FTC chief acknowledges role of conglomerates in economic growth

The head of Korea's Fair Trade Commission, Ju Biung-ghi, has acknowledged the significant role that conglomerates play in the country's economic growth and development. This shift in stance comes after criticism from opposition lawmakers who had questioned his earlier claim that these family-run businesses, known as chaebol, exploit Korea's economy. The acknowledgment is significant because it suggests that the FTC chief is willing to work with these powerful conglomerates, which are a major driver of Korea's economic growth, rather than viewing them as a threat to fair trade.

Why it matters

Korea's antitrust chief acknowledged the role of conglomerates in the country's economic growth. This recognition could lead to a more favorable business environment for these companies.

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