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S. Korean IT leaders call for regulation changes for fair competition with foreign tech giants

Naver CEO Han Seong-sook (first from left) and other leaders of Korean IT companies attend a meeting at the National Assembly organized by parliament members to promote the local IT industry. (Yonhap)
Naver CEO Han Seong-sook (first from left) and other leaders of Korean IT companies attend a meeting at the National Assembly organized by parliament members to promote the local IT industry. (Yonhap)

The leaders of South Korea’s leading IT firms have called on lawmakers to change regulations for fair competition with foreign tech companies at the National Assembly on Monday.

Kakao CEO Yeo Min-so, Naver CEO Han Seong-sook, Woowa Brothers CEO Kim Beom-joon and other tech leaders joined the forum held by lawmakers.

“Local and foreign companies are offering their services here, but the regulations and penalties that bind them are seemingly different,” Kakao CEO Yeo said.

When a lawmaker asked if there were anything that local IT firms need to compete with foreign companies, Yeo said regulatory changes are needed to ensure fair competition with foreign companies.

Naver CEO Han said the current laws impose stricter regulations on local companies, hoping that “both foreign and local companies are subject to the same regulations.”

Han also added that unfair regulations could offer favors to foreign companies that already have 20-30 times more resources that local companies.

By Shim Woo-hyun (ws@heraldcorp.com)
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