FTC chairman nominee outlines vision for updated market system in confirmation hearing

Ju Biung-Ghi the nominee to head the Fair Trade Commission has highlighted the importance of an upgrade in the market system.

Speaking at his confirmation hearing earlier on this Friday Ju pledged support for innovative companies and stern punishment for those that abuse their power for unfair gain.

He claimed the move is necessary for South Korea to compete with advanced economies.

Ju also emphasized the need to protect small and medium-sized businesses from technology theft and to ensure fair market conditions for online platforms.