The Korea Chamber of Commerce and Industry (KCCI) held a meeting with Fair Trade Commission Chairman Joo Byung-ki at its headquarters in Jung-gu, Seoul, on Friday to discuss business community concerns regarding fair trade issues.
KCCI organized the meeting to bring together large corporations and small and medium-sized enterprises to discuss fair trade matters with the FTC, including improvements to the criminal penalty system under the Fair Trade Act.
"The landscape of global competition has completely changed, and as concerns about prolonged low growth increase, I worry whether we can overcome this trend using past methods," KCCI Chairman Choi Tae-won said. "The demand for government policy support to back bold corporate innovation and change toward the future has grown more than ever."
FTC Chairman Joo responded that the country is facing "a period of historic transformation, and Korea can only overcome this difficult situation by strengthening its overall economic capabilities."
"We must create a society where sound small and medium-sized enterprises can enhance competitiveness and continue innovation and growth within fair trading relationships, and where small business owners and entrepreneurs can enjoy fair compensation and equal opportunities, guaranteeing everyone the freedom to pursue happiness and the opportunity to nurture their dreams," Joo said.
During a closed-door session, KCCI reportedly requested reforms to criminal penalties under the Fair Trade Act and expansion of incentives for Compliance Programs (CP), which are voluntary fair trade compliance systems.
The meeting was attended by 19 business leaders from KCCI and the Seoul Chamber of Commerce and Industry, including KCCI Chairman Choi Tae-won, Samsung Electronics President Park Seung-hee, SK Inc. Vice Chairman Lee Hyung-hee, Korean Air Vice Chairman Woo Kee-hong, Hyosung Vice Chairman Cho Hyun-sang, Hyundai Motor Executive Vice President Kim Dong-wook, LG Corp. Vice President Jang Kun, Lotte Holdings Communications Director Lim Sung-bok, POSCO Holdings Vice President Yang Won-jun, Hanwha President Cho Hyun-il, HD Hyundai Vice President Ryu Geun-chan, GS Engineering & Construction Vice President Kim Ha-soo, SSG.com CEO Choi Taek-won, CJ Corp. Vice President Hwang In-kyu, Doosan Vice President Kim Sung-tae, KCCI SME Committee Chairman Yoon Seok-geun, Seoul Economic Committee Chairman Kwon Oh-sung, Women's Enterprise Committee Chairman Jung Ki-ok, and KCCI Executive Vice Chairman Park Il-jun.
