FTC chairman nominee Han Ki-jeong stresses need for deregulation

Han Ki-jeong, Fair Trade Commission chairman nominee, answers questions by reporters in Seoul on Friday. [YONHAP]

Fair Trade Commission chairman nominee Han Ki-jeong stressed the importance of deregulation in a press conference Friday, saying that existing regulations need to be lifted to allow private businesses to thrive.

“The government has to design a system that would guarantee the market economy’s efficiency and fairness while unnecessary regulations have to be abolished through bold innovation,” the Seoul National University law professor told reporters Friday, the day after his nomination was announced.

He stressed that the policy direction of the current government will focus on economic growth led by the private sector.

“Restoring a free and fair market economy is necessary to achieve the goal that is being pursued by the new government of dynamic innovative growth,” Han said. “Companies should be allowed to operate freely.”

However, he said the government will show no mercy in punishing any actions that hurt fair competition in the marketplace.

He said he will create a system that will improve how the law is executed to gain the public’s trust by making it more transparent.

Han said he will work on measures to protect small and medium-sized enterprises and consumers against antitrust practices due to their vulnerable position and lack of information.

Han, who specializes in commercial law, especially insurance, is President Yoon Suk-yeol’s second pick to head the country’s antitrust agency after his first pick, Song Ok-rial, also a Seoul National University law professor, withdrew a week after being nominated due to the unearthing of controversial comments he had made in the past.

BY LEE HO-JEONG [lee.hojeong@joongang.co.kr]