Government: "Regulatory Sandbox Settled... Achieving Results in New Industry Sectors"

'2021 Regulatory Innovation Forum' Held... Industry, Academia, and Government Discuss Sandbox Achievements and Challenges
404 Approvals and About 1 Trillion Won Investment Over 2 Years... "Focus on Core New Industry Sector Achievements This Year"

Prime Minister Chung Sye-kyun speaking at the launch ceremony of the Regulatory Sandbox Private Reception Organization held at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul on May 12 last year. Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Moon Chaeseok] The government declared that it will achieve results in new industry sectors such as hydrogen, electric vehicles, autonomous driving, and biohealth through the regulatory sandbox this year.

The Office for Government Policy Coordination announced on the 12th at 2 p.m. that the '2021 Regulatory Innovation Forum' was held online. The event was co-hosted by the Office for Government Policy Coordination and the National Research Council for Economics, Humanities and Social Sciences, and organized by the Korea Institute of Public Administration.

The event was attended by the Office for Government Policy Coordination, the Korea Economic Research Institute, the Korea Chamber of Commerce and Industry, the Korea Startup Forum, the Science and Technology Policy Institute, and others.

In his opening remarks, Koo Yoon-cheol, head of the Office for Government Policy Coordination, said, "The Moon Jae-in administration has introduced new regulatory innovation systems to respond to changes in the regulatory environment such as the 4th Industrial Revolution, and a representative example is the sandbox. This year, we will establish the sandbox as a Korean-style regulatory innovation platform and create results in key new industry sectors through it."

Kim Dal-won, Regulatory Innovation Planning Officer at the Office for Government Policy Coordination, announced, "Over the past two years, the sandbox has become a diverse testing ground for new technologies and a breakthrough for resolving conflicts through the approval of 404 cases of demonstration exceptions and temporary permits."

Kim explained, "The designation of 24 regulatory free zones has provided an opportunity to promote the development of new industries such as hydrogen, electric vehicles, autonomous driving, and biohealth nationwide. It has contributed to economic effects including attracting about 1 trillion won in investment and improving public convenience."

Lee Jong-myung, Director of Institutional Innovation Support at the Korea Chamber of Commerce and Industry, said, "Since the launch of the sandbox private reception organization in May last year, a total of 84 market launches have been supported, including 51 demonstration exceptions and temporary permits, 23 rapid confirmations, and 10 proactive administrative actions."

Choi Sung-jin, CEO of the Korea Startup Forum, evaluated in his presentation 'Regulatory Sandbox from the Startup Perspective' that "the sandbox was more actively implemented compared to the previous year." CEO Choi emphasized, "Multifaceted efforts on conflict of interest issues and proactive administration that interprets regulations flexibly are necessary."

Lee Min-ho, Director of the Regulatory Innovation Center at the Korea Institute of Public Administration, reported, "According to a satisfaction survey of sandbox companies conducted last November, the satisfaction rate of approved companies was high at 91.7%. Overall, positive results are emerging, with 68.5% of companies launching products to the market or starting demonstrations, an increase of 26.3% compared to the previous year."

Lee added, "However, companies requested improvements such as reducing the long time required during application and approval stages, enhancing the expertise of officials in charge, and addressing opposition from existing businesses."

The forum also included presentations on overseas cases similar to the sandbox from the UK, Germany, Japan, and others.

During the discussion following the presentations, participants freely exchanged opinions on measures to establish a rapid preliminary review and efficient post-management system for sandbox projects, and the necessity of follow-up legislative adjustments to expand the achievements of demonstration exceptions.

The discussion was attended by Kang Young-chul, Special Professor at Hanyang University (chair), Kwon Heon-young, Professor at Korea University, Lee Jong-young, Professor at Chung-Ang University, Lee Young-beom, Professor at Konkuk University, Kim Sung-jun, Professor at Kyungpook National University, Lawyer Song Do-young, Yoo Jeong-hee, Deputy Director of the Venture Research Institute at the Korea Venture Business Association, Lawyer Park Cheol-woo of the Korea Chamber of Commerce and Industry, and Jung Mina, Director of Policy at the Korea Startup Forum.

An official from the Office for Government Policy Coordination said, "The government plans to prepare development measures for the regulatory sandbox by compiling the various opinions raised at the forum."

Detailed information such as the forum's presentations can be found on the Korea Institute of Public Administration website.

2021 Regulatory Innovation Forum Invitation (Source: Office for Government Policy Coordination)

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