Baek Byung-yeul is a journalist at The Korea Times focused on cultural content, including films and cultural events in South Korea. You can contact him at baekby@koreatimes.co.kr to share your insights.
ICT minister supports regulation of digital platforms' monopoly
Minister of Science and ICT Lee Jong-ho, center, speaks during a press conference at a restaurant in Sejong, Monday. Courtesy of the Ministry of Science and ICT
By Baek Byung-yeul
As the government hinted at introducing the Platform Competition Law to break up the monopoly of major digital platforms, the minister of science and ICT said on Monday that there is a need for regulation if there is harm caused by monopoly.
"I agree with the government's policy direction of encouraging innovation and creating a fair platform ecosystem. If there is harm from the monopoly of platform companies, I agree that there should be regulations in such areas," ICT Minister Lee Jong-ho said during a press conference.
However, he added that nothing specific has been decided yet. "There are many points to consider and review from various perspectives, such as policy direction, industry ecosystem and relations with overseas companies," he said.
Previously, the Fair Trade Commission (FTC) said it has been discussing with related ministries such as the Ministry of Economy and Finance and the Ministry of Science and ICT the introduction of the Platform Competition Law to regulate the practices of monopolistic digital platform companies. Once the discussions are completed, the contents of the related bill will be reported to the Cabinet.
The domestic IT industry strongly objected to the announcement. The Digital Economy Confederation, a group of online platform organizations, protested in a statement on Monday, saying that it opposes "the enactment of the law that will devastate the digital economy of Korea. It directly conflicts with the current government's self-regulation policy."
Busy year for ICT ministry
The minister also shared some of the accomplishments of his ministry from this year.
"When the launch of the Nuri space rocket was delayed due to a technical problem during the third launch in May, the technicians worked overnight to solve the problem and succeeded in the third launch following the second one. I was very happy that the launch was successful, and I think people have felt the same," he said. "With the successful launch of the Nuri rocket, we have now fully entered the era of private space development."
"Also, the ministry has made a lot of efforts for the stability of people's livelihoods. We created various rate plans for the 5G network to alleviate the burden of mobile costs."
He also made remarks about generative AI, which has had a big impact on people's lives worldwide since the end of last year.
"To make Korea one of the best countries in the world for AI, the government announced strategies to strengthen hyperscale AI competitiveness and to make AI a part of everyday life for all citizens, in collaboration with various experts," he said. "At the same time, we are also creating and spreading the Digital Bill of Rights to ensure that everyone can fairly enjoy the benefits of digital technologies like AI."
Regarding the government's decision to cut a total of 2 trillion won ($1.54 billion) from the budget for the 317 projects that the Ministry of Science and ICT will promote next year, the minister explained it as a task to reduce budget inefficiencies.
"We will do our best to ensure that researchers do not suffer from budget cuts," he said. "Along with this budget restructuring, efforts to improve the system are taking place. I am glad to see the determination to fix wasteful elements being sorted out and implemented."