Moon asks conglomerates to help small business owners
President Moon Jae-in on Friday asked conglomerates to cooperate to enable smaller businesses to also prosper, at a meeting to discuss achieving a “fair economy.”
“A fair economy means players are guaranteed fair competition and fairly share the fruit of growth,” Moon said at the meeting held at COEX in southern Seoul, Friday.
“The aim of achieving economic democracy is for mom-and-pop stores, small-and medium-sized companies and conglomerates to prosper together,” he said.
Achieving a fair economy is among Moon’s key pillars of economic policy. Another pillar is growth achieved through increasing income and innovation.
“Fairness was lost in the past processes of economic growth,” Moon said.
“The achievements made together were concentrated on the group of conglomerates, and small and medium-sized companies were unable to grow together.”
This was the first meeting held on the theme of fair economy. The President touched upon the achievements made so far in the past year and a half.
These include the introduction of punitive measures against unfair transactions of retailers which require them to compensate three times the amount of damages wreaked on businesses. Grounds have also been established so that subcontractors can call for price adjustments when costs of labor or materials rise. Businesses that have been accused of extortion are now banned from taking part in public biddings, and the investigation period for such cases has been lengthened.
“Businesses will develop willingness for innovation if fair competition is guaranteed and they are compensated according to the work they’ve performed. They will be able to heighten their global competitiveness through enhancing transparency and through fair competition,” Moon said.