FTC chief acknowledges role of conglomerates in economic growth

The head of Korea's antitrust regulator, Ju Biung-ghi, acknowledged the positive impact of conglomerates on the country's economic growth during a parliamentary audit on Wednesday. This came after he faced criticism for earlier statements suggesting that chaebol, or family-run conglomerates, have exploited the nation.

Ju Biung-ghi's comments were in response to opposition lawmakers who took issue with his earlier description of chaebol as exploiting Korea during a lecture when he was a professor. Critics accused him of reaffirming this viewpoint last week.

Ju Biung-ghi's remarks aimed to underscore the importance of enhancing governance structures for these conglomerates and addressing the potential drawbacks of their economic concentration to bolster the global competitiveness of business groups. He emphasized the social responsibility of these business groups and the rights of the majority of shareholders.