Antitrust regulator nominee says ‘fair economy is vital’

South Korea’s antitrust watchdog nominee Joh Sung-wook said she would keep “fair economic development” in mind, adding both conglomerate reforms and fair economy are vital.

The professor at Seoul National University met with reporters on Friday afternoon shortly after President Moon Jae-in nominated her as the new chief of the Fair Trade Commission. 

“I feel a heavy responsibility to be nominated as the FTC head, who serves a critical role of pursuing a fair economy, which is one of the three economic policies of the administration,” she told reporters.

The nominee went on to say that she would do her best to prepare for a parliamentary hearing, for which a date has not been set yet.

Although Joh said “it is not right to say anything as a nominee,” she added she believes the critical role of the chief under this administration is to pursue a fair economy -- among many other roles.

She ended the short briefing by narrating the purpose of the nation’s fair trade law.

“The law prohibits excessive overuse of market dominance, prevents economic concentration, regulates unfair business practices and promotes fair and free competition. I will keep ‘fair economic development’ in mind.”

Joh, 55, will replace former head Kim Sang-jo, who is Moon’s chief policy secretary since June.

Currently serving as a professor at SNU Business School, Joh previously served as a non-executive member of the Financial Services Commission’s Securities & Futures Commission from April 2013 to April this year. She also taught at Korea University Business School from 2003 to 2005 after working as a researcher at the Korea Development Institute from 1997 to 2003.

The nominee has a bachelor’s and master’s degree in economics from SNU and completed a doctorate in economics at Harvard University. The FTC chief post is subject to a parliamentary hearing. 

By Shin Ji-hye (shinjh@heraldcorp.com)