There has been an argument that opening up the inter-company transactions of the large corporations to provide opportunities for independent firms to participate in bidding will ultimately create over 2.2 million job opportunities.
Pi-Touch Institute has clarified this in its research report, ’Article 119 of the Constitution - Economic Democratization Solved with Fair Competition’, at a research seminar held at the National Assembly Memorial Hall in Yeouido, Seoul on the 22nd.
Research Fellows reinterpreted Article 119 of the Constitution, an economic clause, from the concept of fair competition, and presented the reality and the alternative measures for the Korean economy based on the spirit of the Constitution.
They also have revealed the reality of the inter-company transactions of large corporations and suggested the necessity of regulations by analyzing numerous cases including large corporationsclosing SMEs that have done business with by creating new affiliates and destroying the ecosystem of free market through unfair inter-company transactions, and solely working with the kinship companies that have been separated from the affiliates of large corporations.
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