Moon asks con­glom­er­ates to help small busi­ness own­ers

The Korea Times - - NATIONAL - By Kim Bo-eun bkim@ko­re­

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.

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