Prime Minister Jeong: "Regulatory Reform Focused on 20 Promising Industries... Basic Plan to Be Established"

Next Year, 400 Billion Won Invested in Virtual Convergence Technology... Focus on Strengthening Six Major Industries Including Manufacturing and Construction

Prime Minister Jeong Sye-kyun

[Asia Economy Reporter Kwangho Lee] Prime Minister Chung Sye-kyun said on the 10th, "We will proactively identify and reform regulations that hinder commercialization, focusing on 20 promising future industries such as AI and big data, selected through gathering opinions from companies."

At the 119th Government Policy Coordination Meeting held at the Government Seoul Office on the same day, Prime Minister Chung stated, "The government has prepared the 1st Basic Plan for New Industry Regulation Reform, which includes an action plan until 2023 to spread the achievements of new industry regulation innovation and increase its perceptibility."

Prime Minister Chung evaluated, "The government has been fully committed to regulatory innovation to support the industrial structure reorganization accelerated by the 4th Industrial Revolution. In particular, over the past two years, through the regulatory sandbox, which can be called the representative brand of our government's regulatory innovation, we have achieved meaningful results such as attracting investments exceeding 600 billion won and creating employment for more than 1,700 people."

However, he pointed out, "There are still voices that various regulations not conforming to global standards are holding back the development of new industries."

Prime Minister Chung expressed, "First, we will identify and reform regulations that hinder commercialization, focusing on 20 promising future industries. For areas involving multiple ministries, we will create a regulatory roadmap that can be viewed at a glance to innovate more systematically."

He also mentioned, "We will firmly remove regulatory barriers through institutional innovation, such as expanding the scope of the regulatory sandbox and strictly applying the transition to a comprehensive negative system. We will also actively mediate conflicts among stakeholders for the co-prosperity and development of existing industries."

Prime Minister Chung emphasized, "We have also prepared measures to resolve regulatory suggestions from the field. This is the sixth time we have identified regulations that need to be resolved in new industry fields such as hydrogen charging stations, and we will promptly reform them."

He continued, "There are cases where confusion occurs because frontline agencies do not immediately reflect regulatory improvements even when the government improves regulations. I ask each ministry to carefully check to ensure there are no problems during the enforcement process after regulatory improvements."

He added, "Since the biggest obstacle to regulatory innovation is the inertia of public officials, I also ask you to encourage proactive administration among your staff once again."

At the meeting, the 'Virtual Convergence Economy Development Strategy' was also discussed.

Prime Minister Chung explained, "The government plans to expand support starting with a budget investment of about 400 billion won in 2021 so that virtual convergence technology can be utilized not only in cultural content but also diversely in industrial sites. We will focus capabilities on six major industries including manufacturing, construction, and medical to produce innovative cases, and actively work on infrastructure expansion such as device development and distribution, and fostering specialized companies."

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