South Korea's ruling Saenuri Party said Monday it will make efforts to bring fair competition to the country's business realm, adding it will also root out irregularities among conglomerates.

"A country that is not run fairly cannot stand up straight,"said Chung Jin-suk, the floor leader of Saenuri, adding the country must make efforts to withhold unnecessary privileges from the high-income bracket.

The lawmaker claimed South Korea's economy is effectively run by the upper 10 percent. He said this small number of people accounting for half of the nation's profit poses potential threats to the country's wellbeing. The party whip then said there must be reformatory efforts on local family-controlled conglomerates, known as "chaebol."

He also named a handful of the country's troubled companies, including Daewoo Shipbuilding & Marine Engineering Co. and Lotte Group, marking a rare occasion for a ruling party official to name specific companies being probed for possible illegal activities.

Earlier this month, prosecutors raided the headquarters of the South Korean retail giant Lotte, as well as six of its affiliates over allegations of embezzlement and other shady business deals.

Chung's speech reflects the ruling party's ongoing struggle to appease the public after its defeat in April's general election.

Saenuri has been viewed locally as more business-friendly compared to other rivalry liberal parties.

"Saenuri has been focusing on expanding the size of the pie to be shared. Policies on sharing them always held lower priority. In order to maintain a sound growth, the issue now has to be discussed," Chung added.

The floor leader then said South Korea must carry out reform on its welfare system, before taking steps to collect more taxes.

Chung, meanwhile, added the parties should avoid populism and roll out more responsible policies to overcome current economic challenges. (Yonhap)