Prime Minister Jeong: "The Key Task in the Post-Corona Era is Regulatory Innovation"

Inauguration Ceremony of the Korea Chamber of Commerce and Industry Regulatory Sandbox Support Center

Prime Minister Jeong Sye-kyun

[Asia Economy Reporter Kwangho Lee] Prime Minister Chung Sye-kyun stated on the 12th that "the core task in the post-COVID-19 era is regulatory innovation."

On the same day, Prime Minister Chung attended the launch ceremony of the 'KCCI Regulatory Sandbox Support Center' held at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, and held a meeting with representatives of companies approved under the regulatory sandbox, expressing this view.

The meeting was attended by Park Yong-man, Chairman of KCCI; Lee In-yong, President of Samsung Electronics; Gong Young-woon, President of Hyundai Motor Company; Kim Ki-woong, CEO of Wecook; Han Jung-hoon, CEO of Homestory Life; Lee Seok-woo, CEO of Dunamu; Byun Chang-hwan, CEO of Quarasoft; and from government ministries, Jang Seok-young, Vice Minister of the Ministry of Science and ICT; Jeong Seung-il, Vice Minister of the Ministry of Trade, Industry and Energy; and Son Byung-du, Vice Chairman of the Financial Services Commission, among others.

The KCCI Regulatory Sandbox Support Center will perform the same functions as the existing dedicated institutions by supporting companies' regulatory sandbox applications, consulting, inter-ministerial coordination, and post-management in cooperation with related ministries.

Prime Minister Chung emphasized, "Active utilization of the regulatory sandbox is important to protect the golden time for innovation in new industries," and added, "The government will continue to do its best to support companies at the government level to restore economic vitality."

He also urged, "Companies should actively utilize the KCCI Regulatory Sandbox Support Center, and KCCI should also strive to ensure that the system is well utilized from the perspective of companies."

In response, Chairman Park said, "The regulatory sandbox will be a driving force in opening the future of the Republic of Korea," and added, "We will strive to radically rebuild laws and systems created in the era of high growth."

The businesspeople attending the meeting expressed their expectations that the establishment of the Regulatory Sandbox Support Center will improve convenience and accessibility for companies, and requested innovation in laws and systems to enable more companies to undertake new ventures.

Meanwhile, since January last year, the Moon Jae-in administration introduced the regulatory sandbox, which allows for the suspension or exemption of existing regulations to boldly innovate regulations in new industries. So far, a total of 239 regulatory exemptions (195 in 2019 and 44 in 2020) have been approved across four sectors: ICT, industrial convergence, innovative finance, and regulatory free zones, supporting the market entry of new products and services that had faced difficulties due to rigid regulations.

In particular, Korea has established a unique model capable of rapid review across a wide range of fields compared to foreign countries. Approved companies have attracted more than 250 billion KRW in new investments, and about 20 companies have already entered overseas markets.

The government plans to continue efforts to ensure that the regulatory sandbox becomes a key regulatory innovation tool that promotes the market entry of new technologies.

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