Google fights back, says it brings W11.9tr economic benefits to Korea

google fights back says it brings w11 9tr economic benefits to korea

Sumary of Google fights back, says it brings W11.9tr economic benefits to Korea:

  • Google, under fire in South Korea for allegedly abusing others with its market power, on Wednesday hit back at the criticism, arguing it contributed 11.9 trillion won ($10.25 billion) in economic benefits to Koreans last year.
  • Holding an online press event it called “Google for Korea,” executives of the US giant cited data from global market analysis firms to tout the positive side of its presence in Korea.
  • Google’s other services also stressed their economic contributions to the Korean economy.
  • By category, 5.1 trillion won in benefits come from Google’s app store, 4.2 trillion won through Google’s search engine and 2.5 trillion won through its free office productivity tools, it said.
  • Google also argued it has given back around 10.5 trillion won of annual benefits to South Korean enterprises, including profit of some 3.5 trillion won to local mobile app developers through its app store.
  • The event came just a day after the Fair Trade Commission slapped Google with a fine of 207.4 billion won for abusing its market power with the Android mobile operating system, after five years of investigation.

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