[THE INVESTOR] Fair Trade Commission head Kim Sang-jo on June 22 said that he will solve economic issues here through learning and cooperating with the European Union.
“One of the most important tasks of Korea is to unite the dividided society and increase social connection,” Kim said during a European Chamber of Commerce luncheon meeting in Seoul. “Because European member countries all have different historical background and economic development stages, EU has been moderating different stances among various members. This ‘due process’ experiences of EU can be a valuable lesson for Korea.”
He also explained that improving Korea-specific issues can make fair trade possible and fulfill both interests of Korea and European countries. The problems that he mentioned include ending gapjil -- a Korean term referring to the abuse of power by someone against a person in a weaker position -- and chaebol reforms.
“When EU’s business community trades with Korea, especially in the automobile industry, the components that Korean SMEs make are very crucial. Therefore solving Korea-specific problems can strengthen SMEs and will also fulfill the interest of EU,” Kim added.
Korea’s corporate watchdog chief also emphasized his plan to revise fair trade law, saying it is inconsistent and outdated. He said that he understands that there are some people opposing his plans. “However, the Moon Jae-in administration will actively communicate with the public to make trade laws that responds to the 21 century economic environment.”
During the ECCK’s luncheon event, European and Korean business leaders including Dimitris Psillakis, chairman of ECCK and CEO of Mercedes-Benz Korea, participated and shared opinions on various industrial issues for the advancement of the business environment in Korea.
By Song Seung-hyun (email@example.com)