Competition policy

摘要

The chaebol are large local conglomerates that dominate South Korea's major export industries, including cars, electronics, financial services, petrochemicals, retail, shipbuilding and telecommunications. The reach of the chaebol extends to virtually every industry through horizontal and vertical integration, including in relatively new industries such as entertainment and e-commerce. The government is actively encouraging a "fourth industrial revolution", favouring new technologies, promoting small and medium-sized enterprises (SMEs) and nurturing the country's fledgling venture-capital industry. However, it generally remains true that SMEs and foreign businesses cannot compete in the local market without chaebol connections.