Kim Yong-beom, Deputy Minister of Economy and Finance, "Regulations Must Be Improved Swiftly... Efforts Needed to Achieve Results"

The 2nd 10 Major Regulatory Improvement TF Meeting... Selection of 10 Key Regulatory Innovation Tasks and Over 60 Detailed Implementation Tasks

Kim Yong-beom, First Vice Minister of the Ministry of Economy and Finance, is delivering the opening remarks while presiding over the '2nd 10 Major Regulatory Improvement TF General Meeting' held at the Government Seoul Office Building on the 23rd.

[Asia Economy Reporter Kwangho Lee] Kim Yong-beom, First Vice Minister of the Ministry of Economy and Finance, emphasized on the 23rd that "the spread of the novel coronavirus infection (COVID-19) has triggered changes in the behavior of economic agents and the form of service consumption, greatly impacting the overall economy, and regulatory innovation must be strategically promoted in line with these changes."

On the same day, Vice Minister Kim chaired the 2nd meeting of the Top 10 Regulatory Improvement Task Force (TF) held at the Government Seoul Office and stated, "The government has selected 10 major regulatory innovation focus tasks and over 60 detailed implementation tasks, and aims to strongly promote regulatory innovation under the principles of Timely response, Transparent assurance, and Targeted core regulation improvement."

The 10 major focus tasks include ▲Data & AI ▲Future Cars & Mobility ▲Medical New Technologies ▲Healthcare ▲Fintech ▲Technology Startups ▲Industrial Complexes ▲Resource Circulation ▲Tourism ▲E-commerce & Logistics.

Vice Minister Kim said, "First, from the perspective of rapid response to COVID-19, regulations that can be resolved should be promptly and swiftly improved to achieve tangible results."

He continued, "We must actively utilize the Regulatory Verification Committee, centered on private experts, to create practical effects through field-sensitive and transparent regulatory innovation," and added, "Efforts to improve core regulations that can secure the sustainability of the industrial system over the long term must also be continuously pursued without interruption."

In particular, he urged, "The lead ministries of the working groups should continuously discover fundamental regulatory innovation tasks and actively strive to ensure they lead to substantial improvements."

At this meeting, in-depth discussions were held on the analysis of crisis factors and opportunity factors due to COVID-19 and policy tasks for each of the 10 major industrial sectors, and it was decided to reflect these in future sector-specific countermeasures. Going forward, the Top 10 Regulatory Improvement TF will be used to strengthen inter-ministerial consultations and monitor the progress of tasks.

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