FTC chief acknowledges role of conglomerates in economic growth
The chief of Korea's antitrust watchdog on Wednesday acknowledged conglomerates' contributions to the country's economic growth during a parliamentary audit, amid criticism of his earlier claim that chaebol have exploited the country. "I am not denying the role of conglomerates in Korea's economic growth and development," Ju Biung-ghi, head of the Fair Trade Commission (FTC), said during a…
The head of Korea's antitrust watchdog, Ju Biung-ghi, acknowledged on Wednesday the contributions of conglomerates to the country's economic growth during a parliamentary audit. This came amid criticism of his earlier claim that chaebol, or family-run conglomerates, had exploited the nation. Ju stated, "I am not denying the role of conglomerates in Korea's economic growth and development."
His remarks followed criticism from opposition lawmakers over his previous description of chaebol as exploitative, a view he reaffirmed last week. Ju emphasized that his remarks aimed to stress the need for greater transparency in the governance structures of these conglomerates and to address the negative impacts of their economic concentration to enhance the global competitiveness of business groups.
He aimed to highlight the social responsibility of these business groups and the rights of the majority of shareholders.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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