Hong Nam-ki: "Extension of Inspection Exemption for Chemical Facilities in SMEs Until Year-End" (Update)

"Prevent Factory Shutdown"... 'Operate First, Inspect Facilities Later' Within 30 Days

[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said on the 17th, "To alleviate the burden on small and medium-sized enterprises (SMEs) handling chemical substances whose business conditions have worsened due to the prolonged COVID-19 pandemic, the exemption from regular inspections of chemical handling facilities, which was scheduled to end at the end of this month, will be extended by an additional three months until the end of 2020."

At the 3rd Korean New Deal Ministerial Meeting and the 16th Central Emergency Economic Countermeasure Headquarters meeting held on the same day, Deputy Prime Minister Hong stated, "To prevent factory operations from being halted due to minor changes in chemical handling facilities, we will promptly institutionalize a system allowing operation within 30 days prior to facility inspection."

Deputy Prime Minister Hong also announced, "To promote technology startups, we plan to include convergence business models such as smart clothing and intelligent automobiles within the scope of startups and to pursue special allowances for the Youth Tomorrow Savings Program for innovative SMEs." He added, "We will consider introducing a regulatory forecast system for SMEs to minimize regulatory burdens from the perspective of actual companies and improve the current regulatory impact assessment for SMEs to operate more effectively."

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