Moon calls for public firms’ leading role in promoting fair economy

SEOUL, President Moon Jaein said Tuesday that South Korea's public firms should spearhead efforts to promote a fair economy, a key policy goal of his liberal administration.

The Moon administration has pushed a "threeaxis" economic development strategy to foster a fair economy, innovation and incomedriven growth.

Through the fair economy campaign, the government aims to level the playing field in the nation's economy and society, thus addressing unfair corporate and market malpractices and buttressing innovation and growth.

"Fair trade in public institutions is the starting point for our economy to move toward a fair economy. It's about building 'market trust,'" the president said at an interagency fair economy strategy meeting at Cheong Wa Dae in Seoul.

Joined by the heads of statefunded enterprises and lawmakers, the event was the third of its kind under the Moon administration striving to establish fair market order and improve corporate governance as well as to promote winwin cooperation and protect consumers' rights. The previous sessions were held in November last year and January this year.

Moon pointed out that public institutions need to play a vanguard role in the fair economy initiative.

"Because the terms of public institutions' transactions become an important ground or standard for those of private companies, they have a big impact on the market," Moon said.

He added that public firms, as the "priming water" for the realization of a fair economy, are responsible for efforts to help reduce unfair transactions by private ones.

A fair economy is the foundation for innovative and inclusive growth, the president stressed.

Entering the third year in office, Moon has notably emphasized the need for visible fruits of his economic policy so that the people can feel its actual effects.

The assets of public institutions in the nation, involved in various businesses in housing, electricity, gas, water supply, etc., totaled 811 trillion won (US$687 billion) as of the end of 2017, according to official data.

The amount accounts for 16.7 percent of the aggregate assets of the entire industries worth 4,850 trillion won.

Source: Yonhap news Agency

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