What did FTC chief Ju Biung-ghi say about conglomerates’ role in Korea’s economic growth?

Ju said he was not denying conglomerates’ role in Korea’s economic growth and development. He made the statement during a parliamentary audit at the National Assembly.

Why did Ju Biung-ghi say he had criticized chaebol?

Ju said his remarks were meant to emphasize the need for more transparent governance structures and to address adverse effects from economic concentration. He said those changes would help bolster business groups’ global competitiveness.

What did Ju Biung-ghi say the FTC’s role should be in the market system?

Ju said the FTC’s role was to help businesses operate freely while abiding by the rules. He also said he would keep the social responsibility of business groups and the rights of majority shareholders in mind.

FTC chief acknowledges role of conglomerates in economic growth

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Summary

Fair Trade Commission chief Ju Biung-ghi acknowledged conglomerates’ contributions to Korea’s economic growth during a parliamentary audit at the National Assembly on Wednesday. Responding to opposition lawmakers’ criticism of his earlier description of chaebol as exploitative, he said his remarks were intended to call for more transparent governance and action on the adverse effects of economic concentration. Ju said the FTC should help businesses operate freely while following the rules.

Key Facts

Ju had described family-run conglomerates, known as chaebol, as exploiting Korea during a lecture when he was a professor.
Opposition lawmakers criticized Ju for reaffirming that view the previous week.
Ju said he wanted to emphasize business groups’ social responsibility and the rights of majority shareholders.

By Yonhap

Published Oct 21, 2026 11:05 am KST

Ju Biung-ghi, head of the Fair Trade Commission, answers lawmakers' questions during the Political Affairs Committee's audit at the National Assembly in Seoul, Oct. 12. Yonhap

The chief of Korea's antitrust watchdog on Wednesday acknowledged conglomerates' contributions to the country's economic growth during a parliamentary audit, amid criticism of his earlier claim that chaebol have exploited the country.

"I am not denying the role of conglomerates in Korea's economic growth and development," Ju Biung-ghi, head of the Fair Trade Commission (FTC), said during a parliamentary audit at the National Assembly.

Ju's remarks came in response to criticism from opposition lawmakers over his description of family-run conglomerates, known as chaebol, as exploiting Korea during a lecture when he was a professor. They criticized him for reaffirming that view last week.

"My remarks on chaebol and conglomerates are intended to emphasize the need to make their governance structures more transparent and address the adverse effects of their economic concentration to bolster the global competitiveness of business groups," Ju said.

The FTC chief said his intention was to highlight the social responsibility of business groups and the rights of the majority of shareholders.

"I will always keep in mind that the FTC's role in the market system is to help businesses operate freely while abiding by the rules," he added.

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