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S. Korea antitrust chief underscores level playing field for SMEs

All News 20:54 December 14, 2018

SEOUL, Dec. 14 (Yonhap) -- South Korea's antitrust chief said Friday that a level playing field should be established for small and medium-sized enterprises (SMEs) to help boost the economy.

In a local radio interview, Fair Trade Commission Chairman Kim Sang-jo said, "It's important to generate a business ecosystem which allows SMEs to move up the ladder for growth into large conglomerates such as Samsung Group Hyundai Motor Group."

The antitrust regulator has pushed forward win-win growth between conglomerates and SMEs under the Moon Jae-in government, which took office in May last year.

As for the income-led economic growth sought by the Moon Jae-in government, he said the country is heading in the right direction.

Companies, small or big, have complained of higher labor costs as the government raised the minimum wage to 8,350 won for 2019, up 10.9 percent from 7,530 won, as part of its income-led, or consumption-led, growth strategy.

In this photo taken on Nov. 27, 2018, FTC Chairman Kim Sang-jo listens to remarks by Prime Minister Lee Nak-yeon during a video conference call held at a government complex building in Sejong, 120 kilometers south of Seoul. (Yonhap)

In this photo taken on Nov. 27, 2018, FTC Chairman Kim Sang-jo listens to remarks by Prime Minister Lee Nak-yeon during a video conference call held at a government complex building in Sejong, 120 kilometers south of Seoul. (Yonhap)


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