reforming chaebols is one of key tasks to create a fair society and a fair economy," Kim Sang-jo, chairman of the Fair Trade Commission (FTC), said at a forum. "It is not easy, but doing nothing is giving favor to conglomerates," he said.

The FTC chief has stressed that creating a level playing field for small and medium-sized companies is very important in a country where chaebol have dominated the economy for decades.

"Chaebol are the target of reform, and at the same time they are our economy's cherished asset," Kim said. "I hope that chaebols emerge as cherished assets for the South Korean economy through reforms," he said.

One of the key policy objectives for the Moon Jae-in government is ensuring and accelerating economic democratization, a process that calls for stepped up efforts to create new, quality jobs -- another key election pledge of Moon -- as well as greater support for the socially and economically marginalized population.

sam@yna.co.kr

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