Seoul, September 16, 2025 — The new chair of Korea’s Fair Trade Commission (KFTC), Biung Ghi Ju, has vowed to strengthen enforcement of competition rules, warning that unchecked market power and unfair practices threaten the country’s long-term economic prospects.
In his inaugural speech, Ju underscored that Korea’s economy, despite being a global top-10 powerhouse, is at risk of stagnation if structural reforms are not pursued. He highlighted the concentration of economic power among conglomerates, widening gaps between large corporations and SMEs, and opaque business practices as barriers to innovation and growth.
Key Priorities on Competition Enforcement
Ju set out a four-point agenda to reinforce fair market competition:
- Crackdown on unfair practices such as technology theft, abusive contract settlements, and exploitation of SMEs.
- Stricter oversight of conglomerates, targeting illicit profit-taking and unfair internal transactions to ensure governance reforms.
- Fair rules for online platforms, with clearer protections for merchants and consumers in the fast-growing digital economy.
- Stronger consumer rights, including swift remedies for damages from unfair trade and tougher sanctions for violations that outweigh any potential gains
Drawing on historical parallels, Ju emphasized that advanced economies achieved prosperity through institutional reforms such as labor rights, antitrust laws, and fair market orders. He pledged that the KFTC would act as a “countervailing power” to prevent monopolistic dominance and foster innovation-driven growth.
“We must cultivate innovative firms while firmly cracking down on those who exploit others. The correct application of competition rules is essential to building a market system rich in innovation and fair entrepreneurship,” Ju said.
The KFTC’s renewed focus on competition enforcement comes as Korea faces slower growth than the OECD average for three consecutive years. Ju linked effective antitrust enforcement with economic resilience, consumer welfare, and shared prosperity, stressing that “perfect justice, perfect liberty, and perfect equality” — in Adam Smith’s words — should underpin Korea’s fair market order.
The authority is expected to expand its resources, strengthen sanctions, and deepen engagement with businesses, civil society, and government institutions as part of this reform drive.
