Ahn Cheol-soo announces 7-point economic reform plan

Independent presidential candidate Ahn Cheol-soo on Sunday announced a set of economic reform plans aimed at providing equal opportunities to small and large companies, ensuring fair business practices and protecting the underdogs.

His pledge came as all three major presidential candidates, including Park Geun-hye of the conservative ruling party and Moon Jae-in of the liberal main opposition party, are trying to woo voters with promises to end the economic dominance of conglomerates under the popular slogan "economic democratization."

Conglomerates, known as "chaebol" in South Korea, have been credited with driving the country's economic growth in recent decades by spearheading exports, but critics accuse them of hurting smaller companies and widening income gaps through their market domination and concentration of wealth.

"Economic democratization is a constitutional value the president must defend," Ahn told a press conference at his election camp's headquarters in Seoul.

In a seven-point plan for economic democratization, he chose chaebol reform, financial reform, an innovative economy and labor reform as some of the areas he would focus on.

"I will push for chaebol reform measures such as strict law enforcement against heads of conglomerates involved in illicit wealth transfers (to their children), and then check that chaebol's illegal activities are under control through the chaebol reform committee," Ahn said.

The 50-year-old founder of South Korea's largest anti-virus software firm, AhnLab, said Friday he would launch a government committee to oversee the reform of conglomerates if elected in December's presidential polls.

If the initial measures against illicit chaebol practices don't succeed, Ahn said he would consider stronger structural reforms such as a separation of affiliates from their parent company. (Yonhap)