The head of South Korea's antitrust watchdog has emphasized the importance of economic democratization. 

Fair Trade Commission(FTC) Chairman Kim Sang-jo revealed his stance on that matter Monday in response to a public petition that expresses support for the government’s initiatives aimed at improving corporate governance structure and balanced growth between small and mid-sized enterprises and conglomerates. 

More than 200-thousand people have signed the online petition on the presidential office’s Web site since Kim said at a forum in February that economic democratization, like political democratization, should be pursued through public participation. 

Noting the country will have no future if the efforts for economic democratization fail again, Kim said the Moon Jae-in administration will soon announce measures to help small businesses, including subcontractors of large-sized firms.