What Happened
Regulatory Reforms Aim to Boost Competition in Defense Sector
The Fair Trade Commission has announced plans to dismantle the stronghold of the defense industry, where a handful of companies have enjoyed monopolistic profits under the pretext of national security. By conducting a comprehensive review of the defense materials designation system, the Commission aims to break down barriers to market entry and encourage the participation of small- and venture-sized companies. This move is intended to stimulate innovation and create a virtuous ecosystem, as reported by The Asia Business Daily.