As technology continues to impact our lives and the way we conduct transactions, Korea’s antitrust watchdog, the KFTC is determined to crack down on any possible abuses. To that end, they have broadened their scope of the investigation to include companies operating in semiconductor production, app markets, mobility services, and e-commerce.
The new legislation will “respond with systemic efforts, including effective regulatory systems, via stronger international cooperation,” in response to the monopoly of global big tech firms, FTC Chairman Han Ki-jeong said at a conference held at the Grand Hyatt Seoul in central Seoul on Monday.
Read more: South Korea’s Antitrust Watchdog Moves Away From Big Tech Regulations
Han said the pandemic has accelerated the transition to the digital economy and stressed the need to respond to the digital economy and promote market fairness.
The creation of a market environment that facilitates innovative competition will be a key task for the FTC this year, Han added.
The American Chamber of Commerce in Korea (Amcham) hosted the event. “Amcham’s key initiative is to establish Korea as a regional innovation hub in the Asia Pacific,” Amcham Chairman & CEO James Kim said at the event. “To unlock Korea’s true potential, it is critical that the business environment is fair and transparent for both domestic and foreign businesses and regulations are consistent with global standards.”