By Choi Kyong-ae
The Fair Trade Commission (FTC) will strengthen its monitoring of the software markets to prevent business players from conducting unfair practices, its Chairman Noh Dae-lae said Thursday.
"It is essential to offer market participants a level playing field from the outset to secure fair competition because new businesses coming up with user created content (UCC) and smartphone applications are either winners or losers in a short period of time," Noh said in a breakfast meeting with business leaders in central Seoul.
In new businesses, first starters dominate and enjoy a bigger share of the profits. Their dominance has often kept latecomers from gaining access to the "platform-ecosystem" market, said the FTC chief.
Currently, the UCC market is controlled by YouTube and smartphone application markets are shared by Apple and Google.
"With growing economic uncertainty, free and fair competition should be guaranteed in the online and other core-value businesses to generate bigger demand," Noh said.
That's why the FTC will look into unfair practices being carried out in the online market in a move to apply similar or revised regulations available in the offline market he told chief executive officers and members of the Korea Chamber of Commerce and Industry.
"We will give serious consideration when executing regulations on innovative business players because excessive intervention by the government may shrink the business as well as the motivation for startups," he said.
Looking ahead, the chairman said the FTC will look into business-related wrongdoings by large conglomerates next year.
"We will push forward with our plan to crack down on insider trading between a conglomerate's affiliates," he said. Hyundai Motor Group has been criticized for allowing its logistics affiliate to transport most of its vehicles to ports for export.
He went on to say that the FTC will also seek to make the ban on cross-shareholding among affiliates into a law as soon as possible.
"The ban on cross-shareholding among sister companies will allow financially-troubled companies to go bankrupt and the parent group emerge financially healthy," he said.
Warning of an extended economic downturn through next year, he suggested participating CEOs draw up a business plan based on the current dire environment.
He pointed out European countries are struggling with financial debt and the United States may soon to exit from its quantitative easing measures.
Noh encouraged local companies to make investments to prop up the country's flagging economy.
The Fair Trade Commission (FTC) will strengthen its monitoring of the software markets to prevent business players from conducting unfair practices, its Chairman Noh Dae-lae said Thursday.
"It is essential to offer market participants a level playing field from the outset to secure fair competition because new businesses coming up with user created content (UCC) and smartphone applications are either winners or losers in a short period of time," Noh said in a breakfast meeting with business leaders in central Seoul.
In new businesses, first starters dominate and enjoy a bigger share of the profits. Their dominance has often kept latecomers from gaining access to the "platform-ecosystem" market, said the FTC chief.
Currently, the UCC market is controlled by YouTube and smartphone application markets are shared by Apple and Google.
"With growing economic uncertainty, free and fair competition should be guaranteed in the online and other core-value businesses to generate bigger demand," Noh said.
That's why the FTC will look into unfair practices being carried out in the online market in a move to apply similar or revised regulations available in the offline market he told chief executive officers and members of the Korea Chamber of Commerce and Industry.
"We will give serious consideration when executing regulations on innovative business players because excessive intervention by the government may shrink the business as well as the motivation for startups," he said.
Looking ahead, the chairman said the FTC will look into business-related wrongdoings by large conglomerates next year.
"We will push forward with our plan to crack down on insider trading between a conglomerate's affiliates," he said. Hyundai Motor Group has been criticized for allowing its logistics affiliate to transport most of its vehicles to ports for export.
He went on to say that the FTC will also seek to make the ban on cross-shareholding among affiliates into a law as soon as possible.
"The ban on cross-shareholding among sister companies will allow financially-troubled companies to go bankrupt and the parent group emerge financially healthy," he said.
Warning of an extended economic downturn through next year, he suggested participating CEOs draw up a business plan based on the current dire environment.
He pointed out European countries are struggling with financial debt and the United States may soon to exit from its quantitative easing measures.
Noh encouraged local companies to make investments to prop up the country's flagging economy.
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