Park Yong-man: "Sandbox Support Center Will Enable Young People to Start Their Own Businesses"

Prime Minister Chung Sye-kyun and Park Yong-man, Chairman of the Korea Chamber of Commerce and Industry, are attending the launch ceremony of the regulatory sandbox private reception organization held on the 12th at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul. Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Changhwan Lee] Park Yongman, Chairman of the Korea Chamber of Commerce and Industry (KCCI), stated on the 12th that the KCCI Sandbox Support Center, launched on the same day, will be operated to allow young people to undertake as many projects as possible.

At the launch ceremony held on the first floor of the Namdaemun Chamber of Commerce Building in Seoul, Chairman Park said, "Although more young people are trying to start businesses despite the difficult environment these days, there are cases where the 'attempt' itself is blocked or business models are 'trimmed' due to systems that fundamentally block business-related risks in advance."

He emphasized, "In this situation, there are even remarks that the sandbox is regarded as the 'last stronghold' for young people."

The sandbox is a system that postpones or exempts regulations that unreasonably hinder the market launch of innovative products and services. While the UK, the US, and Japan operate sandboxes mainly through government and financial authorities, Korea is the first to pursue institutional innovation through new channels in the private sector.

Chairman Park explained, "I thought the sandbox could become an 'unprecedented innovation tool,' so last year, our chamber proposed the establishment of a private sandbox support center. Since then, the Office for Government Policy Coordination, Ministry of Trade, Industry and Energy, Ministry of Science and ICT, and Financial Services Commission have provided full support."

He stated, "The results of the three-month pilot project were very encouraging," adding, "Many tasks that could become the 'origin of new industries,' such as IT new technologies and shared business models, were discovered. There was even a case where a 'startup' that had been dormant for years opened the 'path to commercialization.'"

Chairman Park added, "In the future, the KCCI sandbox plans to prioritize evaluating 'future potential' over 'problems' and will focus on operating it to enable undertaking as many projects as possible."

He particularly emphasized, "We will strive to discover new cases centered on projects that can accelerate innovative legislation, induce proactive administration, encourage society to reconsider resistance from vested interests, and provide solutions for convergence business models."

He also said, "I hope the government will continue to provide substantial support," and requested, "Please also work to institutionalize the prompt review and approval process so that business models verified as exceptional can be allowed on a regular basis."

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