Fair Trade Commission Chair Joo Byung-ki Clarifies Past Remark That "Chaebol Exploit Korea"

▲ Fair Trade Commission Chair Joo Byung-ki answers lawmakers' questions during a parliamentary audit held by the National Policy Committee at the National Assembly on the 12th.

Fair Trade Commission Chair Joo Byung-ki, who previously stated that he still stands by his past remark that the chaebol are exploiting South Korea, clarified today (the 21st) that this does not mean he denies the role of large conglomerates in South Korea's economic growth and development.

During the National Policy Committee's comprehensive parliamentary audit at the National Assembly, Chair Joo stated, "I sincerely apologize for the disruption in the smooth proceeding of the meeting caused by my answers [during the parliamentary audit on the 12th]," and offered this explanation.

During the parliamentary audit by the National Policy Committee at the time, when asked whether he still agreed with a remark he made during his days as a professor—that "the chaebol are exploiting South Korea, and the enemy creating an exploitative South Korea is the hereditary economy of the chaebol and large conglomerate groups"—Joo had replied, "While my expression was somewhat excessive, I still think that way," which sparked backlash primarily from the conservative bloc.

On the 13th, the day after the parliamentary audit, lawmakers of the People Power Party held a press conference urging Chair Joo to resign.

People Power Party Floor Leader Jung Jeom-shik also demanded his resignation, stating, "It is impossible to see how a figure with a distorted view of businesses can perform duties as the Fair Trade Commission chair to establish a fair market economic order."

Chair Joo remarked, "I have also read the remarks pointed out by the opposition lawmakers through their press conference, and I am taking them heavily."

He explained, "My remarks regarding the chaebol and large conglomerate groups were intended to mean that for large enterprises to foster global competitiveness and achieve sustained development, the opaque governance structures and side effects of economic concentration within large conglomerate groups must be improved."

He added, "I ask for your generous understanding that when I referred to enterprises owned by multiple individuals as public enterprises, it also meant that the rights of minority shareholders and the social responsibility of corporations should be emphasized."

Chair Joo noted, "As the lawmakers emphasized, the role of the Fair Trade Commission in a market economy is to support businesses so that they can freely engage in business activities while complying with fair market competition rules, and I will always keep this in mind."

(Photo: Yonhap News)

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