Accra:Seoul The chief of South Korea's antitrust watchdog acknowledged the contributions of conglomerates to the country's economic growth during a parliamentary audit, addressing criticisms of his previous remarks on the subject.

According to Yonhap News Agency, Ju Biung-ghi, head of the Fair Trade Commission (FTC), clarified his stance amidst criticisms from opposition lawmakers. They challenged his earlier comments describing family-run conglomerates, or chaebol, as exploitative during his tenure as a professor, and his reaffirmation of those views last week.

Ju emphasized that his remarks were intended to encourage more transparency in the governance structures of chaebol and to address the negative impacts of their economic concentration. This, he argued, would enhance the global competitiveness of South Korean business groups.

The FTC chief further noted his focus on the social responsibilities of these business groups and the rights of the majority of shareholders. He reiterated the FTC's role in supporting businesses to operate freely while adhering to market rules.