Prime Minister Han Seong-sook pledges regulatory reform to boost new industries
Quick Look
South Korean Prime Minister Han Seong-sook announced plans to streamline regulations to support new industries, proposing a 'market first, regulate later' approach and the creation of a dedicated regulatory reform center to boost economic growth.
AI-generated summary
Why It Matters
The South Korean government is seeking to modernize its regulatory framework to align with international standards and foster economic growth.
SEOUL, Aug. 20 (Yonhap) -- Prime Minister Han Seong-sook vowed Thursday to boldly improve regulations to help new industries and technologies to take off in an unfettered manner and play a key role as future growth engines for South Korea's economy.
"There would be no disagreement on the point that (new technologies and industries) are our future growth engines," Han said during a discussion on regulatory reforms. "We are putting our best efforts into rationalizing regulations to the level of rival nations."
In case of outdated regulations that do not befit international standards, Han said she will make it mandatory for government agencies to prove if such regulations are necessary and if not, improve or remove them. The government will also allow new technologies to enter the market first and create regulations later if necessary.
Han said the government is also considering establishing a regulatory reform center under the Prime Minister's Office, while taking steps to allow government officials to boldly improve regulations without concerns about audits.
What to Watch
AI outlook — possibilities, not facts
Establishment of a regulatory reform center under the Prime Minister's Office.
Likely · Within months
Open Questions
- When will the regulatory reform center be established?
- Which specific industries will be prioritized for deregulation?
