Government to Launch Top 10 Regulatory Improvement TF Next Week... Innovation Roadmap to Be Established in March

[Asia Economy Reporter Kwangho Lee] The government will launch a task force (TF) next week to comprehensively review regulations across five major sectors and ten key areas from a zero-based perspective. Through this, it plans to establish and announce the 'Innovation Roadmap for Ten Key Regulatory Focus Areas' by the end of March.

On the 6th, the Ministry of Economy and Finance reported the detailed implementation plan for regulatory innovation in five major sectors and ten key areas to Prime Minister Chung Sye-kyun at the Government Policy Coordination Meeting held at the Sejong Government Complex.

The five major sectors are new industries, bio-health, common industries, manufacturing innovation, and service industries. The ten key regulations cover data and artificial intelligence (AI), future cars and mobility, new medical technologies, healthcare industry, fintech, technology startups, industrial complexes, resource circulation, tourism, and e-commerce and logistics.

The TF, led by First Vice Minister Kim Yong-beom of the Ministry of Economy and Finance, will be launched next week. It is an intergovernmental organization with first-level officials from the main ministries responsible for each of the ten key areas participating.

The Ministry of Economy and Finance will serve as the overall coordinator along with the Office for Government Policy Coordination. It will also act as the joint leader of the working groups for each of the ten key areas.

A pool of private experts including industry specialists, scholars, and legal professionals will be selected, and a public-private joint Regulatory Verification Committee will also be operated.

By March, the working groups for each sector will identify target regulations from a zero-based perspective, and by June, the Regulatory Verification Committee will conduct in-depth reviews to promote abolition or improvement of regulations.

The TF will select a list of regulatory improvement review tasks for each of the ten key area working groups.

Using systems such as the regulatory proof responsibility system and comprehensive negative regulation transition, laws and regulations will be fully revised under the principles of regulatory abolition or redesign.

At the same time, for the ten key areas, the government will prioritize regulatory sandbox submissions (fast track) and apply the principle of minimizing additional conditions to promote rapid commercialization.

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said, "The government has held multiple meetings with economic organizations, research institutes, and industry groups to select candidate tasks for regulatory focus industries and prepared the ten key regulatory focus areas plan. Next week, we will launch the Ten Key Regulatory Improvement TF, establish the Innovation Roadmap for Ten Key Regulatory Focus Areas in March, and sequentially announce regulatory innovation measures for each sector based on the roadmap."

This content was produced with the assistance of AI translation services.